LIC Jeevan Dhara I

LIC’s New Jeevan Dhara 1:

Product summary:
These are Deferred Annuity plans that allow the policyholder to make provision for
regular income after the selected term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary
deduction, as opted by you, throughout the term of the policy or till earlier death.
Alternatively, the premium may be paid in one lump sum (single premium).
Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan
Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table
No.148) qualify for tax relief under Section 88.
Bonuses:
These are with-profit plans and participate in the profits of the Corporation’s annuity /
pension business. Policies get a share of the profits in the form of bonuses. Simple
Reversionary Bonuses are declared per thousand Sum Assured annually at the end of
each financial year. Once declared, they form part of the guaranteed benefits of the plan.
Final (Additional) Bonuses may also be payable provided policy has run for a certain
minimum period.

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Jeevan Akshay VI

Age between 40 to 79 can apply for Jeevan Akshay Pension Plan with minimum 50,000/- Sum Assured.

Premium Ceasing Age : 79            Premium Ceasing Term : 0

Plan Highlights

LIC ’s Jeevan Akshay-VI (Plan-189) is a Immediate Annuity plan. Type of annuities available Various annuity options available under the Plan are as under: 1.Annuity for life 2.Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter 3.Annuity with return of purchase price 4.Annuity for life increasing at a simple rate of 3% p.a. 5.Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant. 6.Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant. Benefits The first installment of annuity shall be paid one year, six months, three months or one month after the date of purchase of the annuity depending on whether the mode of annuity payment is yearly, half-yearly, quarterly or monthly respectively. Further, annuity shall be paid during the life time of the annuitant with following provisions on death of the annuitant for different options as follows: (a) Under option (1) – payment of annuity ceases. (b) Under option (2) i. On death during the guarantee period – annuity is paid to the nominee till the end of the guaranteed period after which the same ceases. ii. On death after the guarantee period – payment of annuity ceases. (c) Under option (3) – payment of annuity ceases and the purchase price is returned to the nominee. (d) Under option (4) – payment of annuity ceases. (e) Under option (5) – payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant. (f) Under option (6) – payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

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LIC Jeevan Suraksha

LIC Jeevan Suraksha Pension Plan: ( Table No 122):

Premium Ceasing Age : 70 Premium Ceasing Term : 0 years Underwriting made easier:
LIC’s Jeevan Suraksha Pension Plan (Retirement planning). An exclusive non-medical limit of Rs.2 lakhs for purchasers up to the age 40 years last birthday has been permitted for the plan.

Plan Highlights
FEATURES
* Tailor-made for professionals & businessmen.
* Multiple plan I pension options to choose from, such as
Plan Options:
* This plans is available with life cover, without life cover and is very much like an Endowment policy.
Pension Options:
* It offers a guaranteed pension for the life of the policyholder or a pension for the last survivor in case of a Joint life policy or a pension fund that will also return the purchase price paid by the policyholder.
* Terminal bonus is available and there is no forfeiture in case the premiums are discontinued.
* In case the life cover is not opted for, the policyholder also has the option of a Single or One time premium payable.
* The policyholder also gains the option of a tax-free commuted value that amounts to nearly 25 percent.
Premiums up to Rs.10,000/- qualify for 100 percent deduction from taxable income in terms of Sections 80 (CCC) of the Income Tax Act
There are various hidden benefits within this plan. The terminal bonus declared by the corporation on the vesting date depends upon the actuarial surplus on the pension fund and will increase the pension benefits.
The immediate annuity rates prevalent at the time of vesting of pension benefits, if favourable in comparison to the deferred annuity rates will be used to recalculate the pension benefits. This subsequently adds to the policyholder’s pension benefits.
Non-forfeiture:
If the payment of premiums is discontinued, the policy is not forfeited completely. If premiums are paid for a full 3 years, the benefits are reduced on pro-rata basis.

Underwriting made easier:
An exclusive non-medical limit of Rs.2 lakhs for purchasesrs up to the age 40 years last birthday has been permitted for the plan.

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