PRODUCTS

Personal Insurance Plans
Personal Insurance Plans are those meant for the individual who wants to protect his or her current as well as future financial needs such as securing one’s family’s income, securing one’s debts such as home loans, etc against the risk of premature death. These plans also serve as excellent savings plans that fetch attractive returns on maturity.

Personal life insurance plans can be classified depending on the ages for which they are available, as

* Further restrictions apply to policy terms (durations) where riders are chosen.

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Key Man Insurance Plans
These are the policies taken by a company to secure against sudden loss (by death) of its key employee(s) who may be senior managers or directors or other employees with the technical expertise that is valuable for the company’s future and profits.

Generally the companies set off the premiums paid towards their Key Man policies against their business expenses. LICI, however does not assure or accept any responsibility for the tax treatment of the premiums paid by companies towards keeping their key man policies in force. Nor does it, in respect of the tax treatment of the proceeds received from LICI towards the surrender value or maturity value or claim by death of the key man. These are the issues to be resolved by the Companies and their accountants with the Inland Revenue Department.

The following plans are available for Key Man Insurance

1. Endowment Assurance Plans: The Target Range of Plans
2. All Whole Life Plans: The Wealth Builder Range of Plans
3. Money Back Plans: The Money Tree Range of Plans
4. Term Assurance Plans: The Breath Easy Range of Plans

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New Endowment Assurance Plans
LICI's Endowment Assurance plans allow you to target a specific long term goal such as your retirement savings, child’s higher educational needs, etc and allow you to start saving immediately. The life insurance element ensures that the motive behind the savings plan is fulfilled even if the policyholder is no more; the targeted sum along with vested bonuses is payable to the intended beneficiary in case of unfortunate death of the life assured during the term of the policy. Some of the highlights of the endowment assurance plans are:

• World-wide risk coverage • Low premiums, High returns and fixed term of insurance • Policy loan facility after 3 years.

Target Classic Plan (Table 614)

Life Insurance cover from ages 12 to 65 years. Age at maturity should be 75 or less. Quantum of insurance cover depends up on one’s income & health. Premiums are payable throughout the term of the policy as per the agreed mode of payment.

Basic Benefits:
Death Benefit – Payment of the sum assured + the vested bonuses on death of the life assured during the term of the policy.

Maturity Benefit – Payment of the sum assured + the vested bonuses on the date of maturity of the policy.

Terminal Illness Benefit – 50% of the sum assured is payable if the life assured becomes terminally ill and the balance along with the vested bonuses is payable on the death of the assured (See details..)

Optional Benefits:
The optional benefits are available on payment of additional premiums over and above the basic premiums. These are not automatically available to all the policyholders; they may be denied to some persons depending upon their health, age, physical disability, occupation, etc. There is also a cap on the maximum benefit payable under all LICI policies of the life assured, put together:

• Accident Benefit Rider package (accidental death benefit + total and permanent disability benefit + premium waiver benefit)
• Critical Illness Rider Benefit
• Term Assurance Rider Benefit

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Target Limited Payment & Single Premium Plans

This plan is similar to Table 614 except that it offers more flexibility to its policyholder to pay his entire premiums either in one lump sum (single premium option, table 648 SP) or within a limited (pre-determined) term called premium paying term (limited payment option, table 648 LP). This plan is especially useful to those persons having relatively shorter but highly rewarding careers or periods of their career – such as people on special short term contracts, foreign postings, fashion models, movie stars, etc.

Basic Benefits: Same as under Target Classic Plan (Table 614)

Optional Benefits: Same as under Target Classic Plan (Table 614) subject to the following conditions:

Accident Benefit Rider & Term Assurance Riders: These benefits are available for the entire policy term while the (limited payment including the single premium) riders premiums are collected along with the basic premiums during the premium payment term itself.

Critical Illness Riders: Critical Illness Rider is not available for Single Premium Options. In case of Limited Payment Options, the rider is available only during the premium paying term.

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New Whole of Life Plans
Whole of Life plans are ideally suited to those people who do run their own businesses and hence do not ever need to retire. A whole of life plan can be an important component of one’s estate planning. These plans are available from ages 18 to 60 years. There are three types of Whole of Life Plans as listed below. These are appropraitely named as Wealth Builder Plans because of relatively large bonuses to the size of premiums collected under these policies.

