LIC Jeevan Suraksha Plan

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Policy Discontinued

LIC New Jeevan Suraksha-1 Plan

 

LIC New Jeevan Suraksha-1 Plan is with bonus deferred annuity plan. This is a non unit-linked pension plan. The corpus is created to provide pension for old age after Vesting Date.

 

In this plan, the premium is paid till the end of the policy term, i.e. till the pension starts from the Vesting Date. At the start of the plan, the policyholder gets to select a Notional Cash Option. The Notional Cash Option along with accrued Bonuses forms the maturity proceeds. The policyholder can withdraw 25% of the entire maturity proceeds including bonus and receive a lumpsum amount on vesting and the remaining 75% amount will surely be converted into annuity. There are 5 annuity choices at present to choose from. An additional 3% rebate would be given on the purchase price of the annuity at the vesting date. At the time of vesting, the annuity rates for Immediate Pension Plan LIC Jeevan Akshay VI Plan would be considered.

However, if the life insured dies before pension starts, all premiums paid + interest on the same is returned. If death occurs after vesting date, it depends entirely upon the pension option whether any Death Benefit would be payable or not.


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Key Features of LIC New Jeevan Suraksha-1 Plan

 

§  This plan is a deferred pension plan with bonus facility

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

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

o    He may choose to withdraw 25% of the corpus tax free and avail pension from the remaining 75% of the corpus

o    He may choose to avail pension from the entire corpus

§  An additional 3% rebate would be given on the purchase price of the annuity at the vesting date.

§  At the time of vesting, the annuity rates for Immediate Pension Plan LIC Jeevan Akshay VI Plan would be considered.

§  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. and Joint Life Last Survivor Annuity- 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.

§  Optional higher cover through Term Rider is available for annual premiums only.

§  There is large cash option rebate.

 

 

Benefits you get from LIC New Jeevan Suraksha-1 Plan

 

Death Benefit – In case of death of the Life Insured before the vesting date, the nominee receives all premiums paid till death + Term Rider Sum Assured(if chosen) together with 5% compounding interest.

 

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

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

o    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

o    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

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

o    Joint Life Last Survivor Annuity- 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.

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and 1/3rd of the maturity proceeds are exempted from tax under Section 10 (10A) but only 25% can be withdrawn on maturity. Pension that is received is taxable.

 

 

Eligibility conditions and other restrictions in LIC New Jeevan Suraksha-1 Plan

 

 

Minimum

Maximum

Notional Cash Option (in Rs.)

50,000 (for Regular Premium)

No Limit

Deferment Period (in years)

2

35

Premium Payment Term (in years)

2

35

Entry Age of Policyholder (in years)

18

70

Age at Vesting (in years)

50

79

Premium (in Rs.)

10,000 for Single

2500 for Regular

No Limit

Payment modes

Single, Yearly, Half-yearly, Quarterly, Monthly and SSS

 

 

Sample illustration of premium for LIC New Jeevan Suraksha-1 Plan

 

The below illustration is for a healthy Male of Age 30 years (non-tobacco user) opting for a

Notional Cash Option = Rs. 5,00,000.

LIC Jeevan Suraksha 1 Sample Premium Values

 

 

Additional Features and Benefits of LIC New Jeevan Suraksha-1 Plan

 

Riders- There is 1 additional rider available:

·         Term Assurance Rider

 

 

What happens if?

 

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy lapses and all benefits cease. The amount of Notional Cash Option shall be reduced by the payment ratio. However, the policy can be revived if all due premiums and interest is paid up.

 

You want to surrender the policy – There is a Guaranteed Surrender Value after 2 policy years
Guaranteed Surrender Value = 90% of all premiums regular paid– 1st year’s premium or 90% for Single Premium

There is Special Surrender Value under this plan as well.

