The Jeevan Suraksha – I Plan from Life Insurance Corporation of India (LIC) is a deferred annuity pension plan that will provide annuity payments to the policyholder after the completion of the policy term. This policy is a ‘with-profit’ pension plan, thus providing the policyholder an increased payout.
The policy also provides a death benefit to the nominee, in case the policyholder passes away during the policy tenure. Policy buyers can purchase the Term Assurance Rider, which will provide an additional payout in the event of the policyholder’s death. Policy buyers can avail tax benefits under the prevailing laws of the Income Tax Act, 1961.
The sum assured is a guaranteed amount of money that will be paid to the policyholder or the nominee by the insurer, as per the benefit payout schedule. Policy buyers will have to work out and choose an optimum sum assured amount at the time of purchasing the policy.
The policy buyer will have to pay a certain sum of money as premium to the insurer in exchange for the risk cover provided by the policy.
|Premium Payment Mode||
|Premium Range||Will vary as per the per the base policy’s sum assured, rider sum assured, policy tenure, age at entry, and other factors.|
*Premiums vary based on age, location, plan term, GST, and other factors.
|Vesting Benefit||Upon attaining the vesting age, the cash option along with the Final Additional Bonus and the Reversionary Bonus will be paid to the policyholder as annuity.
Policyholders can choose from the following annuity options:
|Death Benefit||If the policyholder passes away during the policy tenure, the nominee will receive the sum of all premiums paid with the applicable interest rate as the death benefit.|
Policy buyers can purchase the Term Assurance Rider along with this policy. Thus, upon the death of the life assured, the nominee will receive the rider sum assured in addition to the death benefit that is payable as per the base policy.
Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.
|Grace Period||A grace period of 30 days is provided for policies with an annual, bi-annual, or quarterly mode of premium payment. A grace period of 15 days is provided for policies with a monthly mode of premium payment.|
|Surrender Value||Upon surrendering one’s policy, the insurer will pay the policyholder the higher of the Guaranteed Surrender Value or the Special Surrender Value. Policies can be surrendered after the completion of a minimum of 2 policy years.|
|Rebate||Policyholders who opt for the annual, bi-annual, or quarterly mode of premium payment will receive a rebate on the total annual premium.|
|Loans||Loans cannot be availed under this policy.|
|Revival||Lapsed policies can be revived at any time during the policy tenure by paying all due premiums with interest.|
|Bonuses||As per this policy, in addition to the policy benefits, the policyholder will also receive the Simple Reversionary Bonus and the Final Additional Bonus from the insurer.|
Policyholders can claim tax benefits under the prevailing laws of the Income Tax Act for premium paid and benefits/payouts received from the insurer.
In addition to the benefits provided under this policy, these are a few other benefits you are entitled to by purchasing a plan from LIC.
The Jeevan Suraksha – I Plan from LIC guarantees a regular source of income to the policyholder, thus ensuring you are able to enjoy your post-retirement years without any compromises. The life cover provided by the policy also helps secure the life of your dependents in case of an unfortunate eventuality.
Life Insurance Corporation of India (LIC) is one of the oldest and best insurance firms in India. They have reported a stellar claim settlement ratio over the past years. The Claim Settlement Ratio for FY15-16 was 98.33%. The insurer has also been recognised with several awards for their dedication and superior service.
Note: This plan has been withdrawn by LIC.