“In this policy, The investment risk in investment portfolio is borne by the policy holder.”

Lic Pension plus is a Unit Linked Deferred Pension Plan, which provides you a minimum guarantee on the gross premiums paid. The plan is without any life cover.

You have a choice of investing your premiums in one of the two types of investment funds available with LIC. Premiums paid after deduction of allocation charge will purchase units of the fund you chosen. LIC, The unit fund is subject to various charges and value of its unit may increase or decrease depending on the net asset value (NAV).

1.  payment of premiums.

You may pay premiums regularly at yearly, half yearly or quarterly or monthly (through ECS mode only(LIC) ) intervals over the term of the policy. Alternatively, a single premium can be paid at lic.

A grace period of 30 days will be allowed for payment of yearly or half yearly or quarterly premiums and 15 day for monthly (through ECS) premiums.

2. Benefits

A) Death benefits.

The LIC policy holder’s fund value shall be payable in a lump sum or as an annuity, as desired by the nominee. The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates under the annuity option chosen,.

B)Benefit on Vesting

On your Surviving to the date of vesting, the higher of policy holder’s fund value and guaranteed maturity proceeds as define under para 10(i), will compulsorily be utilize t provide annuity based on the then prevailing immediate annuity rates under the relevant annuity option. However, you may opt to commute up to 1/3 of the benefits to be paid as a lump sum. Further you may chose top purchase annuity from LIC or other life insurance company.

3) Eligibility condition and other restrictions (LIC) :

Minimum Entry age: 18 years (last birthday)

Maximum Entry age:  75 years (nearest birthday)(LIC)

Minim um vesting age: 40 years (completed)

Maximum vesting age: 85 years (nearest birthday)

Minimum deferment term: 10 years

Sum Assured: Nil

Minimum premium:

Regular premium (other than monthly (ECS) mode): Rs 15000 pa.

Regular premium (for monthly (ECS) mode): Rs 1500 pm.

Single premium Rs 30000.

Maximum premium:

Regular premium: Rs 1 lac per Annam.

Single premium: No limit

Annualized premiums shall be payable in multiples of   Rs 1000 for other than ECS monthly. For monthly (ECS), the premium shall be in multiples of Rs 250.

4. Investment of Funds:

The plan offers following two funds detailed below:

The policyholder has the option to choose any ONE out of the below 2 funds.

1. Debt Fund.

2. Mixed Fund.

5. Method of calculation of Unit Price

Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on date of allotment. There is no bid offer spread (the bid price and offer price of unit will both be equal to the NAV). The NAV will computed on daily basis and will be based on investment performance. Fund management charge and whether fund is expanding or contracting under each fund type and shall be calculated as under

Appropriation Price is applied (When fund is expanding):

Market value of investment held by the fund + the expenses incurred in the purchase of the asset + the value of any current asset + any accrued income net of fund management charges less the value of any current liabilities less provision, if any, divided by the number of the unit existing at the valuation date (before any new unit are allocated)

Expropriation price is applied (When fund is contracting):

Market value of investment held by the fund less the expenses incurred in the sales of assets + the value of any current assets + any accrued income net of fund management charges the less value of any current liabilities less provision, if any divided by the number of unit existing at the valuation date (before any unit redeemed).

Applicability of net asset value (NAV):

The premium received up to a present time (presently 3 pm) by the servicing branch of the corporation through ECS or by way of a local check or a demand draft (DD) payable at par at the place where the premium is received, the closing NAV of the day on which premium is received is applicable. The premiums received after such time by the servicing branch of the corporation through ECS or by way of a local check or a demand draft (DD) payable at the place where the premium is received. The closing NAV of the next business day shall be applicable.

Similarly in respect of the valid applications received for surrender, complete withdrawal, death claim, switches etc. up to such time by the servicing branch of the corporation closing NAV of that day shall be applicable. For the valid application received in respect of surrender, complete withdrawal, death claim, switches etc, after such time by the servicing branch of the corporation, the closing NAV of the next business day shall be applicable.

IN case of discontinuance, as specified in para 8 below, wherein the policyholder does not exercise the option within the period of 30 days of receipt of notice then the NAV as on the date of expiry of notice period shall be applicable.