• World-wide risk coverage • Lower premiums, Highest Bonuses • Policy loan facility after 3 years.

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Wealth Builder Classic Plan (Table 612)

The whole of life premiums are generally payable though out the lifetime of the policyholder and the policy monies (sum assured + vested bonuses) are returned to his beneficiaries only on the death of the policyholder. However, LICI provides an extra benefit to its Whole of Life policyholders – it treats the policy as matured as soon as the life assured crosses 80 years of age (subject to the condition that the policy must have completed at least 40 years from the date of commencement) and pays the sum assured + bonuses vested till that date; policy will be terminated on payment of the maturity value.

Basic Benefits:
Death Benefit – Payment of the sum assured + the vested bonuses on death of the life assured.

Maturity Benefit – Pays the sum assured + bonuses vested till that date to the policyholder after his 80th year of age or after the policy has completed a minimum duration of 40 years from the commencement date, whichever comes later; policy will be terminated on payment of the maturity value. (See details…)

Terminal Illness Benefit – 50% of the sum assured is payable if the life assured becomes terminally ill and the balance along with the vested bonuses is payable on the death of the assured. (See details...)

Optional Benefits:
Accident Benefit Rider package (accidental death benefit + total and permanent disability benefit + premium waiver benefit).

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Wealth Builder Limited Payment and Single Premium Plans (Plan 613 LP)
The wealth builder single premium and limited payment options offer more flexibility in choosing one’s premium payment term than the regular whole life plan, Wealth Builder Classic (Table 612) One has the choice of paying all the premiums under the policy either in one Single Premium payment (Table 613 SP) or in 5 or more annual premiums (Table 613 LP).

Risk cover on the life of the assured however extends throughout the life time of the policyholder. Just like the Long Life Plan, the maturity value under the policy can be claimed by the policyholder after he reaches 80 years of age provided the policy has completed at least 40 years from the commencement date.

Basic Benefits: See under - Wealth Builder Classic (Table 612) Plan

Optional Benefits: The Accident Benefit Rider package is available only during the premium paying term and not for the entire term of the policy.

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Convertible Whole Life Plan With Profits (Table 28F)
A convertible whole life plan is available for ages between 16 and 50 years at entry. Under this plan the policyholder has an option to convert the Whole Life Plan into an Endowment Plan with a specified term (of 5 more years and upwards) after completion of 5 years.

This option may be exercised at the proposal stage itself or in the 5th year. On the other hand, if the conversion option is not exercised, the policy continues as a whole life plan with premium payment ceasing at age 70.

Basic Benefits:
Death Benefit – Payment of the sum assured + the vested bonuses on death of the life assured.

Maturity Benefit:
- If Conversion Option is Not Exercised: See under ‘Wealth Builder Classic Plan (Table 612)
- If Conversion Option is Exercised: Maturity value is settled at the end of the chosen endowment term just as mentioned under Target Classic Plan (Table 614)

Terminal Illness Benefit:– 50% of the sum assured is payable if the life assured becomes terminally ill and the balance along with the vested bonuses is payable on the death of the assured. (See details..)

Optional Benefits: The Accident Benefit Rider package is available only during the premium paying term and not for the entire term of the policy.

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Money Tree Plans (674, 675 and 693)

LICI's Money Tree Policies are the best way to combine life insurance and liquidity. These are the most popular plans sold in Fiji. Periodical ‘money back’ in lump sum can be reinvested in a more profitable scheme or simply utilised for an emergency family need or fund that longstanding family vacation. Money Back Plans are available between ages 12 and 55 depending up on the term of the plan.

In all the money back plans, money is returned to the policyholder in the form of periodical ‘survival benefits’. Risk cover on the life of the assured continues for full sum assured even after payment of survival payments. On survival of the assured up to the date of maturity, the last survival benefit is paid out along with the vested bonuses under the policy.

