[Benefits] LIC Jeevan Suraksha Annuity Plan - LIC Plan

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LICIndia.in - LIC Jeevan Suraksha is a bonus deferred annuity plan. It allows policy holder to make the provisions for regular income after a selected term or even after the age of retirement. In this plan, the pension is being provided after the vesting period. The plan is best worked for the senior citizen.

[Benefits] LIC Jeevan Suraksha Annuity Plan

LIC Jeevan Suraksha
If the LIC Jeevan Suraksha policy holder dies before the pension starts, then all the premiums paid by the holder + the interest on the same will be returned to the nominees of the policy holder.

Key factors to be kept in mind while holding the policy – 

Minimum Maximum
Notional Cash Option in terms of rupees 50,000 (for Regular Premium) No Limit
Deferment Period in terms of years 2 years 35 years
Premium Payment Term in terms of years 2 years 35 years
Entry Age of Policyholder in terms of years 18 years 70 years
Age at Vesting in terms of years 50 years 79 years
Premium in terms of rupees 10,000 for Single premium plan 2500 for Regular premium plan No Limit
Payment modes available Single, Yearly, Half-yearly, Quarterly, Monthly and SSS

Key features of LIC Jeevan Suraksha plan includes –

1. The plan is the deferred annuity plan.
2. It provides various bonus facilities as well.
3. Death benefit depends upon the vesting period selected by the policy holder.
4. There are two vesting options available under this policy –
  • He may opt out to withdraw 25% of the tax free corpus and can avail the remaining 20% of bonus.
  • The holder can chose to avail the entire corpus pension as well.
5.    3% rebate will be given on the purchase price of annuity at vesting date.
6.    There are 5 options available for the pension, which are –
  • Annuity Guaranteed for Certain Periods
  • Annuity with Return of Purchase Price on Death
  • Increasing Annuity
  • Joint Life Last Survivor Annuity
  • Annuity for Life
7.    There is a large cash option rebate available
8.    Optional higher cover through term rider is available.

BENEFITS of LIC Jeevan Suraksha Policy

1. TAX BENEFIT – Tax relief will be given under section 80 ccc on premiums paid under the LIC Jeevan suraksha policy. 1/3 of the maturity are also exempted from the tax under section 10 (10 A). Pension received will be taxable.

2. MATURITY BENEFIT – The policy holder under this benefit can en cash up to a minimum of 25% of the maturity along with the free benefit in taxation.

3. DEATH BENEFIT – In case of death of the policy holder before the vesting period, then the nominee will receive all the premium paid by the policy holder when he or she was alive, along with the term rider sum assured with 5% being the extra compounding interest.

This is all about the LIC Jeevan Suraksha plan and the plan is so good to carry on that there was a time when the plan was one of the most purchased plan of India.

Source :- http://www.licindia.in/Products/Withdrawn-Plans/jeevan-sauraksha.aspx

Jeevan Anand Endowment plan - Benefits and Features

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LICIndia.in - Jeevan Anand is an endowment plan, and is one of the most sold plan of LIC. This plan provides the risk cover even after the maturity period. It is a whole life policy as it provides insurance cover to the policy holder for the entire of his/her life. 

Jeevan Anand Endowment plan - Benefits and Features

Jeevan Anand Endowment plan

The policy provides bonus facility as well. This is a double death policy plan, if the holder of the policy survives till the end of the policy terms date. Here, the payment will be like –


Pay (The policy holder receives) = Sum assured + Bonus (till the death) + Additional sum assured whenever insurance holder dies.


