LIC Jeevan Utkarsh

LIC Jeevan Utkarsh

LIC Jeevan Utkarsh Plan No. 846 is the close-ended single premium non-linked with profit savings and investment plan.

Jeevan Utkarsh will be available for 270 days from the date of launch. The plan was launched on 6th September 2017. Last date: 31st March 2018

LIC Jeevan Utkarsh Features:

  • Closed-ended Single Premium Endowment plan
  • High-Risk Cover (10 times of Tabular Single Premium)
  • Accident and Disability riders (Optional)
  • Unique settlement option
  • Loan on the policy after 3 months
  • Premium paid is eligible for rebate under 80(C)
  • Maturity amount will be tax-free under 10(10D)

Maturity Benefits:

On survival of policyholder i.e. completion of the 12-year term, maturity will be Sum Assured + Loyalty Addition.

Death benefits

On death during the First 5 Years of the policy:

  • If the policyholder dies before risk commencement then the single premium amount will be refunded to the nominee without any interest or an additional premium.
  • If Death occurs after risk commitment, then the death claim amount will be 10 times of single premium paid (excluding Rider premium and GST).

On death after 5 years of the policy but before maturity:

  • The death Claim amount will be 10 times of single premium paid (excluding Rider premium and GST) + Loyalty Addition.

Jeevan Utkarsh Eligibility conditions

  • Minimum age of Entry: 6 years (Completed)
  • Maximum age of entry: 47 Years (Nearest Birthday)
  • Premium type: Single Premium
  • Minimum Sum Assured: 75,000
  • Maximum Sum Assured: No Max. limit
  • Policy Term: 12 Years

Note: Risk cover will begin immediately if the policyholder has completed the age of 8 years, but if you want to buy it for your child aged less than 8 years then risk cover will begin on one day before completing age 8.

Jeevan Utkarsh Special Surrender Value:

  • 70% of Single Premium in 1st Policy Year
  • 90% of Single Premium from 2nd Policy Year onwards
  • If the policy is surrendered after completion of five policy years, Loyalty Addition, if any, shall be payable.

Example: 

If Mr. Pankaj Aged 25 years Buys Jeevan Utkarsh For Sum Assured Rs.5 lakh then he will pay to pay one-time premium Rs. 2,62,450 (without GST)

Scenario 1: Pankaj survives till the end of the policy Year 2029 Mr. Pankaj will get 5 lakh Sum Assured Plus Loyalty Additions: Total Approx 6 lakh to 7 lakh including LA.

Scenario 2: If Mr. Pankaj Dies anytime before the policy maturity date then his nominee will get Rs.26,24500/- And nominee will also get the loyalty addition if the policy has completed 5 years.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Pension Plan

Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Pension Plan

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan no.842 is a pension scheme for Senior citizens with an assured return of 8% on your purchase price. In Simple Term, Pay 15 Lakh on onetime and get Rs.10000/- per month pension. If you can save more if you need a pension once a year

Finance Minister has launched the new Pension Plan especially for senior citizens above the age of 60 years. In this scheme, you will need to invest your money once (In short this is a one-time premium pension plan). The scheme is exempt from the Goods and Services Tax (GST).

PMVVY
PMVVY

PMVVY Eligibility Conditions and Other Restrictions:

  • Minimum Entry Age: 60 years (completed)
  • Maximum Entry Age: No limit
  • Policy Term: 10 years

Minimum Pension:

  • Rs. 1,000/- per month
  • Rs. 3,000/- per quarter
  • Rs.6,000/- per half-year
  • Rs.12,000/- per year

Maximum Pension:

  • Rs. 10,000/- per month
  • Rs. 30,000/- per quarter
  • Rs. 60,000/- per half-year
  • Rs. 1,20,000/- per year

Loan:
You are eligible for a loan against (PMVVY) for up to 75% of your premium after 3 years.

For yearly pension, the minimum investment is Rs 1.45 lakh and the maximum is Rs 14.45 lakh. For monthly mode, the minimum to be invested is Rs 1.5 lakh and the maximum is Rs 15 lakh

You can get pension ranging from Rs 1,000 per month (12,000 per year) and Rs 10,000 per month (1,20,000 per year) across all family members, which include his/her wife/husband and dependent children if any.

The minimum and maximum Purchase Price under different modes of pension will be as under:

Mode of PensionMin. PurchaseMax Purchase Price
YearlyRs. 1,44,578/-Rs. 14,45,783/-
Half-yearlyRs. 1,47,601/-Rs. 14,76,015/-
QuarterlyRs. 1,49,068/-Rs. 14,90,683/-
MonthlyRs. 1,50,000/-Rs. 15,00,000/-

Pradhan Mantri Vaya Vandana Yojana (PMVVY) FAQ:

Who can opt for this scheme?
Any Indian Citizen aged 60 years or above.

