LIC Jeevan Amar Term Insurance Plan No 855

LIC Jeevan Amar (No.855) is a Non-Linked & Non-Participating Term Life Insurance Plan. 

LIC Jeevan Amar Term Insurance Plan 855 - Features

• Minimum Age : 18 years
• Maximum Age : 65 years
• Maximum Age at Maturity : 80 years
• Minimum Sum Assured is Rs.25 lakh and there is no limit for maximum sum assured.
• Maximum Sum Assured : No Limit
• Policy Term : 10 to 40 years
• Premium Paying Term (PPT) : Same as Policy term
• Single Premium : Minimum premium would be Rs. 30000/-.
• Commencement of Risk : Immediate from the date of issuance of Policy.
• You can pay the premium as regular, single or limited.
• You can opt for a level sum assured, where the sum assured you opted will remain the same throughout the policy period.
• You can opt for an increasing sum assured also, where the death benefit will remain the same up to 5 years of the first policy period. After that, it will increases at a rate of 10% for the next 10 years. From the 16th year, it will remain the same.
• Death Benefits can be taken in installments also of 5 years, 10 years or 15 years.
• Coverage up to 80 years of age.
• You can opt for Accidental Rider also.
• Optional Rider benefit.
• No Loan facility available under this plan.
• Back-dating is also not allowed under this plan.
• Free Look up period  15 days from the date of receipt of policy.
• Lower rates for Non-Smokers and special rates for women.

LIC Jeevan Amar Term Insurance Plan 855 - Benefit Options

Death Benefits

Regular Premium : For regular & Limited premium payment policy, "Sum Assured on Death" is

• 7 times or annualized premium or
• 105 % of all the premiums paid as on the date of death or
• Absolute amount assured to be paid on death.

Single Premium :

• 125 % of Single Premium
• Absolute amount assured to be paid on death.

Increasing Sum Assured

• Under this feature, the death benefit will be the same as that of the initial sum assured you have chosen for the first five years.
• From 6th policy year to 10th year, it will increase at the rate of 10% per year.
• From the 16th year of the policy period, it will remain the same throughout the remaining policy period.
• Accordingly, your nominee will receive the death benefit during which period of the policy your death occurs.

Death benefit payment option to the nominee

Your nominee can receive the death benefit as a lump sum or in installments. If you opted for installments, then LIC will pay the death benefit installments in 5 years, 10 years or 15 years.

You can choose the full death claim amount be payable in installments or a certain portion of death claim in installments.

You can choose this installment option either at the time of buying or during the policy period.


More Details coming soon.

LIC Jeevan Shanti Single Premium Annuity Plan No. 850

LIC Jeevan Shanti - Single Premium Annuity Plan - One Time Investment 

Options to choose: 

1. Immediate annuity or
2. Deferred annuity rates are guaranteed at the inception of the policy.

10 options for immediate annuity
2 option for deferred annuity: 1. Single life 2. Joint life

Min age at entry: 30 years 
Max age at entry: for immediate annuity except option "f" & "1”: 85 years

For immediate annuity for option "f" & "j”: 100 years 

Deferred annuity: 79 years 

Deferment period: 1 year to 20 years 

Guaranteed addition every month for deferment period.

Close relatives as joint life annuitants [means: grandparents / parents / children / grand children or spouse or siblings]

LIC Jeevan Shanti Loan facility 

Surrender value from 3 months of completion [without insisting for medical certificate] death benefit - 3 payments options: 

1. Lump sum.
2. Annuitization [annuitization is the process of converting an annuity investment into a series of periodic income payments. Annuities may be annuitized for a specific period or for the life of the annuitant]
3. Installments.

Income Tax Benefit for Premium Payment

LIC Jeevan Shanti Premium Chart Details

Immediate annuity pension is almost same as that of Jeevan Akshay - VI

Deferred Pension Examples: - 

Single life age: 50 years, purchase price: 10 Lakhs 

Deferment Period	Annuity	Rate
5 Years	91800/-	9.18 %
10 Years	128300/-	12.83 %
15 Years	169500/-	16.95 %
20 Years	192300/-	19.23 %

Joint life: age 60 years & 30 years: purchase price: Rs. 10 Lakhs 

Deferment Period	Annuity	Rate
5 Years	87900/-	8.79 %
10 Years	120000/-	12 %
15 Years	164000/-	16.46 %
20 Years	219600/-	21.96 %

LIC Jeevan Shanti - Single Premium Annuity Plan - One Time Investment Details

LIC Jeevan Shanti Plan No 850 Proposal Form

LIC Jeevan Shanti Plan Surrender Value

The policy can be surrendered at any time after three months from the completion of policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later under the following annuity options only:

a. Immediate Annuity

i) Option F: Immediate Annuity for life with return of Purchase Price.

ii) Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

b. Deferred Annuity

i) Option 1: Deferred annuity for Single life

ii) Option 2: Deferred annuity for Joint life

If the chosen annuity option is other than specified above, surrender of policy shall not be allowed. On the payment of the surrender value, the policy shall terminate and all other benefits shall cease.

