Pension Plans from LIC India
Introduction: LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years. The premiums paid are exempt under Section 80CCC of Income Tax Act. Salient Features: a . Guaranteed Additions:Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years. b. Participation in profits:The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the c. Benefit On Vesting:1. Option to commute up to 1/3rd of the amount available on vesting, which shall include the Sum Assured under the Basic Plan together with accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any. d. Annuity Options:On vesting, the annuity instalment, mode of annuity payment and type of annuity which shall be made available to the Life Assured (Annuitant) / Nominee will depend upon the then prevailing Immediate Annuity plan of the Life Insurance Corporation of India and Currently the following options are available under LIC’s immediate annuities:1. Annuity for life: The annuity is paid to the life assured as long as he/she is alive. Jeevan Akshay V
Introduction:This is an Immediate Annuity plan, which can be purchased through lump sum payment as Single Premium. The plan provides for annuity payments which are available throughout the life time of an annuitant. Various options are available for the type and mode of payment of annuities.
Options Available: The following options are available under the plan
• Annuity for life with a provision of 50% of the annuity to spouse for life on death of the annuitant. You may choose any one. Once chosen, the option cannot be altered. Mode: • Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity. Salient features: • Premium is to be paid in a lump sum. Annuity Rate: Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
15 days cooling-off period: If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. Incentives for high purchase price: If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of annuity. Paid-up value: The policy does not acquire any paid-up value. Surrender Value : No surrender value will be available under the policy.
New Jeevan Dhara-I Product summary: 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. Bonuses: These are with-profit plans and participate in the profits of the Corporation’s annuity / New Jeevan Suraksha-I Product summary: These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term. Premiums: 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 Benefits: 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. Bonuses: 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 eachfinancial year. Once declared, they form part of the guaranteedbenefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period. |
Pension Plans
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