Is there any market risk? or 8% Interest fixed or variable?
The scheme will provide an assured return of 8 percent per annum payable monthly (equivalent to 8.30 percent per annum) for 10 years.

When will I get the pension?
You can choose monthly, quarterly, half-yearly or yearly depending on your needs. The pension will be transferred to your bank account through NEFT or Adhar Based Payment System.

What’s the last date of enrolment?
PMVVY may Close on March 31, 2020, if Govt. does not extend this deadline this year.

How to buy it?
You can buy this plan online or through your LIC Agent/Branch.

If I want to exit this scheme midway?
You can surrender this plan anytime and you will get a 98% refund on your purchase price.

What if Policyholder dies before maturity?
In this case, the nominee will get the purchase price.

What are other options for pension seekers?
You can check out Jeevan Akshay VI and New Jeevan Nidhi

Jeevan Shagun Plan No. 826: Single Premium Money Back Plan

Jeevan Shagun Plan No. 826: Single Premium Money Back Plan

LIC Jeevan Shagun Single-Premium, Money Back Plan (Table No. 826) It’s a close-ended plan, Available for 90 days from 1st November 2014.

Features:

  • Single-Premium
  • Money-Back Plan
  • 10 times sum assured
  • Loan & Surrender available from 2nd year onward
  • 12 Year Term
  • Surrender any time.

Death Benefit:

If the policyholder dies within 5 years, the Basic sum assured i.e 10 times of your single premium would be payable to the nominee.

In case, the policyholder dies after 5 years, the Basic sum assured would be paid to the nominee ie. 10x of your single premium plus loyalty addition, if any.

Survival Benefit:

If the policyholder survives till the end of the specific policy year, the following benefits will be payable.

  • At the End of the 10th Policy year: 15% Of the Maturity Sum Assured (MSA)
  • At the end of the 11th policy year: 20% of the Maturity Sum Assured
  • At the end of the 12th Year (On Maturity) remaining 65% of Maturity Sum Assured along with Loyalty addition (if any)  will be paid to the policyholder.

Eligibility condition and other restriction for Jeevan Shagun:

  • Minimum Entry Age: 8 Years (Completed)
  • Maximum Entry Age: 45 Years ( Nearest Birthday)
  • Policy Term: 12 years
  • Sum Assured: 10 times of Tabular Premium
  • Minimum Maturity SA: Rs.60,000/-
  • Maximum Maturity SA: No Limit
  • Premium Paying Mode: One-time Premium
    (Sum Assured will be in multiples of Rs.5000/-)


High Sum Assured Rebate:
Sum Assured (SA)                      Rebate (Rs.)
Below Rs.1,50,000/-                Nil
Rs.1,50,00 – 3,95,000/-         Rs.15 per 1000 on MSA
4 lacs and above                        Rs.20 per 1000 on MSA

Loan Facility:
Policyholders can avail of loans after completing one policy year.

  • 1st Year = No Loan
  • 2nd to 3rd year: 50% of Surrender Value.
  • 4th to 6th year: 60% of Surrender Value.
  • 7th to 9th year: 70% of Surrender Value.
  • 10th to 12 years: 90% of Surrender Value.

How much will you get if you surrender your policy?

If you want to surrender your policy, you are eligible for the Minimum Guarantee Surrender value as follows:

  • First-year: 70% of single premium excluding extra premium and taxes, if any.
  • 2nd year onward: 90% of single premium excluding extra premium and taxes, survival benefit paid if paid earlier.

LIC may pay a higher surrender value calculated at the time of surrendering the policy. If a policy is being surrendered after completing 5 policy years, LIC shall also pay Loyalty addition, if any, based on surrender value.

Read More: How To Check the Current Value of your ULIP Policy?

Cooling Off Period:
If you don’t like the policy you have 15 days to cancel your policy.

Lic Jeevan Shagun Policy Premium Calculator
Age 8 Yrs MSA Rs.1 lac= Rs.50,880.
Age 20 Yrs MSA Rs.1 lac= 52,390.
Age 25 Yrs MSA Rs.1 lac= Rs.52,803.
Age 30 Yrs MSA Rs.1 lac= Rs.53,736.
Age 35 Yrs MSA Rs.1 lac= Rs.56,019.
Age 40 Yrs MSA Rs.1 lac= Rs.61,380.
Age 45 Yrs MSA Rs.1 lac= Rs.74,106

Benefit illustration:
Age: 30
SA: 1 lac
Single Premium: Rs.53,736 (52,125+ 1611 Tax)
Approx. Maturity return:
Risk cover: Rs.5,21,250 (10 times of premium paid)
End of 10 year 15% MSA: 15,000/-
End of 11 year 20% MSA: 20,000/-
Loyalty addition: 5000/- approx.
12th year Maturity: 70,000 (SA + IB+ final Bonus) approx.