There are 3 money back plans:

15 Year Money Tree Plan (Table 674)

20 Year Money Tree Plan (Table 675)

25 Year Money Tree Plan (Table 693)

Table of Survival Benefits (% of the Sum Assured) payable under Money Tree Plans:

BASIC BENEFITS:
Death Benefit – Payment of the sum assured + the vested bonuses on death of the life assured during the term of the policy.

Maturity Benefit – Payment of the last survival benefit + the vested bonuses on the date of maturity of the policy.

Terminal Illness Benefit – 50% of the sum assured is payable if the life assured becomes terminally ill and the balance along with the vested bonuses is payable on the death of the assured (See details..)

OPTIONAL BENEFITS:
The optional benefits are available on payment of additional premiums over and above the basic premiums. These are not automatically available to all the policyholders; they may be denied to some persons depending upon their health, age, physical disability, occupation etc. There is also a cap on the maximum benefit payable under all LICI policies of the life assured, put together.

Accident Benefit Rider package (accidental death benefit + total and permanent disability benefit + premium waiver benefit)
Critical Illness Rider Benefit
Term Assurance Rider Benefit

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Aspire Children's Money Back (Plans 601, 602 & 603)

LICI's Aspire, the new children’s educational plan will help you realize your dreams about your child’s future. The plan aims at providing for your child’s secondary and tertiary educational needs. You can take out a policy under this plan on your child – right from the just born to 10 years of age and start saving right away.

The Plan provides for returning of the sum assured under the policy in seven annual survival benefits from the age 14 of the child assured under the plan. The policy matures on the child’s 20 year of age; the last survival benefit is payable along with the vested bonuses.
The Maximum Sum Assured Available Under all Aspire Plans for each child is $100,000.

BASIC BENEFITS
Survival Benefits: You can choose from one the following three cash flows as annual survival benefits for your child. These survival benefits are meant for meeting (partly or fully, depending upon the sum assured opted under the policy) the child’s secondary and tertiary education. These survival benefits fall due on the date of every policy anniversary falling due on or after the child’s attaining 14th year through 20th year.

Maturity Benefit: The policy matures on the policy anniversary falling on or after the child’s attainment of 20th year of age. The last (seventh) survival benefit is payable along with the vested bonuses under the policy as maturity benefit.

Death Benefit:
Commencement of Risk: Risk cover on the life of the child assured under the policy commences from the date of the policy anniversary falling on or after his or her attainment of 10th birthday.

Death after the Commencement of Risk: Full Sum Assured is payable along with the vested bonuses – without deducting the survival benefits that may have been already paid out – in case of the child’s unfortunate death after the commencement of risk cover.

Death prior to the Commencement of Risk: In case of unfortunate death of the child prior to the date of risk commencement (as explained above), the premiums paid till that date are returned to the proposer.

OPTIONAL BENEFITS
The following optional benefits are available under the Aspire Plans on payment of additional premiums. Both these riders cover the risk on the life of the proposer and are enormously useful to opt for.

Premium Waiver Benefit: Waives premiums in case of unfortunate death of the proposer under the policy during the term of the policy. Proposer is the sponsor of the policy. If he is no more, the child assured or his or her family may not be able to afford to pay the premiums. Waiver benefit ensures that the educational needs of the child are met unhampered under such circumstances. However, there may be some restrictions regarding the age of the proposer for granting this rider cover.

Term Assurance Benefit: Pays an amount equivalent to 20% of the basic sum assured as a token of relief to the family in case of unfortunate death of the proposer during the term of the policy. There may be some restrictions regarding the age of the proposer for granting this rider cover.

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Smart Life 2 Plan (Table 135F)

Welcome to our new investment oriented plan Smart Life-2. It is unlike a normal life insurance policy. Listed hereunder are its important features:

• It is a single premium plan – the entire premiums are paid upfront, at the time of taking the policy; the value of the premium is well below the value of the policy or the sum assured under the policy.
• The policy is for a fixed term of 10 years.
• Guarantees an interest rate of 3% per annum (Guaranteed Additions) throughout the policy term. In today’s falling interest rate regime, such a long term guarantee is rare and hence this is a huge attraction.
• Imagine a fixed deposit that also covers your life risk! For very nominal extra premiums, you can opt for an additional term assurance cover as well as accidental death cover equal to the basic sum assured under the policy. This is the real clincher! One can enjoy a life insurance cover for 10 years and up to $100,000 for just a fraction of the premiums that you would have to pay for a normal insurance policy.
• Policy Loan facility is available after one year. Policy can also be surrendered for cash after one year.
• Maximum sum assured under the policy is $100,000.
• Premium Rebates are available for high sum assured policies.