There are certain parameters which must be known before applying the policy. Here they are -

Featured for the LIC Jeevan Anand Plan includes

1. Double accidental benefits will be provided, if the holder dies during accident, up to the age of 70 years.
 

2. After policy maturity, the death benefit will be only the sum assured.
 

3. People will hazardous occupation have to pay some additional bonus in order to acquire this policy.
 

4. Large sum assurance rebate is also offered by the L I C Jeevan Anand plan.
 

5. The minimum premium payment years is 5 years and the maximum years to pay the premium is 57 years.
 

6. Single premium offer is not available under this plan.
 

7. If you wish to surrender the policy after 3 years, then you will definitely get certain amount.
 

8. Loan facility is available under this scheme.
 

9. Simple reversionary bonus is only payable during the early death or on early maturity.
 

10. Accidental benefit and disability benefit is offered only till the 70 years of the life insured.

Benefits Of LIC JEEVAN ANAND PLAN –

1. ACCIDENTAL BENEFIT – This benefit is an inbuilt profit plan under this scheme and the policy holder will get a certain amount extra, during the accident of the policy holder.
 

2. DEATH BENEFIT – In case, if the policy holder dies before the end of the policy terms, then the pay will be sum assured + the accrued bonus. In case, if it is after the policy term, then it is paid as benefit sum assured.

3. INCOME TAX BENEFIT – Premium paid under the Life Insurance Corporation policy and maturity proceeds are exempted from the tax under two different sections.
 

4. MATURITY BENEFIT – Maturity benefit is like during the maturity of the policy, the policy holder will get the sum assured during signing the policy + accrued bonus + final additional bonus ( whatever it may be) will be given to the family or nominees of the policy holder. 

This is all the important points and facts about LIC Jeevan Anand Plan.

Benefits and Features of LIC Jeevan Labh - LICIndia.in

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LICIndia.in - Benefits and Features of LIC Jeevan Labh. It is a non-linked plan, that is, it is not dependent on the share market. It is a limited premium paying plan. It is one of the highest bonus attracting plan of LIC. 

Benefits and Features of LIC Jeevan Labh - LICIndia.in

LIC Jeevan Labh
In this policy, the premium paying term is less than the policy term. The maturity amount is payable at the end of the policy or at the death of the plan holder.This plan is similar to LIC limited payment endowment plan, which was launce by LIC last year. 

It is a good traditional plan with a fixed tenure feature. 


Paid-up Value = Basic Sum assured x (No. of premiums paid/ Total no. of premiums payable)

Certain parameters that are included in the plan -

Minimum Age at Entry 8 Years (Completed)
Maximum Age at Entry 59 Years for 16 Year Term
54 Years for 21 Year Term
50 Years for 25 Year Term Calculate Age
Premium Paying Mode Yearly, Half Yearly, Quarterly, Monthly (ECS Only) Calculate Your Premium
Policy Term (Premium Payment Term) 16(10), 21(15), 25(16)
Basic Sum Assured 2,00,000 and above (in multiple of 10,000)
Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Rebate on High Sum Assured (Per 1000 of Sum Assured) 0% up to 4,90,000
1.25% for 5,00,000 to 9,90,000
1.50% for 10,00,000 to 14,90,000
1.75% for 15,00,000 and above
Loan After 3 years
Surrender After 3 years of full premium payment

Features of LIC Jeevan Labh

1. Tax free maturity amount.
2. High bonus
3. Very Ideal plan for preparing children’s education and marriage.
4. Offer to avail accidental benefit.
5. The grace period given for the premium payment of 1 year is just 1 month.
6. if the policy holder wants to surrender the plan, or close it, then he or she can close it any time.
7. For getting full payment, a 3 year premium is required.
8. Loan facility is available under LIC Jeevan Labh Policy.

Benefits by LIC Jeevan Labh Plan –

1.    MATURITY BENEFITS –
 
Maturity benefit = Basic sum assured + Final additional bonus (if any) + Vested Simple reversionary bonus.

This benefit can be attain on survival of the life assured during holding of the LIC Jeevan Labh policy.
 

2. DEATH BENEFIT –
 

Death benefit = Sum assured on death + Final additional bonus (if any) + Vested simple reversionary bonus.

This benefit can be obtain by the nominee or the family of the policy holder, if the policy holder dies during the policy terms time.
 

3. DISABILITY BENEFIT –
 

It gives the sum assured to the policy holder in a monthly installment, if the holder gets permanently disable within 180 days of the accident.
 