The surrender value payable shall depend on the age (last birthday) of the Annuitant at the time of surrender/date of vesting of the policy.

Pradhan Mantri Vaya Vandana Yojana Plan No. 842

Pradhan Mantri Vaya Vandana Yojana (PMVVY) for Senior citizens aged 60 years and above.

Pradhan Mantri Vaya Vandana Yojana Plan No. 842 is a Government subsidized pension Scheme which shall provide an assured return of 8% p.a. payable monthly (i.e. equivalent to 8.30% p.a.) on the pensioner surviving during the policy term of 10 years.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan No. 842 Benefits:

The benefits payable under Pradhan Mantri Vaya Vandana Yojana plan are as under:

Pension Payment :

On survival of the Pensioner during the policy term, Pension in arrears (at the end of each period as per mode chosen by the Pensioner) shall be payable.

Death Benefit:

On death of the Pensioner during the policy term, the Purchase Price shall be refunded to the nominee/legal heirs.

Pradhan Mantri Vaya Vandana Yojana Plan No. 842 Maturity Benefit:

On survival of the pensioner to the end of the policy term, Purchase price and the final pension instalment shall be payable.

Eligibility Conditions and Restrictions:

Minimum Entry Age                : [60] years (completed)
Maximum Entry Age               : No limit
Policy Term                            : 10 Years
Minimum Pension                  : Rs. 1,000 per month / 3,000 per quarter / 6,000 per half year / 12,000 per year
Maximum Pension                 : Rs. 5,000 per month / 15,000 per quarter / 30,000 per half year / 60,000 per year

Ceiling of maximum pension is for a family as a whole i.e. total amount of pension under all
the policies allowed to a family under Pradhan Mantri Vaya Vandana Yojana plan shall not exceed the maximum pension limit.
The family for this purpose will comprise of pensioner, his/her spouse and dependants.

Mode of Pension Payment :

Mode of pension payment shall be monthly, quarterly, half-yearly or yearly.

The pension payment shall be through NEFT or Aadhaar Enabled Payment System.

The first instalment of pension shall be paid after 1 year, 6 months, 3 months, or 1 month from
the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-
yearly, quarterly or monthly respectively.

Pension Rates:

The pension rates are not age specific and the rate of pension for Rs.1000/— purchase price for
different modes of pension payments are as below:

Yearly :                       Rs. 83.00 pa.
Half-yearly :                Rs. 81.30 pa.
Quarterly :                  Rs. 80.50 pa.
Monthly :                    Rs. 80.00 p.a.

The pension instalment shall be rounded off to the nearest rupee.

Purchase Price:

Pradhan Mantri Vaya Vandana Yojana (PMVVY) plan can be purchased by payment of a lump sum Purchase Price. The pensioner has an
option to choose either the amount of pension or the Purchase Price.

For offline sale of policies, the Purchase Price payable shall be accepted by cheques/drafts
payable on the Branch of the Bank which is member of the Local / CTS/ Speed Clearing Center.

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

Mode of Pension Minimum Purchase Price Maximum Purchase Price

Yearly                                       Rs. 1,44,578/— Rs. 7,22,892/—
Half-yearly                                Rs. 1,47,601/— Rs. 7,38,007/—
Quarterly                                  Rs. 1,49,068/— Rs. 7,45,342/—
Monthly                                    Rs. 1,50,000/— Rs. 7,50,000/—

The purchase price shall be rounded off to the nearest rupee.

Rebates:

No rebate (including CEIS rebate) is available under this Pradhan Mantri Vaya Vandana Yojana.

Taxes:

Statutory Taxes, if any, imposed on this Plan by the Government of India or any other
constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable
from time to time.

Surrender Value:

The scheme allows premature exit during the policy term under exceptional circumstances like
the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse.
The Surrender Value payable in such cases shall be 98% of Purchase Price.

Loan:

Loan facility is available after completion of 3 policy years. The maximum loan that can be
granted shall be 75% of the Purchase Price.

The rate of interest to be charged for loan amount would be determined from time to time by the
Corporation.

Loan interest will be recovered from pension amount payable under the policy. The Loan
interest will accrue as per the frequency of pension payment under the policy and it will be due
on the due date of pension. However, the loan outstanding shall be recovered from the claim
proceeds at the time of exit.

Suicide Clause: 

There shall be no exclusion on count of suicide and full Purchase Price shall be payable.

Free Look Period :

If a policyholder is not satisfied with the "Terms and Conditions” of the policy, he/she may return
the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the
date of receipt of the policy.

The amount to be refunded within free look period shall be the Purchase Price deposited by the
policyholder after deducting the charges for Stamp duty and pension paid, if any.

Policy stamping :

Policy stamping charges will be at the rate of 20 paisa per thousand of Purchase Price under
this Plan.

Reinsurance:

No reinsurance is required for policies taken under Pradhan Mantri Vaya Vandana Yojana plan.

Assignments/Nominations

Assignment as per section 38 of the insurance Act, 1938 as amended from time to time shall be

allowed in favour of HO of india only, if pensioner opts for loan under the policy.

