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LIC Jeevan Surakhsa Pension Plan
:
These are Deferred Annuity plans that allow the policyholder to make provision for
regular income after the selected term.
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 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.
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.
Features
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 purchasers up to the age 40
years last birthday has been permitted for the plan.
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