<p class="has-medium-font-size"><strong>LIC Jeevan Suraksha 1</strong> (Table No. 147) was a popular pension plan designed to provide a steady income post-retirement. It offered flexible premium payment options and various annuity choices upon vesting. Although this plan has been <strong>discontinued</strong>, it remains a noteworthy example of LIC&#8217;s pension offerings.</p>



<h2 class="wp-block-heading"><strong>Key Highlights of Jeevan Suraksha 1 Plan</strong></h2>



<ul class="wp-block-list">
<li><strong>Plan Type:</strong> Pension plan with bonuses and flexible annuity options.</li>



<li><strong>Premium Payment Modes:</strong> Annual, half-yearly, quarterly, monthly, salary deduction, or a single premium.</li>



<li><strong>Eligibility:</strong> Suitable for individuals planning their retirement.</li>



<li><strong>Tax Benefits:</strong> Significant tax relief under <strong>Section 80CCC</strong> of the Income Tax Act.</li>



<li><strong>Bonuses:</strong> Participates in LIC&#8217;s profit-sharing, offering regular bonuses.</li>
</ul>



<p>For the latest pension plans, explore<a href="https://mypaisa.in/pension-plans/"> LIC Pension Plans</a>.</p>



<h2 class="wp-block-heading"><strong>Tax Benefits of LIC Jeevan Suraksha 1</strong></h2>



<p class="has-medium-font-size">This plan offered attractive tax benefits:</p>



<ol class="wp-block-list">
<li><strong>Tax Relief on Premiums:</strong> Premiums paid qualified for tax deduction under <strong>Section 80CCC</strong>, up to Rs.10,000 annually.</li>



<li><strong>Exempt Income:</strong> The fund&#8217;s income was exempt under <strong>Section 10(23AAB)</strong> of the Income Tax Act.</li>



<li><strong>Individual Eligibility:</strong> Only individuals (not HUFs) could claim deductions.</li>
</ol>



<p class="has-medium-font-size">For more on tax-saving plans, read LIC Tax Benefits.</p>



<h2 class="wp-block-heading"><strong>Bonuses in Jeevan Suraksha 1</strong></h2>



<p class="has-medium-font-size">The plan participated in LIC&#8217;s profit-sharing and provided the following:</p>



<ul class="wp-block-list">
<li><strong>Simple Reversionary Bonuses:</strong> Declared annually and added to the policy.</li>



<li><strong>Final (Additional) Bonuses:</strong> Paid on maturity or vesting, depending on the policy duration.</li>
</ul>



<h2 class="wp-block-heading"><strong>Benefits on Vesting</strong></h2>



<p class="has-medium-font-size">On reaching the vesting date, policyholders could choose from the following annuity options:</p>



<ol class="wp-block-list">
<li><strong>Life Annuity:</strong> Pension for life.</li>



<li><strong>Guaranteed Period Annuity:</strong> Pension for life with guaranteed payouts for 5, 10, 15, or 20 years.</li>



<li><strong>Joint Life Annuity:</strong> Pension for the policyholder and 50% pension for the spouse after the policyholder&#8217;s demise.</li>



<li><strong>Life Annuity with Return of Purchase Price:</strong> The purchase price is refunded to the nominee after the policyholder&#8217;s demise.</li>



<li><strong>Increasing Annuity:</strong> Pension increases at 3% annually.</li>
</ol>



<p class="has-medium-font-size">The annuity rates were based on the <strong>New Jeevan Akshay Plan</strong> at the time of vesting.</p>



<h2 class="wp-block-heading"><strong>Benefits During Deferment</strong></h2>



<ol class="wp-block-list">
<li><strong>With Term Rider Option:</strong>
<ul class="wp-block-list">
<li>On the policyholder&#8217;s death, the nominee received:
<ul class="wp-block-list">
<li>Term Assurance Sum Assured.</li>



<li>Premiums (excluding term rider premiums) accumulated at 5% p.a.</li>
</ul>
</li>
</ul>
</li>



<li><strong>Without Term Rider Option:</strong>
<ul class="wp-block-list">
<li>The nominee received accumulated premiums with interest.</li>
</ul>
</li>
</ol>



<p class="has-medium-font-size">The <strong>Term Rider Option</strong> was available only with annual premium policies.</p>



<h2 class="wp-block-heading"><strong>Eligibility and Restrictions</strong></h2>



<ul class="wp-block-list">
<li><strong>Minimum Entry Age:</strong> 18 years.</li>



<li><strong>Maximum Entry Age:</strong> 65 years.</li>



<li><strong>Minimum Vesting Age:</strong> 50 years.</li>



<li><strong>Maximum Vesting Age:</strong> 79 years.</li>



<li><strong>Deferment Period:</strong> 2 to 35 years.</li>



<li><strong>Minimum Premium:</strong> Rs.2,500/year for regular premiums; Rs.10,000 for single premium policies.</li>



<li><strong>Minimum Notional Cash Option:</strong> Rs.50,000 for regular premium policies.</li>
</ul>



<h2 class="wp-block-heading"><strong>Why Jeevan Suraksha 1 Was Popular</strong></h2>



<ol class="wp-block-list">
<li><strong>Retirement Security:</strong> It provided a steady pension, ensuring financial stability in later years.</li>



<li><strong>Flexibility:</strong> Multiple premium payment modes and annuity options to suit individual needs.</li>



<li><strong>Tax Savings:</strong> Significant tax benefits under various sections of the Income Tax Act.</li>
</ol>



<h2 class="wp-block-heading"><strong>What to Do Now?</strong></h2>



<p class="has-medium-font-size">Since <strong>Jeevan Suraksha 1</strong> is no longer available, you can explore alternative LIC pension plans that offer similar benefits. Check out:</p>



<ul class="wp-block-list">
<li>LIC Jeevan Akshay Plan.</li>



<li>LIC New Jeevan Shanti Plan.</li>
</ul>



<h2 class="wp-block-heading"><strong>Final Thoughts</strong></h2>



<p class="has-medium-font-size">Planning for retirement is crucial to ensure a stress-free and financially secure future. While LIC Jeevan Suraksha 1 was an excellent plan during its time, LIC continues to offer updated and feature-rich pension plans tailored to meet your retirement needs.</p>



<p class="has-medium-font-size">For personalized advice and the latest LIC pension plans, visit<a href="https://mypaisa.in"> mypaisa.in</a>.</p>

This post was last modified on January 12, 2025
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