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  Jeevan Amrit

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 Health Plus

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. 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.

  2. I am an NRI and am interested in taking Jeeven Suraksha, can anybody let me know how i can do that?

    • Yes, you can buy Jeevan Suraksha 1 plan while on your visit on India or you can buy it through mail order business.

  3. prashant rathore April 11, 2010 at 3:25 pm

    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.

  4. tayalsinghsudan March 27, 2010 at 6:26 pm

    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.

    • All the policies will give you tax benefit but I guess you need a combination of ULIP Plan and traditional plan.

  5. 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.

    Umesh Goyal
    14/94, Shipra Path, Mansarovar, Jaipur
    094140-50906 [M]

  6. vijendra narayan kodihal March 25, 2010 at 9:54 pm

    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.


  7. 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

  8. i want became lic advisior

  9. still i am not recd any reply for my comments why sir

    • 32 years age can have min. 8 years Deferment Period and yearly premium would Rs. 56,121 for Notional Cash Rs.5 lakh

  10. 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

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