Varishtha Pension Bima Yojana Senior Citizens Plan 828

This scheme will be available from 16th august 2014 to 14th august 2015.

Good News..Now service tax is not applicable on Varishtha Pension Bima Yojana.

Lic Varishtha Pension Bima Yojana for Senior Citizens Plan 828

Plan Details :

• Available to citizens aged 60 years and above. No maximum age limit.

• Pension would be on immediate annuity basis in monthly, quarterly, half-yearly or annual mode, varying, respectively, between Rs. 500 to 5000 (monthly), Rs. 1500 to 15,000 (quarterly), Rs. 3000 to Rs. 30,000 (half-yearly) and from Rs. 6,000 to Rs. 60,000 (annually), depending on the amount subscribed and the option exercised.

• The payout implies an assured return of 9% on monthly payment basis, which amounts to an annualized return of 9.38%. 

• Loan (up to 75% of subscribed amount) can be availed after 3 years from the Date of Commencement. Present interest rate is 9% compounded half yearly.

• On death, the full purchase price will be refunded to nominee. 

• Exit/surrender would be allowed after 15 years or earlier in special circumstances like critical / terminal illness of self or spouse.

• Payment will be through ECS or NEFT. 

Rebate: 

No Rebate is available under this plan.

Taxes: 

As per Tax laws, Taxes including service tax is applicable. Present year tax rate is 3.09 %. Policyholder has to pay the tax amount also while taking the policy. Tax amount which you pay on the purchase price is not considered for calculation of pension.

Surrender value:

The Varishtha Pension plan can be surrendered after 15 years. The surrender value payable is 100% Purchase Price means what we invested will be returned back if we want to withdraw after 15 years.

If any medical emergency exists for self or spouse then pension plan can be surrendered under exceptional circumstances, 98% of the purchase Price will be refunded back to the customer.

Pension Payable: 

Pension in the form of Annuity is payable to the pensioner during the life time of the pensioner as per the mode (yearly, half yearly, quarterly, monthly)  chosen by the pensioner.

Death Benefits: 

If Death Occurs, Nominee gets invested amount.

Suicide clause:  Not applicable

Locking period: 15 days. Policy Holder can return the policy if not satisfied with policy terms and conditions.

Assignments and Nominations: Possible

80C or 10(10D) tax benefits - Investment under this scheme does not qualify for any tax deduction under section 80C or 80CCD. Moreover, the pension income is taxable as per the tax slab of the pensioner.

Free Look Period - If you are not satisfied with the terms and conditions of this scheme, you may ask for a refund of your investment amount within 15 days from the date of receipt of the policy stating the reason of objections. The amount to be refunded within free look period will be the investment amount deposited by the investor less the stamp duty charges.

Premature Surrender - The policy can be surrendered after completion of 15 years. The investor will get the investment amount in full as the surrender value after 15 years. However, under exceptional circumstances, if the pensioner requires money for the treatment of any critical/terminal illness of self or spouse, then the policy can be surrendered before the completion of 15 years and the surrender value payable will be 98% of the investment amount.

Unfortunate Event - On death of the pensioner, the investment amount will be refunded in full to the nominee of the pensioner. However, as only the invested amount is refunded, there is no special insurance benefit available with this scheme.

Service Tax Exemption on VPBY Effective April 1, 2015

What I understand from the info available publicly, it will be effective April 1, 2015. If it is correct, what about all those investors who have invested in this scheme till date? I think they will definitely stand disappointed and rightly so. I think they should also be provided such benefit right from their date of investment. The government should once again think about it.

As far as investment in this scheme is concerned, I think service tax exemption has made this scheme a little more attractive as compared to fixed deposits or other small saving schemes. You can consider this scheme if you want a super safe investment avenue with reasonably high returns for yourself.

Lic Varishtha Pension Bima Yojana Table No 827 Chart including 3.09 % Tax

Lic Varishtha Pension Bima Yojana Table No 827 Form

LIC Golden Money Back Policy

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LIC Jeevan Anurag 168

Lic jeevan anurag 168 from Satyendra Gupta

Jeevan Saral ATM Plan table no 165

New LIC Jeevan Saral ATM Plan table no 825

Jeevan Saral ATM Plan table no 165



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LIC Jeevan Surabhi (Money Back)

Features:

This plan is similar to other money back plans. However main differences in regular money back plans and LIC Jeevan Surabhi are as under

Maturity term is more than premium paying term.

Early and higher rate of survival benefit payment.

Risk cover increases every five years.

The actual term and the premium paying term for these plans are as under.

Plan no.	Policy Term	Premium Paying Term
106	15 years	12 years
107	20 years	15 years
108	25 years	18 years

Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.

Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.

Suitable For:
LIC Jeevan Surabhi plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.

Benefits:

JEEVAN SURABHI – (Table Nos. 106,107 & 108)

Introduction:

For the year 2004-05 the two rates of investment return declared by the Life Insurance Council are 6% and 10% per annum.

