LIC Jeevan Suraksha 1
Jeevan Suraksha-I summary:
New Jeevan Suraksha-I (Table No.147) is a unique plan designed to provide pension from a chosen retirement date. The plan can be taken by anyone who want pension after retirement.
Mode of Premiums:
You may pay Premiums yearly, half-yearly, quarterly, monthly or through Salary deduction. 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.
Income Tax provisions under New Jeevan Suraksha 1
1. New Jeevan Suraksha-I is a scheme approved by IRDA as envisaged in Section 10(23 AAB) of the Act.
2. The income of the fund maintained under this pension scheme is totally exempt from income tax being a fund maintained under section 10(23 AAB) of the Act.
3. The deduction under Section 80CCC is available up to a sum of Rs.10,000/- to the assessee, who is an individual in respect of any sum deposited by him into the above plan.
4. The deduction under Section 80 CCC is not available to a Hindu Undivided family.
Bonuses:
Jeevan Suraksha 1 is an with-profit plans and participate in the profits of the LIC’s annuity / pension business. Policies get a share of the profits in the form of bonuses. Simple Revisionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.
a) On vesting:
The Notional Cash Option together with Revisionary Bonuses and Final additional Bonuses ( if any ) with or without 25% commutation will be compulsorily converted into annuity having following options.
- Annuity for life.
- Annuity for life with guaranteed period of 5, 10, 15, 20 years.
- Joint life and last survivor annuity to the annuitant and his/her spouse under which annuity payable to the spouse on death of the purchaser will be 50% of that payable to the annuitant.
- Life annuity with return of purchase price.
- Life annuity with annuities increasing at a simple rate of 3% per year.
T he annuity rates will be that available under the version of the New Jeevan Akshaya Plan current at the date of vesting. A rebate of 3% will be available on the purchase price of the New Jeevan Akshaya Policy. Option for the annuity type is to be exercised at least 6 months before the date of vesting.
b) During Deferment:
A term rider option will be available. On the death of the policyholder who has opted for the term Assurance rider ( provided the policy is in-force), the Term Assurance Sum Assured along with all premiums ( excluding term Assurance premium and extra premium if any ) paid up to the date of death accumulated at the rate of 5% p.a. compounding or at such rates as decided by the Corporation from time to time will be paid to the nominee. When the policy is not in-force, only return of premiums with interest as stated above will be available.
For those not opting for the Term Assurance Rider, in respect of policies which are in-force or in a paid up condition, all premium accumulated at 5% p.a. compounding or at such rates as decided by the Corporation from time to time, will be paid to the nominee. Term Rider Option will be available only on the Annual Premium Plan.
Eligibility Conditions and Restrictions for LIC Jeevan Suraksha 1
Minimum age at entry : 18 years.
Maximum age at entry: 65 years
Minimum vesting age : 50 years
Maximum vesting age : 79 years
Minimum deferment period : 2 years
Maximum deferment period : 35 years
Minimum Notional cash option for regular premium policies :Rs.50,000/-
Minimum premium : Rs.2,500/- p.a for regular premium Rs.10,000/- for single premium policies
How to Apply for LIC Of India’s Jeevan Suraksha 1?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)
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Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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Leave comments:
What are the income tax implications on the monthly pension as well as the commuted part of the pension received under Jeevan Suraksha? Are both taxable OR is only the monthly income taxable?
my question is i am intersted to put LIC jeevan suraksha policy in my husband name now he is age on 32 if i am putting 50000/- pa for 5 years & how much i will get in the age of 58 & how much on pension i will receive in the age of 58
Please explain
Awaiting for your reply
i have taken one jeevansuraksha policy during march 2000 for 17 years @4788 per year. can i prematurely close this and if so how much in lumpsom i get
My question is as follows:
I have taken Jeevan Suraksha policy in April 1996 and my last premium will be March 2011. My annual premium was Rs 10,000 which I have been paying regularly. What will be monthly pension and what will be lumpsum payment along with monthly pension.
