JEEVAN MADHUR FROM LIC........

INTRODUCTION
It is a simple savings related life insurance plan where you may pay premiums regularly
at weekly, fortnightly, monthly, quarterly, half-yearly or yearly intervals over the term
of the policy.

Minimum instalment premium for different modes of premium payment shall be:

Weekly:	Rs. 25/-
Fortnightly:	Rs. 50/-
Monthly:	Rs. 100/-
Quarterly/Half-yearly/Yearly:	Rs. 250/-

Further, the premium chosen by you shall be subject to the minimum and maximum
sum assured of Rs. 5,000/- and Rs. 30,000/- respectively payable on death and maturity
under this plan.

BENEFITS

Maturity Benefit: On your surviving to the date of maturity, payment of the Maturity Sum Assured along with vested bonuses, if any.

The specimen Maturity Sum Assured per Rs. 1200/- annual premium are given below for some of the decennial ages and terms:

Age at Entry	Policy Term
	5 years	10 years	15 years
20	5089	11219	18561
30	5081	11173	18396
40	5026	10910	17572
50	4847	10066	14884

Death Benefit: Payment of an amount equal to total premiums payable during the entire term of the policy along with vested bonuses, if any.

Accidental Death and Disability Benefit: On death arising as a result of accident an additional amount, equal to Death Benefit Sum Assured shall be available during the term of the policy.

On total and permanent disability arising due to accident (within 180 days from the date of accident), the Accident Benefit will be payable in monthly instalments spread over 10 years. If the policy becomes a claim either by way of death or maturity before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim.

The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered:

a) irrevocable loss of the entire sight of both eyes, or
b) amputation of both hands at or above the wrists, or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the ankle

Auto-Cover Facility: If at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue from the due date of First Unpaid Premium(FUP) for a period of two years or till the end of policy term, whichever is earlier.

During the Auto Cover Period, the Accident Benefits shall not be available.

Participation in Profits of the Corporation: Simple Reversionary Bonuses shall be declared per thousand Death Benefit Sum Assured annually at the end of each financial year depending upon the Corporation’s experience, provided the policy is in full force.

In case of a paid up policy bonuses shall be payable only if at least 3 full years’ premiums have been paid.

On surrender, the discounted value of vested bonuses, if any, will be payable.

Paid-up Value: If after at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but shall subsist as a paid up policy and the Sum Assured shall be reduced to a sum, called the paid-up value. The Paid up Sum Assured shall be calculated as the Maturity Sum Assured multiplied by the ratio of number of premiums actually paid to the total number of premiums originally stipulated for in the policy. This paid up value along with vested bonuses, if any, shall be payable on the date of maturity or at Life Assured’s prior death.

The Accident Benefit will cease to apply if the policy is in lapsed condition.

Surrender Value: You may surrender the policy for cash after at least two full years’ premiums have been paid. The Guaranteed Surrender Value is equal to 30 per cent of the total amount of premiums paid. Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.

Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly or fortnightly or weekly premiums.

Revival: Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years but before maturity from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time.

Cooling-off period: If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.

Exclusions: If the Life Assured commits suicide (whether sane or insane at that time) within one year from the date of commencement of risk under the Policy, the Corporation shall not entertain any claim except to the extent of a third party’s interest under the policy.

The Corporation shall not pay the accidental benefit in case accidental death/ disability arises due to following reasons:

(i) intentional self injury, attempted suicide, insanity or immorality or whilst the Life Assured is under the influence of intoxicating liquor, drug or narcotic; or
(ii) injuries resulting from riots, civil commotion, rebellion, war (whether war be declared or not), snake biting, invasion, hunting, mountaineering, steeplechasing or racing of any kind; or
(iii) the Life Assured committing any breach of law

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS
Minimum age at entry	18 years (completed)
Maximum age at entry	60 years (nearest birthday)
Maximum age at maturity	65 years (nearest birthday)
Term	5 to 15 years.
Minimum Sum Assured	Rs. 5,000
Maximum Sum Assured	Rs. 30,000

Statutory warning :

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Pursuant to the advice of the Government of India based on the recommendations of the Bhandari Committee to set up an institute for surveyors and loss assessors, the Insurance Regulatory and Development Authority has got The Indian Institute of Insurance Surveyors and Loss Assessors ( IIISLA) incorporated on 4th October, 2005.