In respect of the policies vesting, NAV of the date of vesting shall be applicable. The timely (presently 3pm) is as per the existing guidelines and changes in this regard shall be as per the instructions from the IRDA.

6) Charges Under the Plan:

A) Premium Allocation Charge:

This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (investment) units for the policy. The allocation charges are as below:

For single premium policies: 3.3%

For regular premium policies:

1st year: 6.75%

2nd to 5th year: 4.50%

Thereafter: 2.50%

Allocation charge for topup: 1.25%

B) Other charges:

The following charges shall be deducted during the term of the policy:

I) Policy Administration charge:

Rs 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy shall be levied.

II) Fund management charge:

Its a charge levied as a percentage of the value of units at following rates:

0.70% p.a. of Unit Fund for “Debt” fund

0.80% p.a. of Unit Fund for “Mixed” fund

Fund management charge shall be appropriate while computing NAV.

III) Switching Charge:

This is the charge levied on switching of monies form one fund to another. Within a given policy year 2 switches will be allowed free of charge. Subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch.

IV) Bid/Offer spread: NIL

V) Discontinuance Charge:

The discontinuance charge for regular premium policies is as under:

AP – Annualized Premium

FV – Policyhoolder’s Fund Value excluding the fund value in respect of Topup premium paid, if any, on the date of discontinuance.

There shall not be any discontinuance charge under single premium.

VI) Service Tax charge:

A service tax charge, if any, will be as per the service tax laws and rate of service tax as applicable from time to time.

VII) Miscellaneous Charge:

This is a charge levied for change in premium mode. It opted  for by the policyholder during the deferment term. An alteration may be allowed subject to a charge of Rs 50.

C) Right to Revise Charges:

The corporation reserves the right to revise all or any of the  above charges except the premium allocation charge with prior approval of IRDA. Although the charges are reviewable, they will be subject to the following maximum limit:

Policy administration charge. Rs 60 per month during the first policy year and rs 60 per month escalating at 3% p.a. thereafter, throughout the term of the policy.

Loan

No loan will be available under this plan.

Assignment:

Assignment shall not be allowed under this plan.

Exclusion

Nil

Reinstatement:

A policy once surrendered can’t be reinstated.

Chekout other LIC plans:

LIC Pension Plans:

a) LIC’s Jeevan Akshay – 6 (Table No. 189):

An immediate annuity plan with a number of options.

b) New Jeevan Suraksha – 1 (Table No. 147) & New Jeevan Dhara – 1 (Table No. 148):

Deferred Annuity

plans. The annuitant has five options o annuity payments to choose from.

c) LIC’s Jeevan Nidhi (Table No. 169):

A with profits deferred pension plan which provides death cover during the deferment period.

Check our Other LIC Plans:

1) Term Assurance Plans.

2) Children plans.

3) Basic Life Insurance Plans.

4) Unit Linked Plans.

5) LIC Micro Insurance Plan.

6) LIC Health Insurance Plans.

7) LIC Handicapped Dependants Plans.

8 ) General LIC insurance plans (Others).

==> Go back to LIC

No related posts.

a) LIC’s Jeevan Akshay – 6 (Table No. 189):

An immediate annuity plan with a number of options.

b) New Jeevan Suraksha – 1 (Table No. 147) & New Jeevan Dhara – 1 (Table No. 148):

Deferred Annuity plans. The annuitant has five options o annuity payments to choose from.

c) LIC’s Jeevan Nidhi (Table No. 169):

A with profits deferred pension plan which provides death cover during the deferment period.

Check our Other LIC Plans:

1) Term Assurance Plans.

2) Children plans.

3) Basic Life Insurance Plans.

4) Unit Linked Plans.

5) LIC Micro Insurance Plan.

6) LIC Health Insurance Plans.

7) LIC Handicapped Dependants Plans.

8 ) General LIC insurance plans (Others).