4. Assurance of Tax free return.
 

5. Maturity amount is also tax free.

Jeevan Labh yearly Premium Rates

Lets take an example, if you want Rs.12 Lac of sum assured, for 25 years. For 12 lac, person needs to pay Rs.56,357 (plus service tax) yearly for next 16 years. Below is premium rate table for Jeevan Labh.
 
Year Age Total Paid Premium Normal Life Cover (Approx.) Accidental Life Cover (Approx.)
2016 29 56357 1262400 2462400
2017 30 111727 1324800 2524800
2018 31 167097 1387200 2587200
2019 32 222467 1449600 2649600
2020 33 277837 1512000 2712000
2021 34 333207 1574400 2774400
2022 35 388577 1636800 2836800
2023 36 443947 1699200 2899200
2024 37 499317 1761600 2961600
2025 38 554687 1824000 3024000
2026 39 610057 1886400 3086400
2027 40 665427 1948800 3148800
2028 41 720797 2011200 3211200
2029 42 776167 2073600 3273600
2030 43 831537 2172000 3372000
2031 44 886907 2240400 3440400
2032 45 -- 2314800 3514800
2033 46 -- 2389200 3589200
2034 47 -- 2493600 3693600
2035 48 -- 2622000 3822000
2036 49 -- 2720400 3920400
2037 50 -- 2872800 4072800
2038 51 -- 2995200 4195200
2039 52 -- 3117600 4317600
2040 53 -- 3300000 4500000


This is one of the best saving plan, which provides more return and is ideal of knowing as the best LIC plan which offers more bonuses and good return, than other LIC plan, offered by the L I C.

RETIREMENT Benefits of LIC Jeevan Akshay - LICInda.in

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LICIndia.in - LIC Jeevan Akshay is a single premium immediate annuity plan. The pension plan is also known as deferred annuity plan and in this plan, you have to purchase the annuity license only once, and then LIC will pay you amounts regularly, for the rest of your life. The regular amount which the LIC will pay to the policy holders is known as annuity.

Retirement Benefits of LIC Jeevan Akshay - LICInda.in

LIC Jeevan Akshay
This plans offers 7 annuity options, which are as follows –
  1. Annuity For Life
  2. Annuity Guaranteed For Certain Period
                    -for 5 years
                    -for 10 years
                    -for 15 years
                    -for 30 years
  1. Annuity With Return Of Purchase Price On Death
  2. Increasing Annuity
  3. Joint Life Last Survivor Annuity With 50% For Spouse
  4. Joint Life Last Annuity With 100% For Spouse
  5. Joint Life Last Annuity With Return Of Purchase Price
The plan contains certain parameters which are as follows -
 
ParticularsMinMax
Entry Age in years3085
Annuity Price purchased100000No Limit
Annuity Payment ModeYearly, monthly, half yearly, quaterly 

Features of the LIC Jeevan Akshay plan includes –

  1. Payment of the premium is to done only at a single time.
  2. No medical examination is required for acquiring the L I C Jeevan akshay plan.
  3. No highest investment limit is offered in this policy.
  4. If you wish to surrender or end up this policy, then no surrender value is offered under the scheme.
  5. If you purchase the policy online, than you have to pay a minimum amount of rs 1.5 lakh and if you buy the policy in any way other than online, than you have to pay an amount of 1 lakh, as a minimum amount to be paid.
  6. No loan facility is offered under this scheme.
  7. Premium is to be given in a lump sump of whole amount.
  8. Policy can be chosen for either as a single policy, just for the policy holder or for the both policy holder and the spouse, that is the joint policy.
  9. There is no question of stopping the further premium plans.
  10. The policy will not get any paid up value.

