Jeevan Suraksha 1 summary:
New Jeevan Suraksha 1 (Table No.147) is a unique plan designed to provide pensions from a chosen retirement date. The plan can be taken by anyone who wants a 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 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.
Jeevan Suraksha 1 is a with-profit plan and participates 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 the policy has run for a certain minimum period.
a) On vesting:
The National Cash Option together with Revisionary Bonuses and Final additional Bonuses ( if any ) with or without 25% commutation will be compulsorily converted into annuity having the 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 the 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.
The annuity rates will be 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
Update: Jeevan Suraksha 1 Plan no. 147 Has Been Discontinued.
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.