Jeevan Akshay
Jeevan Akshay is a voluntary pension plan meant for
employees retiring with inadequate pension benefits or
none at all. A monthly pension is paid to the purchaser
and on his death, a guaranteed insurance sum (GIS) equal
to the purchase price is paid to the nominee. The final
bonus, depending on the surplus generated during the
period of pension, is also payable in addition to GIS.
Jeevan Dhara
Jeevan Dhara, on the other hand, provides a regular
income from a selected date with death benefits. It also
participates in profits at the time of vesting of the
annuity and then until the death of the annuitant after
the vesting of the annuity.
Jeevan Suraksha
A pension
scheme for the self employed, professionals and the
salaried class.
One needs to make financial
provisions to cover both - the risk of dying early as
well as the risk of living too long. Statistics prove
that with increased longevity, a man's retired life
today is nearly half of his active life. LIC's pension
plan Jeevan Suraksha helps ensure a pleasant and
self-reliant life, even after retirement.
PLAN TYPE
Jeevan Suraksha is available in three
types to suit individual needs
- Pension with life
cover
- Pension without life
cover
- Pension with
endowment type
PENSION OPTIONS
The Pension will be payable monthly
starting at the end of the chosen deferment period
(waiting period) as per the option exercised by the
purchased in all the above types of Plan. The following
options are available in the plan.
- Life
Pension
- Guaranteed
Pension
- Pension
with return of Purchase price *
Life Pension
Pension for life during the life time
of the purchaser.
Pension to the purchaser for his/her life time. If the
purchaser dies after the commencement of the pension,
the spouse (nominated by the purchaser) will be paid
pension at half of the rate during his/her life time.
Pension for life time to the purchaser; purchase price
will be returned to the legal heirs/nominee on death of
the pensioner.
BENEFITS UNDER
DIFFERENT PLAN TYPES
Benefits under
plan with life cover
On vesting date( at the time of start
of pension)
1.Option to commute 25% of the
notional cash option including terminal bonus, if any,
free of tax.
2.Pension as per the option selected on the balance
notional amount, if commutation is exercised; otherwise
full pension.
On death of the
purchaser (before the end of deferment period)
The spouse will be eligible for a
life pension with a guarantee period of 15 years. The
amount of pension will be a minimum of 50% of the target
pension. The percentage can go upto 95% depending upon
the duration of the policy at death, age of the proposer
at entry, deferment period, etc.
In case there is no spouse named by
the purchaser to receive the pension, a lumpsum amount
known as the proportionate notional cash option will be
payable to the nominee.
Benefits under
plan without life cover
On vesting ( at the time of start
of pension)
1.Option to commute 25% of the
notional cash option including terminal bonus, if any,
free of tax.
2.Pension as per the option selected on the balance
notional amount, if commutation is exercised; otherwise
full pension.
On death of the purchase ( before
the end of the deferment period )
Duration at Death Benefit Payable
to nominee/legal heir
| Within first 3 policy
years |
: |
Return of premiums |
| During 4th
to 6th |
: |
Return of premiums with interest |
| Policy year |
: |
of 8% p.a. compounding yearly. |
| After 6th
policy year |
: |
Return of premiums with interest
Of 9% p.a. compounding yearly. |
Terminal Bonus under Plan Types
(A) and (B)
One-time bonus, if any, will be attached to the notional
cash option at the end of the deferment period under
without and with life cover plans.
Benefits under endowment type
On vesting ( at the time of start
of the pension )
1.Option to commute 25% of the basic
sum assured together with Guaranteed addition and
loyalty addition, if any , free of tax.
2.Pension as per the option selected; on the balance
amount, if commutation is exercised, otherwise full
pension.
On death of the
purchaser (before the end of deferment period)
1.The spouse can exercise an option
to commute 25% of basic sum assured and accrued
guaranteed addition , free of tax.
2.The remaining basic sum assured and accrued guaranteed
addition , if commutation is exercised; otherwise full
amount will be utilized to purchase pension for spouse
as per option selected.
In case, there is no spouse named by the purchaser to
receive pension, all the benefits will be payable in
lumpsum to the nominee.
GUARANTEED
ADDITIONS
Guaranteed Additions at the rate of
Rs.75 per thousand of the basic Sum Assured will accrue
at the end of each policy year for which premiums are
received and shall get attached to the Endowment type
plan.
LOYALTY ADDITION
Based on the results of actuarial
valuation also an additional amount called the Loyalty
Addition, if any, declare by the Corporation on the
expiry of the deferment period, shall become payable
provided the policy is in full force. This benefit is
available only under the Endowment type.
OTHER FEATURES
TAX BENEFITS
- Contributions under Jeevan Suraksha upto Rs.10,000
p.a. will be eligible for tax exemption under Sec.
80 CCC(1) of the Income Tax Act, 1961.
- Commuted value upto 25% as allowed under the plan
is free of tax.
- PLAN PARAMETERS
|
Minimum age at entry
|
:
|
25 years last birthday
|
| Maximum age at entry |
:
|
60
years last birthday
|
|
Minimum vesting age
(Age at which pension starts)
|
:
|
55 years last birthday
|
|
Maximum vesting age
|
:
|
70 years last birthday |
|
Minimum
Deferment period (Waiting Period)
|
:
|
5 Years
|
|
Maximum Deferment
period
|
:
|
35 Years
|
|
Mode of Premium
Payment (Frequency)
|
:
|
Yearly, Half-yearly, Qly, Mly
|
Note
: Option for single premium is also
available under without life cover plan with minimum
entry age of 30 years.
Life Insurance Corporation:
Frequently asked questions by Non-resident Indians
| 