Nomination by the pensioner is required as per Section 39 of the insurance Act, 1938, as
amended from time to time.

The notice of nomination or change of nomination should be submitted for registration to the
office of the Corporation, where the policy is serviced. In registering nomination the Corporation
does not accept any responsibility or express any opinion as to its validity or legal effect.

Pradhan Mantri Vaya Vandana Yojana - Proposal Form 842

Normal requirements for claim:

All the claim payments under this plan shall be paid through NEFT/ Aadhaar Enabled Payment
System. Other requirements are as under:

For benefit payable on death of the Pensioner:

The normal documents which the claimant shall submit while lodging the claim in case of death
of the Pensioner shall be claim forms, as prescribed by the Corporation, accompanied with
original policy document, proof of title, proof of death, to the satisfaction of the Corporation. if

the age is not admitted under the policy, the proof of age of the Pensioner shall also be
submitted.

For pension payments:

The Pensioner shall submit the Life Certificate in the proforma of the Corporation or online
“Jeevan Pramaan” as enabled by Corporation in this regard at the time intervals as prescribed
from time to time. The pension payments shall be released only on receipt of the Life Certificate.

For benefit payable on Surrender:

The Pensioner shall submit the discharge form along with the original policy document, proof of
medical treatment of self/spouse and proof of age, if the age is not admitted earlier.

For benefit payable on Maturity:

The Pensioner shall submit the discharge form along with the original policy document and
proof of age, if the age is not admitted earlier.

Other Plans :  LIC JEEVAN Akshay VI Table No 189 , LIC New Jeevan Anand Plan Table No - 815, LIC New Endowment Plan Table No - 814

LIC Pension Plans - Jeevan Akshay VI Table No 189

LIC Pension Plans - Jeevan Akshay VI Table No 189

LIC Pension Plans - Jeevan Akshay VI Table No 189 Comparison with SBI

Pension Plans - Jeevan Akshay VI Table No 189

Introduction:                                                                                    

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

Options Available:

The following options are available under the plan

·  Type of Annuity:

o Annuity payable for life at a uniform rate.

o Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

o Annuity for life with return of purchase price on death of the annuitant.

o Annuity payable for life increasing at a simple rate of 3% p.a.

o Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

o Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

o Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.

Mode:

·  Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity...

Salient features:

o Premium is to be paid in a lump sum.

o Minimum purchase price :

§ Rs.100, 000/- for all distribution channels except online.

§ Rs.150, 000/- for on line sale.

o No medical examination is required under the plan.

o No maximum limits for purchase price, annuity etc.

o Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).

o Age proof necessary.

Annuity Rate:

Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last birthday	Yearly annuity amount under option
	( i )	( ii ) (15 years certain)	( iii )	( iv )	( v )	( vi )	(vii)
30	6750	6730	6430	4870	6640	6530	6410
40	7080	7020	6470	5230	6870	6680	6430
50	7710	7530	6520	5900	7330	6990	6470
60	8930	8390	6600	7140	8220	7620	6530
70	11650	9460	6730	9820	10130	8970	6620
80	17410	10080	6920	15440	14170	11940	6760

Incentives for high purchase price:

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

Incentives for high purchase price:

For purchase price of Rs. 2.50 lakh or more, higher amount of annuity/ pension due to available incentives shall be paid.

Paid-up value:

The policy does not acquire any paid-up value.

Surrender Value:

No surrender value will be available under the policy.

Loan:

No loan will be available under the policy.

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 from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.

Section 45 of Insurance Act 1938:

o No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

o Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Section 41 of Insurance Act 1938:

o 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 rebate 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 taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

o Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies?

If the annuitant dies:

1.    Under option (i) annuity ceases.

2.    Under option (ii)
On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
On death after the guaranteed period - annuity ceases.

3.    Under option (iii) annuity ceases and the purchase price is paid to the nominee.

4.    Under option (iv) annuity ceases.

5.    Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

6.    Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

7.    Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

When first installment of annuity payable:

First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.

TAX Benefit:

The Central Government have approved Jeevan Akshay-VI Plan of the Life Insurance Corporation of India as an annuity plan eligible for deduction under clause (xii) of sub-section (2) of section 80C of the Income Tax Act, 1961.

Persons who have invested in this plan during the financial year 2007-08 or subsequently (relevant assessment year being 2008-09 and subsequent assessment years till now) will be eligible for deduction of the amount invested from their total income chargeable to income tax. The benefit will, however, be limited to the overall ceiling of Rs.1, 50,000 available for deductions under section 80C.

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Jeevan Akshay VI Table No 189 Return Rate

Jeevan Akshay Proposal Form number 440:

Varishtha Pension Bima Yojana Senior Citizens Plan 828

Lic Varishtha Pension Bima Yojana for Senior Citizens Plan 828 Details 

Maximum Limit of Investment under Pradhan Mantri Vaya Vandana Yojana is Rs. 15 lakhs per senior citizen as against the existing limit of Rs. 7.5  lakhs per family and extended the period  up to 31 March, 2020.

• 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