Reply
I have taken New Jeevan Suraksha policy [T.No. - 147] for 7 years in January, 2003 and my last premium have done in January 2009. My annual premium was Rs 10,001/- which I have been paying regularly. What will be monthly pension and what will be lumpsum payment along with monthly pension. Can i take this payment on lumpsum basis. kindly tell me how much. or can i take some years pension plan and after that i want lumpsum full payment. please reply solutions of my problem.
Thanks
Umesh Goyal
14/94, Shipra Path, Mansarovar, Jaipur
094140-50906 [M]
Respected Sir/madam
At my present age is 47 yrs & date of birth is 12 Jul 1962 which is the best policy to save from tax and money benefit. What amount and for how many yrs I have to invest.
Tabrej Reply:
March 29th, 2010 at 3:22 pm
All the policies will give you tax benefit but I guess you need a combination of ULIP Plan and traditional plan.
hi ,
im 28yr old and lookin for a pension plan in which i can invest one time (single premium). i want my pension start after 15 to 20 years. please suggest a good plan.
thanks
Nobody bothered about the people who got the policies. No reply for the queries. If somebody wishes to take a policy then all the brokers come an discuss the benefits. I also took the New Jeevan Suraksha-I (Table No.147). For 25 years in 2004. Annually I need to pay Rs.10001/- as Premium. I may have to pay my last premium in 2029. I dont know I will be alive by that time or not. I am in need of following details
1.If I die in between….What would be amount payed to my family?
2.If I successfully pay the premium unil 2029, how long LIC will pay me the Pension?
3.If I successfully pay the premium unil 2029, how much/per month LIC will pay me Pension?
4.If I want to surrender the policy in 2010, how much money I get?
These are the basic queries of every customer who takes these pension policies. Still the Policy providers do not mention these details on their policy papers. More over, they give a lot of statutory statements that nobody (except a lawer/auditor) understands. This sometimes makes the customer a fool if the person who offers the policy gives wrong information. The innocent guy has to go with the broker(even he is a cheater) as the statements written on policy papers are not understandeable to a common man. I dont know when the people come into real service of customers with more clarity.
Tabrej Reply:
June 1st, 2010 at 11:03 pm
You should ask these question in our forum : http://forums.mylicindia.com/ join and ask your question.
I have taken New Jeevan Suraksha policy-1 [T.No. - 147] for 14 years in February, 2002 and my last premium done in february 2015. My annual premium was Rs 10,011/- which I have been paying regularly. What will be monthly pension and what will be lumpsum payment along with monthly pension. Can i take this payment on lumpsum basis. kindly tell me how much. or can i take some years pension plan and after that i want lumpsum full payment. please reply solutions of my problem. how much on pension i will receive .
Please explain
Awaiting for your reply
I have Jeevan Surakhsha-I and paid premium for 3 yars regularly since las three years i.e Rs 10000 per year. Now can anybody guide me if I want to increase my premium what procedure I have to follow. Shall I withdraw entire policy and take new policy with increased premium or a topup is permissible.
I have taken New Jeevan Suraksha – 1 plan with our life cover. How bonus calculated for this? I beleive bonus is based on Sum assured. In case if no sum assured opted how this is calculated. What is the difference between with SA and withour SA. I think I did a mistake by not opting life cover. Suggest me.
A 20 year old person presently single wants to know if he takes a New Jeevan suraksha policy now for 35 years and pays an annual premium of Rs.36000/- what will be the pension and other benefits he will get when the policy matures?what will be pension his spouse( in future) or nominee will get?
my birth date is 20/07/1971
a want to pay 10,000 early prm for jeevan surakhsa – 1 for 11 years
my question is what i will be get monthly pension after 11 years(after my age 50).
sir
Under Jeevan suraksha policy ITax rebate has been removed u/s section 80ccc if it is re introduced let me know following
a) which date
b) which section
please give details
iam claiming under only 80c.
thankin you
I have taken Jeevan Suraksha plan-1 No643049394 dt 22.01.2004 and my last premium will be 22.01.2011. My annual premium was Rs 10,000 which I have been paying regularly. What will be monthly pension and what will be lump sum payment along with monthly pension.