Product summary:

This is a with-profits plan available for three different terms of 15, 20 and 25 years with corresponding premium paying terms of 12, 15 and 18 years. The plan provides a specified percentage of Sum Assured on survival up to specified durations. A life insurance cover is available throughout the term of the plan which increases after every five yearly intervals.

Premiums:  

Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the premium paying term of the policy or till the earlier death.

Bonuses: LIC Jeevan Surabhi is a with-profit plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of the profits in the form of bonuses. Simple Reversionary 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. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Death Benefit:     

The Sum Assured along with the additional cover, if any, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. The survival benefits paid prior to death will not be deducted from the claim amount.

Survival Benefit: A percentage of sum assured as mentioned below will be paid on your survival to the end of specified durations:

Percentage of Sum Assured payable at the end of specified duration
Plan and Term ( Premium Paying Term )
Duration	106/15(12)	107/20(15)	108/25(18)
4	30%	25%	20%
5	-	-	-
8	30%	25%	20%
10	-	-	-
12	40%	25%	20%
15		25%	20%
18	-	-	20%

Maturity Benefit:    

LIC Jeevan Surabhipolicy matures on your survival to the end of the policy term. All bonuses declared up to maturity date will be paid in a lump sum.

Supplementary/Extra Benefits:  These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.

Surrender Value:    

Buying a life insurance contract is a long-term commitment.  However, surrender values are available under the plan on earlier termination of the contract.

Guaranteed Surrender Value:

The policy may be surrendered after it has been in force for 3 years or more.  The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium in case no survival benefit payment has already fallen due. Where one or more survival benefits have fallen due, the guaranteed surrender value will be 30% of the premiums paid on or after the due date of payment of latest survival benefit.

Corporation’s policy on surrenders:

 In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender is the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the number of premiums paid and the duration at which surrender value is calculated. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

The Corporation reviews the surrender value under its plans from time to time depending on the economic environment, experience and other factors.

  Note: The above is the product summary giving the key features of the plan.  This is for illustrative purpose only.  This does not represent a contract and for details please refer to your policy document.

Benefit Illustration:

            Illustration 1 (Table 106)

            Age at entry: 35 years

            Policy Term: 15 Years   

            Premium Paying Term: 12 Years  

            Mode of premium payment: Yearly

            Sum Assured : Rs. 1,00,000 /-

            Annual Premium : Rs. 10963 /-

               Illustration 2 (Table 107)

            Age at entry : 35 years

            Policy Term : 20 Years     

            Premium Paying Term : 15 Years  

            Mode of premium payment : Yearly

            Sum Assured : Rs. 1,00,000 /-

            Annual Premium : Rs. 9581 /-

                 

                Illustration 3 (Table 108)

            Age at entry : 35 years

            Policy Term : 25 Years     

            Premium Paying Term : 18 Years  

            Mode of premium payment : Yearly

            Sum Assured : Rs. 1,00,000 /-

            Annual Premium : Rs. 8776 /-

                 

            Plan Parameters :

Minimum Maximum Entry age 14 (last birthday) plan 106 55 plan 107 50 plan 108 45 Sum assured (Rs.) 50,000 NO LIMIT Term (years) 15 years Fixed Term Mode of Payment Maximum Maturity Age Policy loan available Yearly, Half-yearly, Quarterly, Monthly, Salary Saving Scheme 70 years Yes

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Best LIC Policy

        Call us at 9899307833 / 9811362697

Call us at 9899307833 / 9811362697

LIC Jeevan Anurag

LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. LIC Jeevan Anurag plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, LIC Jeevan Anurag plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.

Assured BenefitPayment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.

Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.

Eligibility Conditions And Other Restrictions
FOR BASIC PLAN

Age at entry	Age of the Life Assured- 20 to 60 years (age nearest birthday)
Age of the Life Assured at maturity	Maximum 70 years (age nearest birthday)
Term	All terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years.
Minimum Sum Assured	Rs. 50,000 /-
Maximum Sum assured	No limit. Sum Assured will be in multiples of Rs.5,000 /- only.
Mode	Yearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.

FOR TERM ASSURANCE RIDER

Age at entry	Age of the Life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity	Maximum 60 years (age nearest birthday)
Term	NIL
Minimum Sum Assured	Rs. 1,00,000 /-
Maximum Sum assured	An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing policies of the life assured and the term assurance rider under the new proposal into consideration.
Mode	NIL

The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-.
FOR CRITICAL ILLNESS RIDER

Age at entry	Age of the life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity	Maximum 60 years (age nearest birthday)
Term	NIL
Minimum Sum Assured	Rs. 50,000 /-
Maximum Sum assured	An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all critical illness riders availed under all existing policies of the life assured and the critical illness rider under the new proposal into consideration.
Mode	NIL

The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-.