BENEFITS of the policy LIC Jeevan Alshay plan –

  1. You just have to pay only a single time and in return, after a certain amount of time, you will get paid up regularly by LIC for the amount you invested.
  2. The premium paid by the policy holder are exempted from income tax under a given section 80 c.
  3. Benefits under death, accident mode, or any kind of permanent disability are also available under this scheme, just need to be carefully assorted before carrying out the policy.
These are the most important facts and points about LIC Jeevan Alshay plan and If you are looking for a regular income, even at the end of your life, or after retirement and want just a one time investment, then this one is the right policy for you and you can opt out for this policy by both offline or online mode, the one suits you and your budget, accordingly.

Benefits and Sum Assured of Jeevan Nidhi Pension Plans - LICIndia.in

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LICIndia.in - Jeevan Nidhi LIC Pension Plan. It is a deferred annuity plan. Most precisely, it is a profitable pension plan which includes both saving and protection features. It is also a non-unit linked retirement plan. This plan offers to pay the cost of living too long too for the senior citizens, in terms of pensions.

Benefits and Sum Assured of Jeevan Nidhi Pension Plans - LICIndia.in

Jeevan Nidhi Pension Plans
This LIC pension plan offers death cover during the deferment period and annuity to the survival till the time of vesting period. The premium for this policy, needs to be paid till the end of the accumulation period.

As per this policy, the vesting age is the age in which the pension is payable and the vesting date starts from the time, the pension starts paying to the policy holder.

PAY = Sum Assured + Accrued Guaranteed Additions + Simple Reversionary Bonus + Terminal Bonus

Parameters to keep in mind while applying for the policy is –



Minimum

Maximum
The Sum Assured 1,00,000 ( Regular Premium )
1,50,000 ( Single Premium )
No Limit
Deferment Period in years7 ( Regular Premium )
5 ( Single Premium )
35
Premium Payment Term SingleRegular
Entry Age in years2058 ( Regular Premium )
60 ( Single Premium )
Age at Vesting in years5565
Premium in Rs10,000 ( Single )
3000 ( Regular )
No Limit
Payment modes availableSingle, Yearly, Half-yearly, Quarterly, Monthly and SSS


Features of this policy includes –

  1. Bonus facility available with deferred annuity plan.
  2. Sum assured rebate is large.
  3. Loan facilities are not available under this scheme.
  4. House loan surety is available under this scheme.
  5. Accidental death rider and disability rider are offered under this scheme.
  6. Coverage of the risk is being provided till the end of the policy under this scheme.
  7. Premiums can be paid either single terms or in the regular terms.
  8. If you are not satisfied with the policy, you may return the policy within 15 days of date of receipt.
  9. For sure bonus, from the 6th year of the policy.
  10. Guaranteed additions under first 5 years.

BENEFITS UNDER Jeevan Nidhi –

  1. DEATH BENEFIT – 

    a.) WITHIN THE FIRST 5 YEARS OF THE POLICY - Basic Sum Assured + accrued Guaranteed Additions which can be paid in a lumpsum or as annuity or a combination of the two.
b.) AFTER THE FIRST 5 YEARS OF THE POLICY - Basic Sum Assured + accrued Guaranteed Additions + Simple Reversionary + Final Additional Bonus, if any, which can be paid in a lumpsum or as annuity or a combination of the two.
  1. VESTING BENEFIT – Different options are available under the vesting options, which depends upon the choice of the policy holder.
  2. INCOME TAX BENEFIT – Premiums paid under LIC policy and the maturity rate are exempted under this policy from tax under the section 80 C and the section 10 (10 A), respectively.
Thus, this is all about the important facts and features of LIC Jeevan Nidhi policy, which should be read out carefully, before purchasing of the policy.

Top 5 Best LIC Plans - LIC Insurance Policy Review - LICIndia.in

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LICIndia.in - As we all know about LIC that it is a Life Insurance Corporation group which is a state owned and an investment group. LIC Plans offers a variety of insurance policies and products to its customers and here we are presenting you, 5 of the best plans offered by LIC and their benefits and special features.

Top 5 Best LIC Plans - LICIndia.in 

Do check out top 5 best LIC Plans for you and your family which provides better Maturity benefit, income tax benefits, death benefit, high sum assured rates, and low premium rates at more benefits.

