LIC

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  LIC Jeevan Suraksha - I is a with-bonus deferred annuity plan

  Key Features of LIC Jeevan Suraksha - I Pension Plan

  Death Benefit after the Vesting Date depends on the annuity option chosen.

  Upon Vesting, there are 2 Vesting Options available to the life insured

  - Policy holder may choose to withdraw 25% of the corpus tax free and avail pension from the remaining 75% of the corpus

  - Policy holdermay choose to avail pension from the entire corpus

  1) There are 5 options for Pension

  - Annuity for Life - where pension is paid till the life assured is alive and nothing is payable on death,

  - Annuity Guaranteed for Certain Periods - where pension is paid for 5/10/15 or 20 years as chosen whether the life assured is alive or not,

  - Annuity with Return of Purchase Price on Death - pension is paid till the life assured is alive and the remaining amount of the corpus is paid to the nominee as death benefit ,

  - Increasing Annuity - pension is paid till the life assured is alive at an increasing rate of 3% p.a.

  - Joint Life Last Survivor Annuity - 50% - pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse if alive.

  - Joint Life Last Survivor Annuity - 100% - pension is paid till the life assured is alive. On the death of the life insured, 1000% of the pension continues to be payable to spouse as long as the spouse if alive.

  2) Annuity may be paid monthly, quarterly, half yearly or yearly intervals.

   

  Death and Maturity Benefit of LIC Jeevan Suraksha - I Plan

  Death Benefit - In case of death of the Life Insured before the vesting date, the nominee receives all premiums paid till death together with 3%, 4% or 5% interest rate depending if the death occurs within the first 10 years, 20 years or thereafter respectively.

  In case of death of the Life Insured after the vesting date, it entirely depends upon pension option chosen.

  Maturity Benefit - At the maturity of the policy, the insured will get some choices

  - To choose whether to withdraw 25%of the fund tax free and avail pension from the remaining or take pension from the entire corpus

  - To choose the type of pension:

  - Annuity for Life - where pension is paid till the life assured is alive and nothing is payable on death,

  - Annuity Guaranteed for Certain Periods - where pension is paid for 5/10/15 or 20 years as chosen whether the life assured is alive or not,

  - Annuity with Return of Purchase Price on Death - pension is paid till the life assured is alive and the remaining amount of the corpus is paid to the nominee as death benefit ,

  - Increasing Annuity - pension is paid till the life assured is alive at an increasing rate of 3% p.a.

  - Joint Life Last Survivor Annuity - 50% - pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse if alive.

  - Joint Life Last Survivor Annuity - 100% - pension is paid till the life assured is alive. On the death of the life insured, 100% of the pension continues to be payable to spouse as long as the spouse if alive.

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