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LIC Jeevan Suraksha Plan

Sample Premiums for this plan
Healthy | (non-tobacco) | Male | Policy term = 7 years | Policy Payment Term = 15 years
5 Lakhs Cover
15310
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Pension Plan
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Death Benefit
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Cash Options

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.

Compare this plan with other Investment Plans

LIC Jeevan Suraksha Plan - Key Features

This plan is a deferred pension plan with bonus facility
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Death Benefit after the Vesting Date depends on the annuity option chosen.
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Upon Vesting, there are 2 Vesting Options available to the life insured
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  • He may choose to withdraw 25% of the corpus tax free and avail pension from the remaining 75% of the corpus
  • He may choose to avail p...

An additional 3% rebate would be given on the purchase price of the annuity at the vesting date.
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At the time of vesting, the annuity rates for Immediate Pension Plan LIC Jeevan Akshay VI Plan would be considered.
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There are 5 options for Pension:
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  • Annuity for Life - where pension is paid till the life assured is alive and nothing is payable on death
  • Annuity Guaranteed for Certa...

Optional higher cover through Term Rider is available for annual premiums only.
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There is large cash option rebate.
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Riders
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There is 1 additional rider available:

  • Term Assurance Rider

LIC Jeevan Suraksha Plan - Benefits

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...

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 pens...

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 S...

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

LIC Jeevan Suraksha Plan - FAQs

angle right iconYou 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.

angle right iconYou 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.

angle right iconYou want a loan against your policy

Loan facility is not available under this policy

Read Review of LIC Jeevan Suraksha in Marathi > | LIC Jeevan Suraksha in Hindi >