1.) LIC NEW JEEVAN ANAND PLAN

JEEVAN ANAND PLAN
- It is the most sold plan of LIC. Providing a double accidental benefit till the age of 70 years, this one is a guarantee return endowment plan. The policy offers bonus facility also. 

- Life cover continues by the LIC, till the death of the policy holder. The paying mode of the premium will be yearly, half yearly, quarterly or even monthly. Age for applying to this policy will be 18 to 50 years.

- The policy terms will apply within 15 to 35 years. Loan sanctioned facility is also available but it can be sanctioned after 3 years of undertaken of the policy. 

- The policy also provides options to add the accidental death rider and disability benefit rider.
Minimum sum assured under this scheme is RS 100000/- and maximum has no limit.
 
Some of the other benefits of the plan includes-

- DEATH BENEFIT: Vested simple reversionary bonuses + sum assured on death + final additional bonus ( if any)
 
- TAX BENEFIT: On premiums, on death, on maturity amount
 
- MATURITY BENEFIT: Vested simple reversionary bonuses + sum assured on death + final additional bonuses (if any). [source]

2.) LIC JEEVAN AKSHAY PLAN

JEEVAN AKSHAY
- This one is a retirement plan policy and an immediate annuity plan. Means after retirement, it pays out immediate annuity after the premium payment.
 

- Premium under the policy should be given as a one time payment. The minimum purchased price amount is Rs 100000/- . There is no highest investment limit under the plan. The payment can be done yearly, half yearly, quarterly or monthly.
 

- There is also no loan option is available under this pension plan. Also surrender value is going to be given under this LIC retirement plan.

- The minimum entry age for holding the policy is 30 and maximum is 85.
 

- The annuity option can be chosen by the policy holder as single life (just for himself/herself) or for a joint life (ie for both the person and his or her spouse).
 

- Benefits will include payment frequency of the annuity payouts as per the chosen option. Also income tax benefits will be given as per section 80CCC of the income tax act. [Source]

3.) LIC CHILD PLAN

CHILD PLAN
- This policy ensures that the growing child will get all his/her needs to be fulfilled. LIC child plan is a money back endowment plan. It can be taken by any parent or any grandparent. The age of the child should be 0 to 12 years.
 

- The plan also provides the coverage of the risk during the active policy holding time and can be extended up to 7 years post maturity.
 

- The minimum sum assured under this policy is 1 lakh and maximum sum assured will be 1 crore. -

- The payment mode can be yearly, half yearly, quarterly and monthly as per the policy holder selection.
 

- The policy terms will go from 11 years to 27 years.
 

The various benefits include:
 

DEATH BENEFIT – In case, after the death of the child, the one who is the nominee of the policy will receive the sum assured plus the bonus.
 

MATURITY BENEFIT – On maturity, the child gets the remaining 15% of the sum assured plus some financial additional bonuses.
 

TAX BENEFIT - A range of amount is allowed for deduction depend upon the payment done.
 

SURVIVAL BENEFIT – On survival of the child, he receives 30% of the sum assured along with the vested bonuses, but only before 5 years of the expiry date of the policy.

4.)  LIC NEW JEEVAN NIDHI

JEEVAN NIDHI
- It is a regular premium retirement plan in which the premium needs to be pay till the end up of the accumulation time. But at the end, the maturity comprises of the sum assured, incremental bonus, certain amount of financial additional bonus which will be paid in the form of pension.
 

- The plan includes two types of premium modes i.e single premium and regular premium. In single premium, the one can buy the premium by paying all the amount only at once. And in regular premium, paying mode can be yearly, half yearly, quarterly and monthly as well.

- The minimum age for holding the policy is 20 years and maximum age differ from the single premium to regular premium. That is, for single premium, the holding age will be 60 years maximum and for regular premium, it will be 58 years, maximum. 


- The minimum sum assured under single premium is 1.5 lakh and under regular premium is 1 lakh. 