REBATES/EXTRA FOR MODE OF PREMIUM PAYMENT AND HIGH SUM ASSUREDMode rebate: 2% for yearly mode and 1% for half yearly mode on the tabular premium. There are no rebates for quarterly and SSS modes. For monthly mode, 5% extra will be charged on the tabular premium. Large Sum Assured Rebate: Rs. 2%o Sum Assured for Sum Assured Rs.1,05,000/- and above. No rebate for Sum Assured up to and including Rs.1,00,000/-. No rebate is available (either made) on the rider premiums.


The plan offers other benefits as follows:
Grace Period: A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.

15 –days Cooling-off period:If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days. Paid up Value:
If at least three full years' premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but the Sum Assured by it shall be reduced to such a Sum, called the paid-up value, as shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number of premiums originally stipulated in the policy. The policy so reduced shall thereafter be free from all liability for payment of the within mentioned premium, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. The Sum Assured so reduced along with existing bonuses, if any, shall be paid in one single installment on maturity or on earlier death.

The rider benefits will cease to apply if the policy is in lapsed condition.

Once the payment of assured benefit starts, the policy shall be kept in force till maturity and the unpaid premiums, if any, will be deducted with interest at appropriate rate out of the next benefit payment. Loan:
Policy Loan is permissible under the policy after it acquires a paid-up value but before starting of payment of assured benefits. The terms and conditions of loan and the rate of interest applicable will be as fixed by the Corporation from time to time. At present, the rate of interest is 9% p.a. compounding half-yearly. Guaranteed Surrender Value: LIC Jeevan Anurag policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The guaranteed surrender value allowable under this plan for all modes, except the single premium mode will be equal to 30 per cent of the premiums paid excluding the premiums paid for the first year and all extra premiums and the premiums paid for optional / rider benefits. In case of single premium mode, the guaranteed surrender value will be 90 per cent of the premiums paid excluding all extra premiums and the premiums paid for optional / rider benefits. The cash value of any existing vested bonus additions will also be payable on surrender. Revival: Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time. At present the rate of interest is 8% p.a. compounding half-yearly.

OPTIONAL RIDER BENEFITS:
LIC Jeevan Anurag plan offers following optional riders on payment of additional premium and subject to the eligibility conditions mentioned below: Accidental Death and Disability Benefit Accidental Death and Disability Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together

Term Assurance Rider Benefit Term assurance rider benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together.

Critical Illness Rider Benefit Critical Illness Rider Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 5 lakh under all policies of the life assured with the Corporation taken together.

If Premium Waiver Benefit is opted for, then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums in respect of the policy will be waived. Sum Assured under such policies will not exceed Rs 5 lakh.

ACCIDENTAL DEATH AND DISABILITY BENEFIT:
On death arising as a result of accident an additional amount equal to the Accident Benefit Sum Assured is payable. On total and permanent disability arising due to accident (within 180 days from the date of accident) an amount equal to the Accident Benefit Sum Assured will be paid over a period of 10 years in monthly installments. The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered :
i) Irrevocable loss of the entire sight of both eyes, or
ii) amputation of both hands at or above the wrists, or
iii) amputation of both feet at or above ankles, or
iv ) amputation of one hand at or above the wrist and one foot at or above the ankle

No benefit will be paid if accidental death or disability arises due to accident in case of:

i) intentional self-injury, attempted suicide insanity or immorality or the Life Assured is under the influence of intoxicating liquor, drug or narcotic
ii) engagement in aviation or aeronautics other than that of a passenger in any air craft
iii) injuries resulting from riots, civil commotion, rebellion, war, invasion, hunting, mountaineering, steeple chasing or racing of any kind
iv) accident resulting from committing any breach of law
v) accident arising from employment in armed forces or military services or police organization.


TERM ASSURANCE RIDER BENEFIT: An amount equal to Term Assurance Rider Sum Assured will be payable on death of the life assured during the policy term.

If Premium Waiver Benefit has been opted for , then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums payable (total installment premium) will be waived.


EXCLUSIONS:
LIC Jeevan Anurag policy shall be void if the Life Assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bona-fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office where this policy is serviced, at least one calendar month prior to death.


BENEFIT ILLUSTRATION:

                                    
Illustration 1:
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: 25 years
Mode of premium payment: Yearly
Sum Assured: Rs.1,05,000/-
Bonus Assumptions:
Regular Bonus  - Rs.21 per thousand S.A at 6% rate of return
                         Rs.55 per thousand S.A at 10% rate of return
Terminal Bonus - Rs. 170 per thousand S.A at 6% rate of return
                         Rs. 450 per thousand S.A at 10% rate of return
Annual Premium : Rs.4,606/-

Illustration 2:
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: One
Sum Assured: Rs.1,05,000/-
Bonus Assumptions:
Regular Bonus  - Rs.24 per thousand S.A at 6% rate of return
                         Rs.92 per thousand S.A at 10% rate of return
Terminal Bonus - Rs.200 per thousand S.A at 6% rate of return
                         Rs.760 per thousand S.A at 10% rate of return
Single Premium: Rs.59,157 /-






EXTRACT from Section 41 of the Insurance Act:

(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer : provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this Section shall be punishable with a fine which may extend to Rs.500 / -