==> Go back to LIC

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This is a unit deferred pension plan with Single or Regular premium With or Without life cover. This Policyholder can choose the level of life cover within the limits (life cover defends on the mode and amount of premium one desires to pay). This allocated premium will be invested to purchase units in any one of the 4 following Type of Funds chosen by the Policyholder:

For single premium:3.3%

This is the percentage of the premium appropriated towards charges form the premium received. The balance known as allocation rate constitutes that part of the premium which is utilized to purchase units for the policy

Note: Allocation rates for Top-ups:1.25%

Features:

A. Benefits on Vesting: (Pension Starting Age):

On policyholder surviving upto the  date of vesting, he can choose any one of the following:

1. the Fund Value of the units will be compulsorily utilized to provide a pension based on the then prevailing immediate annuity rates.

2. 1/3^rd of the Fund value of the units can be commuted to get proportionate pension, Policyholder has to get proportionate pension.

Policyholder has to inform LIC, 6 months prior to the date of vesting about the following:

• Annuity Option he would like to choose.
• Commutation.
• Whether he wants to purchase pension from any other Insurance Company.

If the balance in the unit account is insufficient to purchase the minimum amount of pension the same will be refunded to the Policyholder.

B. Benefit on Death before Vesting:

• With Life Cover: in case of death of the Policyholder within the policy term where life cover is opted for and is in force, the nominee shall be eligible to get the S.A. under the basic plan plus Fund Value of the Units as at the date of settlement/booking liability whichever is earlier.
• Without Life Cover: In case the policy is taken without risk cover, then the fund value of the units shall be payable to the nominee.
• Lapsed Condition: if the policy is in lapsed condition, only the Fund Value of the Units held in the Policyholder’s Unit Account shall become payable to the nominee. In all above cases, the benefit may be taken by the nominee as lumpsum/partial lumpsum or in the form of pension on his/her life at the then prevailing immediate annuity rates under the relevant Annuity Option.

Options:

Policyholder can opt for the following::

• Life Cover: The policy can be issued either with or without life insurance cover. When Policyholder wants life insurance cover he/she can choose S.A. under the basic plan and the life cover charges.
• Accident Benefits Rider (ABR) @0.50 per 1000 Accident Benefits S.A. per policy year:

On Accidental Death of Policyholder during the term of the policy a sum equal to the Accident Benefit S.A. will become payable (in addition to the above mentioned Death Benefit), provided the AB cover is opted for and is in force. This option is not available if life cover S.A. is zero.

• Critical Illness Rider (CIR) (as per rates given at the end):

An amount equal to the CIR S.A. will be payable in case of diagnosis of defined categories of Critical terms & conditions, provided the CIR cover is opted for & is in force. CIR can be added for Financial underwriting. CIR can be opted for at the inception of the policy & shall not be allowed thereafter.

Once the claim under CIR has been admitted no subsequent charge towards CIR Benefit shall be deducted. However charges towards Life Cover & ABR , if any, shall continue to be deducted on monthly basis.

ABR & CIR is allowed only if life cover is opted. Charges for Life Cover, ABR & CIR, if opted will be deducted every month by canceling appropriate no. of units out of Policyholders Fund Value.

OTHER CHARGES

1. Policy Administration Charge:

Rs. 60/- per month for first policy year & Rs.20/-p.m. payable throughout the policy term.

2. Fund Management Charge (FMC): Will be deducted at the following rates p.a. on the date of computation of NAV: Balance Fund 0.5%; Secured Fund 0.6%; Balanced Fund 0.7%; Growth Fund 0.8% p.a. The NAV, thus declared will be net of FMC.

3. Switching Charges: During the policy term four switching will be allowed free of charges within a given policy year between any fund. Subsequent switches shall be sub. to 100/- per switch. On the date of switch, the units will be transferred to new fund at offer price after deducing switching charges:

Switching is not allowed under a lapsed policy.

4. Bid/Offer Spread Charges: Nil

5. Surrender Charges : Nil

6. Mortality Charges : is the cost of Life Insurance Cover. This Charge, during a policy year, will be based on the age (nbd).

Mortality Charges and CIR charges, during a policy year, will be based on Age(nbd) of the Policyholder, as at the Policy Anniversary coinciding with the due date of cancellation of units. Hence charges may increase every year on each Policy Anniversary. Further the charges will also depend on the underwriting decision at entry or subsequent revival of the policy.

7. Service Tax Charges: At present Service tax charge @ 12.36% on risk premium shall be levied on Policy Admin.,  Mortality, ABR & CIR charges, if any, and on all other charges wherever applicable.

