[Benefits] LIC Jeevan Suraksha Annuity Plan - LIC Plan

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


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