Notice calling for membership to IIISLA was first given on 26th November, 2005 .It was followed up by another notice on 11th January, 2006 wherein the One-time entry fee and Annual membership fee to IIISLA stood reduced. The reduction in fee was in response to appeals from a large number of surveyors and loss assessors who felt that the fee initially proposed was high. The revised fee for membership to IIISLA for all eligible surveyors and loss assessors is as follows: One-time entry fee: Rs.5000/-(uniform for all members); Annual Membership fee: Fellow- Rs.2000/-; Associate- Rs.1500/-.

Following the reduction, the last date for submission of applications has been extended from 24th January, 2006 to 28th February, 2006. Only those surveyors who apply for membership before the due date i.e., 28/02/06 shall be eligible to participate in the elections to the first Council of the Institute. The Annual membership fee being collected would be valid for the period upto 31/03/07. Those who have paid membership fee as per notice dated 26th November, 2005 are being refunded the excess fee paid.

Details about IIISLA, including the application form for membership along with instructions and the Memorandum and Articles of Association, are available on IRDA website www.irdaindia.org. Details may also be obtained from the office of the IRDA/IIISLA at 3rd / 5th floors, Parishram Bhavan, Basheerbagh, Hyderabad: 500 004. Telephone Nos of Surveyors department are: 040 55626466, 040 55626467; General Telephone Nos are: 040 55820964, 040 55789768, Fax: 040 55823334.



Sd./
(C.S. Rao)
Chairman

IT & LIC

LIC has been one of the pioneering organizations in India who introduced the leverage of Information Technology in servicing and in their business. Data pertaining to almost 10 crore policies is being held on computers in LIC. We have gone in for relevant and appropriate technology over the years.

1964 saw the introduction of computers in LIC. Unit Record Machines introduced in late 1950’s were phased out in 1980’s and replaced by Microprocessors based computers in Branch and Divisional Offices for Back Office Computerization. Standardization of Hardware and Software commenced in 1990’s. Standard Computer Packages were developed and implemented for Ordinary and Salary Savings Scheme (SSS) Policies.

FRONT END OPERATIONS
With a view to enhancing customer responsiveness and services , in July 1995, LIC started a drive of On Line Service to Policyholders and Agents through Computer. This on line service enabled policyholders to receive immediate policy status report , prompt acceptance of their premium and get Revival Quotation, Loan Quotation on demand. Incorporating change of address can be done on line. Quicker completion of proposals and dispatch of policy documents have become a reality. All our 2048 branches across the country have been covered under front-end operations. Thus all our 100 divisional offices have achieved the distinction of 100% branch computerisation. New payment related Modules pertaining to both ordinary & SSS policies have been added to the Front End Package catering to Loan, Claims and Development Officers’ Appraisal. All these modules help to reduce time-lag and ensure accuracy.

METRO AREA NETWORK
A Metropolitan Area Network, connecting 74 branches in Mumbai was commissioned in November, 1997, enabling policyholders in Mumbai to pay their Premium or get their Status Report, Surrender Value Quotation, Loan Quotation etc. from ANY Branch in the city. The System has been working successfully. More than 10,000 transactions are carried out over this Network on any given working day. Such Networks have been implemented in other cities also.

WIDE AREA NETWORK
All 7 Zonal Offices and all the MAN centres are connected through a Wide Area Network (WAN). This will enable a customer to view his policy data and pay premium from any branch of any MAN city. As at November 2005, we have 91 centers in India with more than 2035 branches networked under WAN.

INTERACTIVE VOICE RESPONSE SYSTEMS (IVRS)
IVRS has already been made functional in 59 centers all over the country. This would enable customers to ring up LIC and receive information (e.g. next premium due, Status, Loan Amount, Maturity payment due, Accumulated Bonus etc.) about their policies on the telephone. This information could also be faxed on demand to the customer.

Click here to find the IVRS Numbers

LIC ON THE INTERNET
Our Internet site is an information bank. We have displayed information about LIC & its offices . Efforts are on to upgrade our web site to make it dynamic and interactive.The addresses/e-mail Ids of ur Zonal Offices, Zonal Training Centers, Management Development Center, Overseas Branches, Divisional Offices and also all Branch Offices with a view to speed up the communication process.

PAYMENT OF PREMIUM AND POLICY STATUS ON INTERNET
(You have to register for these services)
LIC has given its policyholders a unique facility to pay premiums through Internet absolutely free and also view their policy details on Internet premium payments.There are 11 service providers with whom L I C has signed the agreement to provide this service.