8. Miscellaneous Charges: Rs.50 per alteration is charged (reduction in term / S.A./ change in mode to higher frequency & grant of accident benefit after the issue of policy etc.) by canceling appropriate number of Units on the date of alteration in the policy.

Right to revise charges: LIC reserves the right to revise all or any of the above charges except Premium Allocation charges and Mortality Charge with prospective effect, after giving the Policyholders a notice of 3 months.

NAV (Net Asset Value): The Bid Price and Offer Price of units will be equal to the NAV. The NAV will be computed on daily basis and will be based on the investment performance and Fund is expanding or contracting under each Fund Type. The units will be allotted and cancelled based on the NAV of the respective Fund as on the date of allotment/cancellation. For:

• Premium Payment
• Surrender
• Death Claim
• Switches etc. NAV will be based on upto 3.00pm, closing NAV of the day will be applicable. If received after 3.00 pm , next business day’s closing NAV will be applicable. In respect of amount available on vesting, NAV of the date of vesting of annuity shall be applicable.

Outstanding cheque/Demand draft shall not be accepted.

Discontinuance of Premiums:

If premiums are payable either yearly, half-yearly quarterly of Monthly (ECS) and the same have not been paid within the days of grace, the Policy will lapse. The Policyholder will have an option to receive the policy within the specified period.

1. I. Where at least 3 years’ Premiums have been paid, the Life cover, CIR, ABR, if any, shall continue during the revival period.

During this period, the charges for Life Cover CIR and AB cover, if any, shall be taken, in appropriate number of units out of the Policyholder’s Fund Value every month. This will continue to provide relevant risk covers for:

• Two years from the due date of first unpaid premium, or
• Till the date of vesting or
• Till such period that the Policyholder’s fund value reduces to one annualized premium, whichever is earlier.

Benefits payable under the policy in different contingencies during the lapsation period shall be as under:

1. A. In case of Death: Life cover S.A. plus Policyholder’s Fund Value, if cover  is opted for. If Life cover is not opted for, then only Fund Value held is payable.
2. B. In case of  Death due to accident: Accident Benefit S.A. in addition to the amount under A above, if Accident Benefit is opted for.
3. C. In case of CIR claim: CIR S.A.
4. D. In case of Surrender: Fund Value in the Policyholder’s Account. Surrender value, however, shall be paid only after completion of 3 policy years.
5. E. On vesting: Policyholder’s Fund Value.
6. F. Compulsory Surrender: the Policy shall be terminated compulsorily in following cases:

• If the minimum balance in the Policyholders Fund Value will be refunded.
• In the case the policy is not revived during the revival period or on the data of vesting whichever is earlier and the balance amount in the Fund value of units shall be refunded to the policyholder.

1. II. where the policy lapses without payment of atlest 3 years premiums, The Life Cover, CIR and ABR cover, if any ,shall cease and no charges for these benefits shall be deducted.

However deduction of all other changes shall continue. the benefits under such a lapsed policy shall be payable as under:

In case of Natural Death/Accidental Death:

Policyholders Fund Value.

In case of Surrender: Fund Value of units / monetary value of units, as the case may be, held in the Policyholder Fund Value shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 yrs. from the D.O.C. of policy.

Complusory Surrender: In case the policy is not revival, then the policy shall be terminated compulsorily after completion of three years from the D.O.C. of the policy or on expiry of revival period year, then the fund value shall be converted into monetary terms and no charges shall be converted into monetary terms and no charges shall be deducted thereafter. This monetary amount shall be deducted thereafter. This monetary amount shall be paid to the Policyholder after the end of third policy year. In case premiums are paid for less than three year, if the balance in the Policyholder’s Fund Value, at any time is not sufficient to recover the recover the relevant charges, the policy shall compulsorily be terminated and the balance amount in the Policyholder’s Fund Value, if any, will be refunded to the policyholder.

Surrender Value (S.V.)

Policy can be surrendered only after completion of 3 policy years both under Single & Regular premium. S.V. will be the Policyholder’s Fund Value at the date of surrender.