Conditions: Age at Entry: 20 to 60 years. Maximum Age at entry for opting Term Assurance Cover: 50 years last birthday. Maximum Age at entry for Accidental Death cover: 55 years last birthday. Unlike the oher policies, the Accident cover under Smart Life 2 Plan does not include Premium Waiver or Total & Permanent Disability benefits.

Basic Benefits
Death Benefit: Payment of the sum assured + the guaranteed additions made till the date of death of the life assured during the term of the policy.

Maturity Benefit: Payment of the sum assured + the guaranteed additions for the entire policy term of 10 years.

Optional Benefits: The optional benefits are available on payment of additional premiums over and above the basic premiums. There may be some restrictions on the optional benefits depending upon health, age, occupation, physical disability, etc. There is also a cap on the maximum benefit payable under all LICI policies of the life assured, put together.

Accidental Death Benefit: One additional sum assured is payable if the death of the life assured under the policy takes place due to an accident during the term of the policy. There are some restrictions in granting this benefit. As mentioned earlier, this benefit doesn't cover 'Premimum Waiver' and/or 'Total & Permanent Disability'.

Term Assurance Rider Benefit: One additional sum assured is payable if the death of the life assured under the policy takes place (accidental or normal) during the term of the policy. There are some restrictions in granting this benefit.

Gold Life Plan (Table 636)

Welcome to our new investment oriented plan Gold Life. It is unlike a normal life insurance policy. Listed hereunder are its important features:

• It is a single premium plan – the entire premiums are paid upfront, at the time of taking the policy; the value of the premium is well below the value of the policy or the sum assured under the policy.
• There is a choice of 5-year and 10-year terns.
• Guarantees an interest rate of 6% per annum (Guaranteed Additions) throughout the policy term. In today’s fluctuating interest rate regime, such a long term guarantee is rare and hence this is a huge attraction.
• Imagine a fixed deposit that also covers your life risk! For very nominal extra premiums, you can opt for an additional term assurance cover as well as accidental death cover equal to the basic sum assured under the policy. This is the real clincher! One can enjoy a life insurance cover for 10 years and up to $100,000 for just a fraction of the premiums that you would have to pay for a normal insurance policy.
• Policy Loan facility is available after one year. Policy can also be surrendered for cash after one year.
• Maximum sum assured under the policy is $100,000.
• Premium Rebates are available for high sum assured policies.

Conditions: Age at Entry: 20 to 60 years. Maximum Age at entry for opting Term Assurance Cover: 50 years last birthday. Maximum Age at entry for Accidental Death cover: 55 years last birthday. Unlike the oher policies, the Accident cover under Smart Life 2 Plan does not include Premium Waiver or Total & Permanent Disability benefits.

Basic Benefits
Death Benefit: Payment of the sum assured + the guaranteed additions made till the date of death of the life assured during the term of the policy.

Maturity Benefit: Payment of the sum assured + the guaranteed additions for the entire policy term of 10 years.

Optional Benefits: The optional benefits are available on payment of additional premiums over and above the basic premiums. There may be some restrictions on the optional benefits depending upon health, age, occupation, physical disability, etc. There is also a cap on the maximum benefit payable under all LICI policies of the life assured, put together.

Accidental Death Benefit: One additional sum assured is payable if the death of the life assured under the policy takes place due to an accident during the term of the policy. There are some restrictions in granting this benefit. As mentioned earlier, this benefit doesn't cover 'Premimum Waiver' and/or 'Total & Permanent Disability'.

Term Assurance Rider Benefit: One additional sum assured is payable if the death of the life assured under the policy takes place (accidental or normal) during the term of the policy. There are some restrictions in granting this benefit.

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Term Assurance Plan

To be introduced shortly