 

You want a loan against your policy – Loan facility is not available under this policy

 

 

Alternate pension plans from different insurance companies

 

1.     Aegon Religare Pension Plan

2.     Tata AIG Life Nirvana

3.     ICICI Pru Forever Life

 

 

Other pension plans from Life Insurance Corporation of India

 

1.     LIC Pension Plus - ULIP

2.     LIC New Jeevan Nidhi

3.     LIC New Jeevan Dhara 1

4.     LIC Jeevan Akshay 6

 

 

 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Jeevan Suraksha Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Jeevan Suraksha Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

I have deposited jeevan suraksha policy 112780187 on15th march exercising option F but till date i have not received commutation amount nor i have received any communication. let someone take some initiative to respond to customer problem. i hope to hear soon thanks

By Anil Nayyar on Apr 11, 2013 Reply

Hi Anil, dont know the actual reason, but the financial year end is typically the most busy period for insuranace companies. It might be a good idea to visit them once more and follow up with the office.

Replied By Admin (MIC Staff) on Apr 11, 2013 Reply

Even after expiry of 1 month i have neither rcd the commutation amt in respect of my Jeevan suraksha policy 112780187 LIC janpath office have not responded to any of my email
Regards,
Anil kumar nayyar

Replied By Anil Nayyar on Apr 15, 2013 Reply

Hi Anil, it may be a good idea to contact throug email and phone also.

LIC Customer Zone Delhi,
H-39, New Asiatic Building,
Connaught Place,
New Delhi-110001

Info Center number :1251 or 011-23762681

Email :customerzone_delhi@licindia.com

Replied By Admin (MIC Staff) on Apr 17, 2013

I have an new jeevan suraksha plan-1 (with profit) (147/16) and annual premium of Rs.10,000/- due to matured in Mar 2020,(with 15 years plan)(147/16)let me know may pension after maturity and total amount of sum matured, as well as if can i withdraw this policy after 10 years or change in some other LIC scheme

By Vinay Kumar on Mar 02, 2013 Reply

by reading the agony of the policy holder it is very dificult for going to a pension plan, as premium is to be paid for long time and the pension is to be get monthly from lic at the old age when movement of person becomes difficult.I think it is better to go for recurring deposit instead of a pension plan, at list it is sure that my money has not blocked by others.

By Tapan Kumar De on Jul 13, 2012 Reply

My Jeevan Suraksha &Jeevan nidhi policy - pention payment started. Now I want to know from LIC official what my nommiee will get, once I will be no more? Pl. inform me

By B.M.Pamadi on Jun 19, 2012 Reply

All LIC Polices Will give 35 paise interest.I hav 13 polices experience never ever invest in LIC.

By Saradhi on Mar 21, 2012 Reply

I have the first Jeevan Suraksha Policy (Old One)Taken in 1999 and will mature in 2014. The Annual premium is 10060/.I was promised a pension of Rs.3500/pm at that time.
Recently an agent (SSE) came and asked us to switch to Jeevan Akshay or Bima Bachat
as Jeevan suraksha will pay only 5% annuity. and not 3000 plus as promised and everybody is switching to these schemes.
Since I donot know much about insurance can some body advice whether what he says is true?The agent says I have to switch before April or else the % will go down further.
I request proper guidance on this.
AKB Menon

By Akb Menon on Mar 12, 2012 Reply

I have a Jeevan Suraksha Policy No. 113109033 and some other endowment policies. which has since matured and annuity was due to be paid from 1st Feb. 2012. I have very bitter experience of lic agents. At the time of giving policy, they will behave differently and in a nice way but when we need the services regarding policies they will simply say go the branch and take up the matter yourself. So bad behaviour, they will not even recognise you. I would say no use taking insurance policies.

Regards to all the viewers.

H.C.,Sachdev

By H.C.Sachdev on Feb 17, 2012 Reply

REF--JS Policy No465519342---plan 147
I opted foe option "D" with ECS Mandate.Accordingly first pension cheque dated 1.1.11 for Rs 5066 recd.fromKMDO-1 JS DEPT,16CR Avenue.Kolkata-700072.
Next annual cheque due on 1.1.2012 not yet recd neither credited to to my bank
No body lifting their telephone no--033-22127427.I am a Sr.citizen,difficult to persue peresonally at their office.
The service is quite unlike LICI"s reputed service
I will be grateful for active help from your end
Thanks

By Ujjalchakraborty on Jan 17, 2012 Reply

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