- 3.09 % service tax is also applicable under the scheme.


- Benefits include benefits on vesting, income tax benefit and certain other guaranteed additions (applicable only for the first years at the rate of 50 per thousand). [Source]

5.) LIC NEW BACHAT PLAN

BACHAT PLAN
- This policy provides protection to both savings and insurances. Financial protection will be provided during the policy term to the holder of the policy.
 

- The minimum entry age for LIC new Bachat plan is 15 years and maximum age may vary. Also the minimum sum assured vary from the selected criteria and the maximum sum assured will have no limit. 15% of the sum is assured, paid after every 3 years in terms of survival benefit.

- The policy term is either 9 years, or 12 years or 15 years. And the maximum maturity age is 75 years. 

- The payment mode for this policy is single premium only. It does not offers many options.
 

- The benefits includes death benefit, survival benefits, maturity benefits and income tax benefits.

Thus, the given 5 are the best policies offered by life insurance cooperation of India and we suggest you to opt out for any one or more than one of them, as they all are really good in different terms and different fields. 


Have a safe time ahead!

Benefits of LIC Market Plus - Pension Plan from LIC India

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The LIC Market Plus policy was introduced on 5th July 2006 and is a unit linked plan. In the LIC Market Plus policy, the investment risk is borne by the policy holder, in investment portfolio. The plan is designed in such a way that it gives you a lot more than the basic life insurance cover.

Benefits of LIC Market Plus - Pension Plan from LIC India

Benefits of LIC Market Plus
The plan can be taken with or without life cover. The LIC Market plus policy can be a single premium plan or can be a regular premium plan contract, which depends on the level of premium the customer agree to pay. The charges will be recovered in first year only.

The policy can be end up by the customer only after completion of the 3 years, from the date of commencement of policies. No policy charge or flat fees will be there.

Eligibility Criteria of LIC Market Plus

- The entry age/minimum age for applying for the policy is 18 years and maximum age is 70 years, if taken without life cover. If it is taken along life cover than it will be 65 years.

- The minimum and maximum vesting year is 40 years and 85 years, respectively.

- Minimum deferment period for the policy is 5 years.

- The mode of payment for the policy can be yearly, half-yearly, quarterly or single premium. The minimum premium amount per annum for regular premium is rs 5000. For single premium, it is rs 10000. There is no limit for the maximum premium amount.

There is no rebate for sum assured or mode.

Sum Assured on LIC Market Plus

- The minimum sum assured with upon whether you choose the life cover or not. If you opt out for a life cover plan, than minimum sum assured will be rs 5000/- for regular premium policies and rs 25000/- for single premium policies. 

- On the same hand, the maximum sum assured will be the 20 times of annual premium income for regular premium policies and for single premium policies, it is equal to single premium. There is no sum assurance for the plan with out life cover.

There are many other benefits of LIC Market Plan, which includes:

1.) MATURITY BENEFIT (i.e benefit on vesting) –
Maturity benefit = sum equals to the policy holder fund value.
Till the maturity date, if there is the survival of the policy holder, then it will take place.

2.)  DEATH BENEFIT ­–

Within deferment period, on death of the plan holder, when the policy is taken with life cover,

Death benefit = sum assured under basic plan + fund value of the units in plan holder’s account
If the plan is taken without life cover, then

Death Benefit = fund value of units held in plan holder’s unit account

3.)  TOP UP PREMIUM

This benefit featured that the policy holder can pay any number of multiples of 1000 rs/- in terms of top up at any time during the period.

4.)  INVESTMENT FUND TYPE

Balanced, bond, growth and secured, four types of funds will be available as a option for the fund to be invested.

The LIC pension plan offered many benefits to the policy holders and is one of the best plan offered by the LIC in terms for taking care of yourself and your family. You can without any confusion, opt out for this plan.

Have a safe time ahead!!

Source :- http://www.licindia.in/Products/Withdrawn-Plans/Market-plus-1.aspx