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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6 Comments

• 

  By Vipon Chopra, March 8, 2010 @ 11:30 am

  I have been subscribing to Jeevan Suraksha policy since April 1996 @ Rs 10,000 PA. My last premium due is March 2011. What will be my monthly pension and whether any lumpsum amount also will be paid.
• 

  By R C Bairathi, May 11, 2011 @ 12:53 pm

  Took 122-7 plan on 28/2/97 & matured on 28/2/04 Please let me know If I have offered option “F” what shoul have been the amount given at maturity and what is with then on which annuity is calculated as well what amount will be given to nominee after death
• 

  By admin, May 11, 2011 @ 1:01 pm

  Your nominee will get NCO+ Basic Sum Assured after policyholder’s death. You will get regular pension till death which you will signed at the time of pension starts.
  Example:
  If you NCO was 5,00,000/-, Life Cover 2,00,000/- & Pension amount is 2500/- than you will get 2500/- till your death & your nominee will get that 5,00,000+2,00,000/- amt.
• 

  By gowardhan kumar agrawal, October 29, 2011 @ 5:11 pm

  I have taken policy jeevan surksha 122-E on 15-10-2000. for 20 years. I want to know who will get the full amount of policy & when.
• 

  By gowardhan kumar agrawal, October 29, 2011 @ 5:14 pm

  I have taken jeevan surksha 122-E in Oct 2000 for 20 years. I will get the pension from 2020. but who will get the full amount of policy & when.
• 

  By admin, November 5, 2011 @ 11:30 am

  Your nominee will get the full NCO amount.

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