LIC Pension Plans
Different Pension Plans by LIC
- New Jeevan Suraksha – I
- New Jeevan Dhara – I
- Jeevan Nidhi
- Jeevan Akshay – VI
The following are the features of New Jeevan Suraksha-I & New Jeevan Dhara –I:
- The premiums can be paid annually, half yearly, quarterly, monthly or even by deducting from the salary. However, the payment of premium depends on the option decided by the policy holder. Tax exemption is available under Section 80ccc on premiums paid under these 2 policies. For New Jeevan Suraksha-I, it is Table No. 147 in Section 80ccc and for New Jeevan Dhara –I, it is Table No. 148 in Section 80ccc in Income Tax Act.
- Benefits of Tax exemption: Policies share profits in the form of bonus. Additional bonus can also be paid if the policy has been recognized for certain period.
The features of this policy are:
- There is a guaranteed inclusion on completion of an year, of Rs.50/- per thousand sum for each year for the first 5 years. The profits will be distributed from the 6th year and the bonus received will be as per the corporation standards.
- Profit Distribution: The payment mode and type of annuity for the policy holder or nominee will be decided according to the availability of the annuity plan at that point of time.
The different types of annuity available are:
- Annuity at uniform rate.
- Annuity for 5, 10, 15, 20 years and will be paid as long as the policy holder is alive.
- Annuity for whole life along with the return of the purchase price after the death of policy holder
- Annuity of whole life along with an option of transferring 50% payment made to spouse after the death of policy holder.
- Annuity of whole life along with an option of transferring 100% payment made to spouse after the death of policy holder.
- Premium has to be paid in a large amount.
- There is no requirement for medical examination under this plan.
- There is no specific maximum limit mentioned for annuity and purchase price.
- Age proof is necessary to apply for this policy.