If surrendered within 3 years from D.O.C. then the Fund Value shall be converted into monetary terms. No charges shall be paid on completion of  3 years from D.O.C. of policy. Once a policy is surrendered it cannot be reinstate. In case of death of the life assured after  the date of surrender but before the completion of 3 years from the D.O.C. of policy the monetary value payable to the completion of 3 years shall be payable to the nominee/legal heir immediately on death.

Top-Up (Additional Premium):

The Policyholder can pay Top-up in multiples of Rs. 1,000 without any limit at anytime during the term of the policy. In case of Monthly (ECS), Qly, Hly or Yearly mode of premium payment , such Top-up can be paid only if all due premiums have been paid under the policy.

Increase / Decrease in Benefits:

No increase in benefits will be allowed under the plan. However Policyholder can decrease any or all of the risk covers once in a year during the Policy term, provided all due premiums have been paid. When the life cover is decreased the Accident Benefit and Critical Illness rider sum assured, if any, shall also be reduced to the extent of reduced cover under the main plan. Further, once reduction in risk cover is allowed, the same cannot be subsequently increased / restored.

The unique Identification Number (UIN) for this plan is 512L24V01. This number has to be quoted in all relevant documents furnished to the Policyholders & other users.

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w.e.f. 19-11-2004                                            Table -169

** Limit of 50 lakhs for all L.A. with the LIC of India taken together. This benefit will be available for the full deferment period of the policy or 70 years nbd. Of L.A. whichever is earlier. This plan offers the following optional Riders by payment of additional premium:

1.   Accident Benefit Rider

2.   Term Assurance Rider

3.   Critical Illness Rider

Feature: The maturity proceeds are compulsorily used for purchase of annuity. This also provides death cover during the deferment period and so on survival to the date of vesting.This is an Endowment with profit plan where maturity proceeds will be compulsorily invested in a fund to be used for purchase of annuity (Endowment funding under Deferred Annuity Plan).

Benefits:

1. Benefits on Vesting: The S.A. under Basic Plan along with Accrued Guaranteed Additions + Terminal Bonus. If any that may be declared by corporation depending on its experience will be compulsorily converted to annuity. There is an option to commute upto 1/3^rd of S.A. under the Basic Plan together with Accrued G.A. + Bonuses. If commutation exercised then the annuity us payable for the balance amount.
2. Benefit on death before annuity vests: Provided the policy is in full force on death of the Life Assured during the deferment period of the Policy an amount equal to the S.A. under the Basic Plan along with accrued G.A., vested Simple Reversionary Bonuses and Terminal Bonuses, if any, shall be payable in a lumpsum to the appointed nominee.
3. Annuity Options: On vesting, Life Assured shall have an option to purchase annuity from LIC of India or from any other Life Insurance Company. If the Life Assured desires to purchase the annuity form other company, he/she shall be required to inform the same to LIC of India in writing three months before the date of vesting. If purchased from LIC, then the type of annuity and annuity rate will be that applicable at the time of vesting.
4. IT Rebate: 100% of premium paid with max. limit of Rs. 10,000 p.a. is allowed u/s 80CCC.

1. • Paid-up Value: On policy being paid-up all the optional/rider benefits will not apply. The Paid-up Value along with accrued G.A. and vested Simple Reversionary Bonuses, if any, will remain attached to the reduced paid – up policy.
   • The Gtd. Surrender Value: Before the Annuity vests the policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The Gtd. Surrender Value available under this plan for all modes will be equal to 30% (in case of Single premium it will be 90%) of the total premiums paid excluding first year and all extra premiums and premiums paid for optional / rider benefits. The cash value of any existing accrued Gtd. Additions and vested simple reversionary Bonuses, if any, will be allowed. Surrender Value will not be available on Term Assurance Rider option, Accident Rider option, Accident Benefit and Critical Illness Rider option premiums.
   • Special Surrender Value: The Factors for calculation of Special Surrender Value will be the same as under Endowment Plan Table 14 (for term equivalent to the deferment period).
   • The Cooling –off period: If a Policyholder is not satisfied with the “Term and Conditions” of the policy, he/ she may return the policy within 15 days from the date of receipt of the policy.
   • Premium waiver Benefit Option: This may be opted in case of the following:

1. If Critical Illness Rider has been opted for and
2. The S.A. under the basic plan is equal to the Critical Illness Rider S.A.