Click here for more on Internet Premium Payment

INFORMATION KIOSKS
We have set up 150 Interactive Touch screen based Multimedia KIOSKS in prime locations in metros and some major cities for dissemination information to general public on our products and services. These KIOSKS are enable to provide policy details and accept premium payments.

INFO CENTRES
We have also set up 8 call centres, manned by skilled employees to provide you with information about our Products, Policy Services, Branch addresses and other organizational information.

Help Us to serve you better

Admission Of Age:

Age is the main basis of calculation of premium under life insurance policies. The following are accepted as evidence of age:

• Certified extract from Municipal or Local Body’s records made at the time of birth.
• Certificate of Baptism or Certified Extract from Family Bible, if it contains age or date of birth.
• Certified Extract from School or College records, if age or date of birth is stated therein.
• Certified Extract from Service Register in the case of Govt. employees and employees of Quasi-Govt. Institutions or
• Passport issued by the Passport Authorities in India.

Payment Of Premium:

• By cash, local cheque (subject to realization of cheque), Demand Draft at Branch Office.
• The DD and cheques or Money Order may be sent by post.
• You can pay your premiums at any of our Branches as 99% of our Branches are networked.
• Many Banks do accept standing instructions to remit the premiums. So by providing a standing instruction to your Bank to debit your account for the premium amount and send it vide a banker’s cheque to LIC, on the due dates and months mentioned on your policy bond.
• Through Internet : Payment of premiums can be made through Internet through Service Providers viz.HDFC Bank, ICICI Bank, Times of Money, Bill Junction, UTI Bank, Bank of Punjab, Citibank, Corporation Bank, Federal Bank and BillDesk.
• Premium payment can also be made through ATMs of Corporation Bank and UTI Bank.
• Premium payment can also be made through Electronic Clearing Service (ECS) which has been launched at Mumbai, Hyderabad, Chennai, Kolkata, New Delhi, Kanpur, Bangalore, Vijaywada, Patna, Jaipur, Chandigarh, Trivandrum, Ahmedabad, Pune, Goa and Nagpur, Secunderabad & Visakhapatnam. A policyholder having an account in any Bank which is a Member of the local Clearing House can opt for ECS debit to pay premiums. The policyholders wishing to use this system would have to fill up a Mandate Form available at our Branches/DO and get it certified by the Bank. The certified Mandate Forms are to be submitted to our BO/DO.

  Policy can be anywhere in India.

• Citibank Kiosks at Industrial Assurance Building, Churchgate, New India Building, Santacruz, Jeevan Shikha Building, Borivili are dedicated for collection of premiums through cheques.
  

Days Of Grace:

• Policyholder should pay the premiums on due dates. However, a grace period of one month but not less than 30 days will be allowed for payment of yearly/half-yearly/quarterly premiums and 15 days for monthly premiums.
• When the days of grace expire on a Sunday or a public holiday, the premium may be paid on the following working day to keep the policy in force.
• If the premium is not paid before the expiry of the days of grace, the policy lapses.

Revival Of Lapsed Policy:

• If the policy has lapsed, it can be revived during the life time of the life assured, within a period of five years from the date of the first unpaid premium but before the date of maturity subject to certain conditions.
• The Corporation offers three convenient schemes of revival viz., Ordinary Revival, Special Revival and Installment Revival. Policies can also be revived under Loan-cum-Revival and SB-cum-Revival schemes.
• Request for revival may be made to the Branch Office servicing the policy.

Change Of Address And Transfer Of Policy Records:

• The policyholder should immediately intimate the change of his/her address to the Branch Office servicing the policy. The correct address facilitates better service and quicker settlement of claims.
• Policy records can also be transferred from one Branch Office to another for servicing, as requested by the policyholder.

Loss Of Policy Document:

• The Policy Document is an evidence of the contract between the Insurer and the Insured. Hence the policyholder should preserve the Policy Bond till the contracted amount under it is settled.
• Loss of the Policy Document should be immediately intimated to the Branch Office where it is serviced.

Loans:

• Loans are granted on policies to the extent of 90% of Surrender Value of the policies which are in force and 85% of the Surrender Value in case of policies which are paid-up, inclusive of the cash value of bonus. The rate of interest charged at present is 9% p.a. payable half-yearly.
• Loans are not granted for a period shorter than six months. The Conditions and Privileges printed on the back of the Policy Bond states whether a particular policy is with or without the loan facility.