I have taken Jeevan Suraksha policy in NOV 2003 and my last premium will be March 2016. My annual premium was Rs 10,000 which I have been paying regularly. What will be monthly pension and what will be lumpsum payment along with monthly pension.
REGARDS
I am planning to take Jeevan Suraksha policy from Jan 2011 for next 20 years. I am planning to pay a annual premium of around Rs 25,000. What will be monthly pension and what will be lumpsum payment along with monthly pension.
I am planning to take Jeevan Suraksha policy from Jan 2011 .I am planning to pay an annual premium of around Rs 10,000 . What will be monthly pension and what will be lumpsum payment along with monthly pension.
The record are not available for jeevan suraksha plans My policy no 954016964 doc01/12/2001 agent no 15959987 do 0009559 already due but not getting any pension.Neithe ragent nor lic br is contacting me and helping to solve the isse help reqd.okesys
I purchased Money plus with health protection and paid annual premium for 2 years in 2007 and 2008. Due to heavy administrative & other charges, the NAV based fund value is much less than premium paid even on date. When should I get out of the scheme?
I am 52 year old and i would like to invest Rs.50,000 as annual premeum for the age 60( ie. 9 years.) wht will be my mothly pension
I have taken new jeevan suraksha 1 policy during 2008. Deferrment period is 28 years and I am paying monthly 500 regularly. On maturity, how much will I get? And how much monthly pension will I get?
I have taken Jeevan Suraksha policy in March 2003 and my last premium will be March 2018. My annual premium was Rs 10,000 which I have been paying regularly. What will be monthly pension and what will be lumpsum payment along with monthly pension
I purchased New Jeevan Suraksha Plan1 on 28.02.2002. I am regularly paying annual premeum of Rs 10,000/. My policy no. 904666395 will mature on 28.04.2015.
My Question is:
What amount I shall get on annuity in 1015?
Regards
Dear Sir/Madam
I woul like to join LIC Pension Plan, My age is 41 running..please give me quote for pension plan..still iam in UAE.
Thanks & Regards
Sankaranarayanan.K
I am 30 Years old and I want to invest 40,000 as annual premium in Jeevan Suraksha for 15 years .
my question is what I will get monthly pension and other benefits.
if i want 2 get 15000 rs per month as a pension after 20 years from now then what would be the premium structure per annm in LIC’s any good pension plan scheme?
pls suggest me a good pension plan scheme.presently i am 24.
I want to take jeevan suraksha pension plan for 27 years with annual premium of 10000/- what will be the monthly pension after 27 years and others benefits
SIR,….POLICY NO..161458614…
I AM HOLDING NEW JEEVAN SURKSHA PLAN-1 POLICY BY
PAYING REGULAR PREMIUM OF RS.10450 YEARLY.
PLEASE LET ME KNOW THE STATUS AFTER MATURITY
1. DATE OF START OF MONTLY PENSION
2. AMOUNT OF MONTHLY PENSION
REGARDS
I have taken jeevan suraksha plan no-1(t.no.147) policy in 2004 march and my last premium will be in march 2012.my annual premium was Rs.10000, which i have been paying regularly.My date of birth is 15-07-1962.My question is
1) what will be my monthly pension on maturity.
2)How long will i get it.
3)what will be the lumpsum amount along with pension?
My policy no.774548684
Thanks
Sreelatha.k
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Life Insurance Corporation of India (LIC of India) is the largest insurance company in India. LIC of India was founded in 1956 with the merger of 200 insurance companies. Currently, LIC has Rs.9.31 trillion worth of assets. Its fully owned by Govt. of India and LIC funds about 1/4th of government expenses.
LIC of India is no doubt the most trusted insurance company in India. LIC India has various insurance plans to suit your needs from child insurance to pension plan.
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My question is as follows:
I have taken Jeevan Suraksha policy in April 1996 and my last premium will be March 2011. My annual premium was Rs 10,000 which I have been paying regularly. What will be monthly pension and what will be lumpsum payment along with monthly pension.
Reply