LIC India NEW JEEVAN SURAKSHA-1/ NEW JEEVAN DHARA-1 Table 147 & 148

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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