For Children
Tata AIG offers a range of flexible insurance products for children. Policies dedicated to children and their key features are as given under.

For Adults
The company has a slew of life insurance of plans for adults.

For Retirement Planning
If you plan to retire at the age of 60 or 65, you could need to fund your lifestyle for several years without any regular salary. But if you have invested in a right plan, you can rest assured. 

Premium Ceasing Age : 79 Premium Ceasing Term : 0

Plan Highlights

Features

LIC’s Jeevan Suraksha-1  is a with profit personal pension plan suitable for everyone who wants to provide regular financial security for their family. The Plan is most suitable for employees, businessmen and retired persons.

Special Features

Paid Benefits:

If, after at least two full years premiums are paid in respect of this policy, any subsequent premium be not duly paid, the policy shall not be wholly void, but the amount of Notional Cash Option shall be reduced to such a sum as shall bear same ratio to the original, as the number of premiums actually paid shall bear to the total number of premiums originally stipulated for in the policy.

The policy so reduced will thereafter be free from all liabilities for payment of the within mentioned premiums but shall not be entitled to participate in future profits. The existing vested bonus additions will be attached to the reduced paid up policy and this will determine the reduced annuity payable on vesting. The option of commutation of 25% pension will also be available on the vesting age.

If however the annuity payable is less than the minimum of Rs. 250/-, the Corporation will have the right to change the mode of payment of annuity to yearly, half-yearly or quarterly or to pay a lump sum subject to deduction of tax if any, at source as per the prevailing taxation rules. In the event of non-payment of the premiums within the days of grace the life cover will cease.

During Deferment:

A term rider option will be available. On the death of the policyholder who has opted for the term Assurance rider ( provided the policy is in-force), the Term Assurance Sum Assured along with all premiums ( excluding term Assurance premium and extra premium if any ) paid up to the date of death accumulated at the rate of 5% p.a. compounding or at such rates as decided by the Corporation from time to time will be paid to the nominee. When the policy is not in-force, only return of premiums with interest as stated above will be available.

For those not opting for the Term Assurance Rider, in respect of policies which are in-force or in a paid up condition, all premium accumulated at 5% p.a. compounding or at such rates as decided by the Corporation from time to time, will be paid to the nominee. Term Rider Option will be available only on the Annual Premium Plan.

The following options are available for the annuitant to receive pension. Annuitants may exercise one of the following options atleast 6 months before the date of vesting.

• Pension for life
• Pension guaranteed for 5,10,15,20 years and life thereafter.
• Joint and last survivor annuity to the annuitant and his/her spouse under which pension payable to the spouse on death of the purchaser will be 50 percent of that payable to the pensioner.
• Pension for life with return of purchase price.
• Pension for life with pension increasing at a simple rate of 3 percent per annum.·

Special Surrender Value:

For annual premium policies, special surrender value is given after two years from the date of commencement and during deferment period, if atleast two years full premiums have been paid.

For Single premium policies, special surrender value is given one year after the date of commencement and during deferment period.

Benefits

Benefits after vesting /at maturity:

The Notional Cash Option together with Reversionary Bonuses and Final additonal bonuses if any, will be compulsorily converted into annuity. The annuitant/policyholder can commute 25 percent of the annuity purchase price and receive a lumpsum and balance amount will be converted into annuity. A rebate of 3 percent will be available on the purchase price of the annuity current at the vesting date/maturity.

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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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