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Update: Jeevan Shagun Plan No. 826 Has Been Discontinued.
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LIC Jeevan Sugam

LIC Jeevan Sugam

LIC Jeevan Sugam (Table No. 813) is the latest addition to a single premium investment plan in LIC’s portfolio. This is a non-ULIP guaranteed maturity plan.  Anyone between 8 years to 45 years of age can invest in this insurance cum investment plan. The plan term is 10 years, but you can surrender it anytime or even you can take a loan on the policy the next day itself at an attractive rate. Plan no.813 is suitable for anyone who needs a guaranteed return along with high-risk cover without any market risk, unlike other ULIP based investments.

Jeevan Sugam Offer period: 25 Feb 2013 to 10 April 2013

Features at glance:

  • Guaranteed Maturity Sum Assured
  • Single-Premium with No maximum restrictions
  • Loyalty addition, if any
  • High-risk cover
  • Easy liquidity: Loan available from the second day
  • Plan for every age 8-45
  • Tax benefit u/s 80C and Maturity Tax-free maturity u/s 10(10)D
  • Term: 10 years

Benefits:

Maturity Benefit: Maturity Sum Assured along with Loyalty Additions if any.

In case of Death of policyholder before Maturity

  • Death within 5 years: Basic Sum Assured (10 times of Single premium) excluding extra premium.
  • Death after 5 completed years: Basic Sum Assured (10 times of Single premium) excluding extra premium with loyalty addition, if any.

Eligibility conditions and other restrictions:

  • Minimum Entry age: 08 years (completed)
  • Maximum Entry age: 45 years (Nearest birthday)
  • Maturity sum assured: Min. Rs.60,000/- No maximum Limit

Guaranteed Surrender value: GSV

  • First-year: 70% of single premium excluding extra premium paid if any.
  • Second-year onward: 90% of single premium excl. extra premium, if any.

Liquidity:
You will be eligible to take a loan on your Jeevan Sugam policy from the next day onward. The loan value will depend on your premium.

  • Loan on the first year: 42% of the premium paid.
  • Subsequent year: 60% of surrender value.

Update: Jeevan Sugam Plan No. 813 Has Been Discontinued.


Online Pension plan: New Jeevan Akshay VI

Online Pension plan: New Jeevan Akshay VI

LIC has customized traditional Jeevan Akshay VI the only immediate pension plan to sell it online due to the huge demand for online LIC policy. Jeevan Akshay VI is the single premium pension plan.

Features:

  • It’s a single premium pension plan with a minimum purchase price of Rs.1,00,000/- (except online.)
  • If you want to buy it online the minimum purchase would be Rs.1,50,000/-
  • No maximum purchase price limit or pension.
  • Minimum entry age: 30 years (completed)
  • Maximum entry age: 85 years (completed).
  • No medical examination is needed in this plan.
  • Age proof must be produced.

New Jeevan Akshay VI can be bought online and offline with these 7 pension Options:

  1. Annuity payable for life at a fixed rate.
  2. Annuity payable for 5, 10, 15, or 20 years certain and thereafter as long as the annuitant is alive. (4 Options)
  3. Annuity for life with return of purchase price on death of the annuitant.
  4. Annuity payable for life increasing at a simple rate of 3% p.a.
  5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor.

Anyone who is eligible for the above plan can buy it online or contact their LIC agent to enroll it offline.

Flexible Pension option:
Receive pension monthly, quarterly, half-yearly, or yearly.

Surrender value:
There is no surrender value for this policy, hence you can not surrender.

Loan:
No loan available under this plan.

Service tax:
Service tax shall be payable by the policyholder along with the purchase price.

Which Proposal form?
Proposal Form 440 (IA) should be used under this plan for the offline policy.

Example:  If Mr. Rakesh (Age 40 ) buys an online pension plan with the minimum purchase price of Rs.1.5 lac He will need to pay Rs.1,50,000/- plus Rs.4635/- service tax (This may change as service tax change) total: Rs.1,54,635/- Depending on 7 options chosen Mr. Rakesh will get approx. 10,000 to 11,200/- annual pension. for more details click her