Relief To Policyholders:

• The Corporation generally allows concessions on payment of premiums, settlement of claims, issue of duplicate policies, etc when the policyholder are affected by natural calamities such as droughts, cyclones, floods, earthquakes, etc.

Nomination:

• Nomination is a right conferred on the holder of a Policy of Life Assurance on his own life to appoint a person/s to receive policy moneys in the event of the policy becoming a claim by the assured’s death. The Nominee does not get any other benefit except to receive the policy moneys on the death of the Life Assured. A nomination may be changed or cancelled by the life assured whenever he likes without the consent of the Nominee.
  Ensure nomination exists in the policy for easy settlement of claims.

Assignment:

• Assignment means transfer of rights, title and interest. When an assignment is executed, all rights, title and interest in respect of the property assigned are immediately transferred to the Assignee/s and the Assignee/s become the owner/s of the policy subject to any lawful condition made in the assignment.
• Assignment can be either conditional or absolute. On assignment (other than to LIC), Nomination automatically stands cancelled. Hence, when such a policy is reassigned, the policyholder will have to make a fresh nomination to avoid delay in settlement of claim.

Survival Benefit/Maturity Claims:

• LIC settles survival benefit/maturity claims on or before the due date.
• Policyholder are intimated well in advance by the Branch Office which services the policy regarding the payment, and the necessary Discharge Voucher is also sent for execution by the assured. In case the policyholder does not get any intimation from the Branch Office concerned, he/she should contact them, quoting the Policy Number.
• Survival Benefit payment up to Rs.60,000/- are settled without insisting for Policy Bond and Discharge Voucher.

Death Claims:

• If the life assured dies during the term of the policy, death claim arises. The death of the policyholder should be immediately intimated in writing to the Branch Office where the policy is serviced along with the following particulars:
  1. The No./s of the policy/ies
  2. The name of the policyholder
  3. Death Certificate issued by concerned Authority
  4. The date of death
  5. The cause of death and
  6. Claimant’s relationship with the deceased
• On receipt of the intimation of death, necessary claim forms are sent by the Branch Office for completion along with instructions regarding the procedure to be followed by the claimant.
• The claims which have arisen after a period of three years are treated as non-early claims and settled within 30 days from the date of receipt of all requirements.
• The claims that have arisen within a period of two years from the date of commencement of the policy, are treated as early claims and investigation is compulsory in such cases.
• The claim is usually payable to the nominee/assignee or the legal heirs, as the case may be. However, if the deceased policyholder has not nominated/assigned the policy or if he/she has not made a suitable provision regarding the policy moneys by way of a Will, the claim is payable to the holder of a Succession Certificate or some such evidence of title from a Court of Law.
• The Corporation grants claims concessions under certain Plans whereby payment of full sum assured is made, subject to the deduction of unpaid premiums with interest till the date of death and unpaid premiums falling due before the next anniversary of the policy, in the event of the death of the life assured within a period of six months or one year from the date of the first unpaid premium, provided premiums have been paid for at least three years and five years respectively.

Claim Review Committee:
The Corporation settles a large number of Death Claims every year. Only in case of fraudulent suppression of material information is the liability repudiated. This is to ensure that claims are not paid to fraudulent persons at the cost of honest policyholders. The number of Death Claims repudiated is, however, very small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Review Committees of the Zonal office and the Central Office. As a result of such review, depending on the merits of each case, appropriate decisions are taken. The Claims Review Committees of the Central and Zonal Offices have among their Members, a retired High Court/District Court Judge. This has helped providing transparency and confidence in our operations and has resulted in greater satisfaction among claimants, policyholders and public.

Insurance Ombudsman:

• The Grievance Redressal Machinery has been further expanded with the appointment of Insurance Ombudsman at different centers by the Government of India. At present there are 12 centres operating all over the country.
• Following type of complaints fall within the purview of the Ombdusman
  a) any partial or total repudiation of claims by an insurer;
  b) any dispute in regard to premiums paid if payable in terms of the policy;
  c) any dispute on the legal construction of the policies in so far as such disputes relate to claims;
  d) delay in settlement of claims;
  e)non-issue of any insurance document to customers after receipt of premium.
• Policyholder can approach the Insurance Ombudsman for the redressal of their complaints free of cost.

