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.

Bonuses:
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.
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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.

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Note:
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 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.

  2. 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.

  3. 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

  4. KUNDALA SRINIVAS RAO October 26, 2010 at 10:11 pm

    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.

  5. 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

  6. 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).

  7. 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?

  8. 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.

  9. 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.

  10. Nisha upadhyay June 4, 2010 at 12:33 pm

    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

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