In case, the Life Assurance is diagnosed with any of the Critical Illness covered under the policy, the total future premiums (i.e. premium for S.A. under basic plan & premiums for riders opted for) in respect of the policy shall be waived provided the policy is in force.

• Term Assurance Rider S.A.: Provided policy is in force if opted for, an amount equal to Term Assurance Rider S.A. shall be payable on Death during the deferment period.
• Critical Illness Rider (C.I.R.) S.A.: Sub. to the terms & conditions of CIR provided the policy is in force an amount equal to the CIR S.A. shall be payable in case of diagnosis of a defined categories of Critical Illness during the deferment period of the plan sub. to the terms & conditions of CIR provided the policy is in force.

For the purpose of SUC & underwriting (Spl. Reports, Fin. U/R etc.) the S.A. under Basic Plan, Term Assurance Rider S.A. and Critical Illness Rider S.A. taken together shall be considered. Subject to Rs.4 per 1000 S.A. under Basic Plan, the cost of medical exam will be borne by Corporation

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Table 147 & 148 -DEFERRED ANNUITY PLAYS w.e. f    1-2-2002

This  is a with profit pension plan suitable for everyone who wants to provide regular financial security for their family. The Plan is suitable for employees, businessmen & retired persons.

CONDITIONS FOR ELIGIBILITY:

1. MIN AGE AT ENTRY                                            :18 YEARS (L.b.d.)
2. MAX AGE AT ENTRY                                           : 65 YEARS(L.b.d.); FOR PLAN 147 YEARS(L.b.d.)
3. MIN VESTING AGE                                               : 50 YEARS (L.b.d.)
4. MAX VESTING AGE                                              :79 YEARS (L.b.d.)
5. MIN NOTIONAL CASH OPTION                       : Rs. 50,000 (FOR REGULAR PREMIUM POLICIES)
6. MIN ANNUAL PREMIUM                                   : Rs. 2,500
7. MIN SINGLE PREMIUM                                      : Rs. 10,000
8. MODE OF PREMIUM PAYMENT                      :YLY/HLY/QLY/SSS/MLY
9. MODE REBATE ON TABULAR PREMIUM    : YLY 2.6%; HLY1.3%;QLY 0.5%;MLY/SSS NIL
10. GRACE DAYS FOR PREMIUM PAYMENT  : 30 DAYS FOR YLY& 15 DAYS FOR MLY.
11. LARGE CASH OPTION REBATES                     : For Yearly Premium                       For Single Premium
More than or equal to 5 lakhs                                              8%                                                                  5%

2,00,000 to 4,99,999                                                             7%                                                                  4%

1,00,000 to 1,99,999                                                              6%                                                                  3%

Upto 99,999                                                                                  Nil                                                                  Nil
12. MINIMUM DEFERMENT PERIOD(PPT)        : 2 YEARS
13. MAXIMUM DEFERMENT PERIOD(PPT)       : 35 YEARS
14. AGE PROOF                                                               :STANDARD AGE PROOF
15. MODE OF PENSION PAYMENT                         : YLY/HLY/QLY/MLY
16. MINIMUM PENSION PAYABLE                       :RS.250
17. LOAN/ASSIGNMENT                                           :NOT ELIGIBLE
18. REVIVAL                                                                   :ALLOWED AT 8% INTEREST COMPOUNDED HLY

Dating Back: Allowed within same financial year for a period in excess of 15 days. Interest rate @ 8%. No concession for lean months. From the D.O.C. to the date of payment of premium for Single premium plans interest is charged.

Benefit during Deferment Period: Term Rider Option is available only for annual premium policies at extra premium. When Term Rider Option is availed and if the Policyholder dies during the Deferment Period (PPT) while the policy is in force, then the nominee will get Term Assurance Sum Assured along with all premiums paid upto the date of policyholder’s death (excluding Term Assurance premium and extra premium if any), with 5% interest p.a. (compounding or otherwise) will be paid. Only premiums paid upto the date of death with 5% interest as stated above will be paid when policy is not in force. For those who have not opted for Term Assurance S.A., but Policy is in force, all accumulated premium till death together will be death together with 5% interest (compounding / otherwise) will be paid to the nominee.