Initiatives In Policy Servicing Areas:

• All 2048 Branches of LIC are fully computerized covering all policy servicing aspects to give prompt computerized services from new policy introduction, acceptance of renewal premium, revivals, loans, etc to final claims settlement.
• Green Channel facility has been introduced for the speedy completion of proposals.
• Payment of premiums can be made through internet through service providers, viz., HDFC Bank, ICICI Bank, Times of money, Bill Junction, UTI Bank, Bank of Punjab,Citi Bank, Corporation Bank, Federal Bank and Billdesk.

Grievance Redressal Machinery:

• A machinery for redressal of policyholders� grievances exist in all the offices of the Corporation. These are headed by designated Officers who are available at their respective Offices every Monday between 2.30 pm and 4.30 pm. except holidays. Policyholder can approach these officers to get their grievances redressed.
• The Designated Officers at the various offices of the Corporation are :
  At Branch Office --- Sr./Branch Manager
  At Divisional Office --- Marketing Manager
  At Zonal Office --- Regional Manager (Mktg)
  At Central Office --- Executive Director (Mktg/IO/CRM)

Citizens’ Charter:

• Citizens' Charter was presented to the Nation in November, 1997. In the Charter the bench marks were prescribed for 30 servicing areas.

Objectives Of LIC

• Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
  
  
• Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.
  
  
• Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.
  
  
• Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.
  
  
• Act as trustees of the insured public in their individual and collective capacities.
  
  
• Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
  
  
• Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.
  
  
• Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

• The date of maturity, or
• Specified dates at periodic intervals, or
• Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

1. That of dying prematurely leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support.

Life Insurance Vs. Other Savings

Contract Of Insurance:
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly).
For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary.
In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It:
A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time.
Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.
Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.

Insurance For Women

Prior to nationalisation (1956), many private insurance companies would offer insurance to female lives with some extra premium or on restrictive conditions. However, after nationalisation of life insurance, the terms under which life insurance is granted to female lives have been reviewed from time-to-time.

At present, women who work and earn an income are treated at par with men. In other cases, a restrictive clause is imposed, only if the age of the female is up to 30 years and if she does not have an income attracting Income Tax.

Medical And Non-Medical Schemes

Life insurance is normally offered after a medical examination of the life to be assured. However, to facilitate greater spread of insurance and also to avoid inconvenience, LIC has been extending insurance cover without any medical examination, subject to certain conditions.

With Profit And Without Profit Plans

An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.

In 'without' profit plan the contracted amount is paid without any addition. The premium rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.

Keyman Insurance

Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.

