LIC Jeevan Suraksha 1

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 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.

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.
Also Read  New Jeevan Nidhi

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.

Also Read  LIC Money Plus 1: Unit-Linked Endowment Plan with Regular Premiums

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.

  1. i have policy new jeevan dhara-i new jeevan suraksha plan-i(with profit).taken on 28/03/2004 & last instalment on 28/03/2018.what will i get on completion of all instalment.i e lump sum amount if any & pension per month.i am paying rs.9999/- per year for 15 years.

  2. I have taken jeevan suraksha plan no-1( policy in 2004 march and my last premium will be in march annual premium was Rs.10000, which i have been paying regularly.My date of birth is 8-08-1968.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?

  3. promila sharma May 19, 2014 at 3:45 pm

    Sir, I have taken LIC Pension Plan – Navjeevan Dhara-I (Table 147-19) in the year 1996 and Paying Rs.9998 per annum. The maturity will be in the year of 2023. What will be the monthly pension in this policy after maturity.

  4. I took LIC New Jeevan Suraksha Term plan 147 , 14 Yr on 14/08/2002 Yly premium Rs 10001/-.

    Kindly help me know the pension amount that I shall start receiving after maturity of the policy.

  5. I have taken a LICJeevan Suraksha Plan 147 and it’s due for maturity on 20th January,2014.I will not be India nd I need to get the lumpsum amount on maturity. Is there any option available online for policy surrender ??

    • I had taken a new jeevan dhara plan-1/ new jeevan suraksha plan-1from 25-03-2004, paid premium regularly for 10 years. Date of vesting was 25/03/2014 and date of first annuity instalment would be from 25/03/2015.But unfortunately I did not get any intimation from local lic branch though as per policy, option for the annuity type is to be exercised at least 6months before the date of vesting.I collected necessary paper from local lic office on2/02 / 2015. Whatever may be the case, I want to know if I can get the entire amount on NOC+Bonus+Rebate amount in one go for my treatment

  6. I have taken New Jeevan Suraksha[Table-147] policy[No:7333366176] in Feb’2004 and my last premium was paid in Feb’2012.My annual premium was Rs.9999 which I paid regularly.What will be my monthly pension and lumpsum payment?

  7. Mahendra Prajapati February 5, 2013 at 5:35 pm

    Sir, Policy no:982411356 New jeevan suraksha 1(T.No.- 147 ).I am paying premium of rs.10000/- yearly from 12/01/2005. Tenure-31 much will i get as lumpsum. I also want to know what amount i will get as pension after maturity.
    What will the amount if i surrender this policy just now.
    Pl Reply at 9425006226,
    With thanks

  8. B SRIHARI PRASAD February 5, 2013 at 2:50 pm

    I have taken Jeevan Suraksha Table 147. Policy No. 363213059. Commencement from 2004. Term is 15 years. Premium is Rs. 10,000/- yearly. What will be the maturity value and what will be the pension per month I will be getting after my retirement ?

  9. Maddukuri Kali Varaprasad January 30, 2013 at 11:01 am

    1.I have taken Jeevan Suraksha policy in 28.03.2003 and my last premium will be March 2014. 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.

    2.In case if i prematurely close this how much in lump sum i get.


  10. table no 147 and 148 age 30 years yearly premium 500000 per year pension eligility per month and matured date and amount term 28 years

1 2 3 6
    Paisa Portal