Term Rider Assurance Restrictions:

Maximum Age at entry 50 years; Minimum age at entry 18 years; Maximum Term 35 years; Minimum Term 10 years; Minimum Term Assurance Sum Assured Rs.1,00,000;  Maximum age at Maturity 60 years;  Maximum Term Assurance S.A. would be equal to twice the Notional Cash Option subject to a maximum of Rs. 25 lakhs ( overall limits on riders on all plans.)

Benefits after Vesting /at Maturity: The Notional Cash Option together with Reversionary Bonuses and Final Additional Bonuses, if any will be compulsorily converted into Annuity. The Annuity /Policyholder can commute 25% of the annuity purchase price and receive a lumpsum and balance amount will be converted into annuity. A rebate of 3% will be available on the purchase price of the annuity current at the vesting date/maturity. (The annuity rates of Jeevan Akshay prevailing at the sate of vesting will be considered for this plan).

Income Tax Benefit: 100% of premium paid with max. limit of Rs. 1 lakh p.a. is allowed as deduction u/s80CCC.

The following options are available for the annuitant to receive pension. Annuitants may exercise one of the following options atleast 6 months before the date of vesting.

1. Pension for life with return of purchase price.
2. Pension for life with pension increasing at a simple rate of 3 % p.a.
3. Pension for life.
4. Joint and last survivor annuity to the annuitant and his/her spouse under which pension payable to the spouse on death of the purchaser will be 50% of the payable to the pensioner.
5. Pension guaranteed for 5/10/20 years & life thereafter.

Non-forfeiture regulations:

Paid-up Benefits: The policy shall not become wholly void if subsequent premiums could not be paid after paying first two years full premiums. But, the amount of Notional Cash option shall be reduced to such a sum as it bears to the original ratio, as the number of premiums actually paid shall bear to the total number of policy. The policy so reduced will thereafter be free from all liabilities for payment of the within mentioned premiums but small not be entitled to participate in future profits. The existing vested bonus addition will attach to the reduced paid up policy and this will determine the reduced annuity payable on vesting. This option of commutation of 25% age. If the annuity payable is less than the minimum of Rs. 250/-, the LIC will have the right to change the mode of payment of annuity to yearly, half-yearly or quarterly or to pay a lumpsum subject to deduction of tax if any, at source as per the prevailing taxation rules. The life cover will cease in the event of non-payment of the premiums within the days of grace. For the Term Rider Option Paid-up benefit is not available.

SURRENDER VALUE:

For Single Premium Policy 90% of the premium paid is given as surrender value after completion of 2 years from the date of the commencement of the policy but before the start of pension.

For Annual Premium Policy 90% of the premium paid is given excluding first year premium, all if any, if surrendered after 2 years but before the start of pension.

Surrender Value Premium

Surrender values are not available for the Term Rider Benefit.

Special Surrender value: For Annual Premium Policies, Special Surrender Value is given after 2 years from the date of commencement and during deferment period, if at least 2 years full policies, Special Surrender Value is given one year after the date of commencement and during determent period.

DEFINITIONS:

Vesting dates: Date on which normal Pension becomes payable to the Policyholder

Deferment Period: Period between the date of commencement of the Policy & the Vesting Date. This is also the ‘The Premium Paying Term’.

Notional Cash Option: The Policyholder will not get this amount. This is an amount based on which annuity/pension is calculated.

Commutation: As per selected option the Policyholder may exercise the option to receive 25% of the Notional Cash Option including bonus in lump sum & balance in Annuity/Pension

Special note:

• In our opinion, Annuity with return of purchase price on the death of the Annuitant is the best option. Hence, for the above mention options according to Annuitant’s suitability.
• Yearly & Single Premium payment, taking tax angle into consideration i.e. we have given 10,000 premium only for two popular modes of payment.
• While arriving at PPM before & after commutation you may get difference of Rs.1 in some cases as the calculation has been based on Basic Pension which has been rounded off to the nearest rupee.
• For calculation purpose, only monthly Deferred Annuity rates applicable for option “Annuity with return of purchase price on the death of the Annuitant” are taken into account. Basic PPM & Basic AP given are based on present Jeevan Akshay-VI Annuity Rates (plan introduced w.e.f. 10-9-2007). PPM ,AP,NCO+BONUS (before & after Commutation) and Amount of Commutation, are arrived after taking into account present Bonus rate announced by LIC, valuation as at 31.03.2007;
• The bonus rates for Table 147 &148 are different please note that. The Assumed Pension given is calculated only for New Jeevan Suraksha Table 147. Bonus Rates of New Jeevan Suraksha -1 Table 147 & New Jeevan Dhara-1 Table 148 as at 31-3-2007:



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Immediate Annuity Plan w.e.f 10-09-2007

Most suitable plan for retired employees who would like to make one time investment. Also suitable for people who need regular and periodical amount without interrupts (businessmen or professionals).

1. Investment (Single premium) In the beginning made only once .

2. The annuity rates are applicable for new business under the plan as well as under deferred annuity policies which vest on or after 10.09.2007

3. Annuity is payable Yly/Hly/Qly (However in this Pension Ready Reckoner most popular modes of Yly & Mly only  have been given).

4. The annuity is assured throughout the period for which it is payable and the first installment in accordance with the desired mode of annuity will be paid 1 year/6 months / 3months or 1month after the date of purchase of the annuity.

5. Cooling off  Period: If  “Term & Conditions” of the policy does not satisfied Policyholder then he/she may return the policy within 15 days from the date of receipt of the policy.

Various options available & benefits to the annuitant for taking Annuity are:

Special Note: In our opinion, Pension payable with return of purchase price (Option3) is the best option. Hence, ready pension is given for this option only.

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The magic plan, the market plan, the wonder plan. This is use to call Market Plus-1. 10K crore Rupees has been invested in this plan by policy holders and the locking period is for 3 years (it will expire on 31-12-2009 extended). After December, the locking period for the coming plan will be for 5 years. (information is based through source LIC agents). Hurry up and don’t miss this plan.

Features:

Minimum Entry Age: 18 years completed.

Maximum Entry Age: 80 years nbd without life cover. 65 years nbd with life cover.

Minimum deferment Pd: 5 years.

Minimum Vesting Age: 40 years.

Maximum Vesting Age: 85 years nbd without life cover. 75 year nbd with life cover.

Why Market Plan-1?

Policy Ek Fayda Anek (Investment bhi PLUS, pension bhi PLUS, Yane Double PLUS)

(a) High returns will minimum risk.

(b) Easy liquidity (can be surrender after 3 years).

(c) Tax benefit available.

(d) Opportunity to invest in different firm (4 types). According to your risk appetite.

(e) Option to switch over between different funds.

(f) Top up facility (Invest any amount any time).

(g) Optional life risk cover at a low premium.

(h) Flexibility in mode of premium payment (Single/Yly/Hly/Qly/ECS)

(i) No surrender charges.

(j) Optional critical rider (cover on specific diseases).

(k) Option to freeze NAV anytime even before 3 years. in case of high increase in NAV.

Why Invest now? Current NAV 12.15

(a) New hope & optimism as there is a stable government at center. All economic, financial, newspaper, magazines, TV channels predict that Sensex will go up considerably in next 3 years.

(b) Expected FII investment.

(c) Low inflation.

(d) Push to agricultural sector in the budget.

(e) Lowering of Interest rate.

(f) Lightly huge investment in infra structure.

(g) It is expected that the invested amount in this plan will get doubled in 3-4 years.

How ULIP of LIC which have completed more than 3 years have performed?

(1) Bima Plus (plan closed):

Launching date 02-02-2001 with NAV 10. But current NAV is 44.49. Rate of interest @ 41% per year

(2) Jeevan Plus (plan closed):

Launching date 18-10-2005 with NAV 10. But current NAV 18.36. Rate of interest @ 22% per year.

(3) Future Plus (plan closed):

Launching date 04-03-2005 with NAV 10. But current NAV 19.63. Rate of interest @ 22% per year.

Where does LIC invest the funds of market Plus-1?

.

Why should you be left behind? Invest now before it is too late.

For more details Contact us through phone: +91-9850-674-066

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