Federal Consolidation Loan FAQ

		What is a Citibank Federal Consolidation Loan?
		A Citibank Federal Consolidation Loan combines several existing federal student loans into one new loan. You can enjoy the convenience of lower monthly payments, a single fixed interest rate and one monthly payment.
		What is the interest rate?
		The interest rate for a Federal Consolidation Loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent. This rate is fixed for the life of the loan and cannot exceed 8.25%. You may be able to take advantage of a rate as low as 5.375%*. The interest rate on a Federal Consolidation Loan is set according to federal law.
		How can I consolidate my loan with the grace rate?
		You have the option of consolidating your loan during your grace period and taking advantage of a rate as low as 3.50%. It is important to remember that you must indicate the month and year of your grace end date in #26 on the Consolidation Loan application if you would like to hold the processing of your Consolidation Loan until the end of your six-month grace period. The rates in effect at the time that you apply for your Consolidation Loan will be used in the weighted average calculation to determine the rate on your Consolidated Loan.
		Will the reduced interest rate that I am receiving due to borrower benefits on my existing loans be used to calculate the fixed interest rate on my new Consolidation Loan?
		No. Interest rate reductions received as borrower benefits on existing loans will not be considered when determining the applicable interest rate on your consolidation loan. For example, if the applicable rate on your existing loans is 6.80%, but you were receiving interest rate reductions as a borrower benefit that reduced the interest rate to 5.80%, the interest rate used to calculate your new Consolidation Loan will be 6.80%.
		How can I find out what my Consolidation Loan payment will be?
		To estimate what your payments and total amount of interest paid may look like, input various interest rates into our Loan Consolidation Calculator. After your application has been approved, the disclosure and monthly account statement will include your exact payment amount and interest rate.
		How do I know if I am eligible?
		If all of your loans are in grace, repayment or in a deferment/forbearance, you may be eligible for a Citibank Federal Consolidation Loan. Your loans that are in an in-school status cannot be consolidated until you graduate or leave school. If you have defaulted on any of your loans, you need to make satisfactory payment arrangements with the current holder and provide evidence of that to Citibank. Loans subject to a judgment or wage garnishment are not eligible for consolidation.
		Can I consolidate my loans while I am attending school?
		If you are currently a full- or half-time student, you can apply for a Consolidation Loan upon graduation. For loans disbursed prior to July 1, 2006, the interest rate during the grace period is 0.60% lower than the Stafford repayment rate. By consolidating while you are in grace, you will have the opportunity to secure a lower interest rate and start paying down your student loans.
		Can I get an in-school deferment on my Consolidation Loan?
		If you are attending school at least half-time you will be eligible for an in-school deferment on your Consolidation Loan. Keep in mind that you will need to begin repaying your Consolidation Loan immediately upon graduating, withdrawing, or dropping to less than half-time enrollment status. Citibank offers a special Consolidation Loan four-month Lender Option forbearance that may be considered to help you ease into repayment.
		How do I apply for a Consolidation Loan?
		Apply today to lock in a low fixed interest rate. Citibank offers you three ways to apply for a Federal Consolidation Loan: Apply & Sign Online Apply & sign online using Citibank’s Online Federal Consolidation Loan Application. Let our online application guide you through the process. It’s fast, secure and easy! Download an Application (PDF ~176KB) Complete instructions on how to fill out and where to send your application are included. You must have the Adobe Acrobat Reader Software, Version 3.0 or greater, installed on your computer in order to view and print the application. Request an application be sent to you by mail Use our online form to request an application be sent to you by mail.
		What is the maximum/minimum loan limit for a Federal Consolidation Loan?
		There is no limit to the dollar amount you can consolidate.
		How do I check the status of my Consolidation Loan Application?
		To check the status of a Consolidation Loan Application, please call our Customer Service Department at 1-800-967-2400, Monday - Friday, 8:00 a.m. to 11:00 p.m. Eastern Time to speak with a Citibank Customer Service Representative. TDD users can call toll-free at 1-800-846-1298.
		How much is this going to cost?
		There are no application or processing fees. And, there is no penalty for early repayment.
		What if I forget to consolidate one of my eligible student loans?
		You can add an eligible student loan that you forgot to consolidate into your new Federal Consolidation Loan if the loan is added within 180 days of the original date of your new Consolidation Loan. If more than 180 days have passed, you’ll need to complete a new Federal Consolidation Loan application.
		If I have already consolidated my student loans, can I enter into a new Consolidation Loan?
		Once you have consolidated your student loans, you can only enter into a new Consolidation Loan if you either have an eligible student loan that was never consolidated or you get a new eligible student loan after the date of the original consolidation.
		Once my student loans are consolidated, is there a way to “unconsolidated” them?
		No. The original student loans are paid in full and cannot be “unconsolidated”. Once consolidation begins, there is no way to reverse the process.
		Should I keep making payments on my student loans while I’m waiting for my Consolidation Loan to be processed?
		Yes, continue to make all regular payments. You will be notified by mail when your Federal Consolidation Loan has been completed. You will receive a repayment schedule at the time of disclosure.
		How long with it take for my application to be processed?
		Depending on the number and type of loans you currently have, it takes approximately 6 to 8 weeks for the Consolidation Loan application to be processed.
		When will I have to make my first payment?
		It’s usually due within 45 days after the consolidation has been completed. You will receive a disclosure and a repayment schedule which identifies your payment due date.
		Are there any pre-payment penalties?
		There are no pre-payment penalties.
		Where can I find my student loan information for the Consolidation Application?
		If you are in repayment, look on your most recent statement. If you are in grace or in a deferment/forbearance, look on your disclosure statements that were sent to you when you obtained your loans. These items should provide you with an account number, balance and interest rate. If you have some of your loans through Citibank, you can check those loans online. You can also visit www.nslds.ed.gov.
		Can I consolidate with Citibank even if I have not borrowed any of my student loans with them?
		Yes, the federal government recently passed a law that now allows borrowers to consolidate their student loans with any eligible FFELP lender. This means that whether you are a prior Citibank student loan borrower or not, you can now consolidate your eligible loans with Citibank and receive our industry-leading benefits and services.
		Can I also consolidate my private student loans?
		Yes. Although private student loans cannot be included in a Federal Consolidation Loan, Citibank also offers a Private Consolidation Loan.