Which Plan is Better for Retirement Planning.

In LIC there are 2 Pension Plans available.1st is New Jeevan Nidhi and 2nd Jeevan Akshay-6.Both plans are really good and below i have mention the details of Both Plan.
LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e.Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years. 

The premiums paid are exempt under Section 80CCC of Income Tax Act.

Salient Features: 

a . Guaranteed Additions:  Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.

b. Participation in profits: The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.

c. Benefit On Vesting:
1. Option to commute up to 1/3rd of the amount available on vesting, which shall include the Sum Assured under the Basic Plan together with accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any.

2 . Annuity as per the option selected: Annuity on the balance amount if commutation is exercised, otherwise annuity on the full amount.

3. Annuity with return of purchase price on death: The annuity is paid to the life assured as long as he/she is alive. On the death of the life assured, the purchase price of the annuity is paid as death benefit. The purchase price includes the Sum Assured under the Basic Plan, the accrued Guaranteed Additions and any accrued bonuses, excluding the commuted value, if any.

4. Increasing annuity: The annuity is paid to the life assured as long as he/she is alive. The amount of annuity increases every year at a simple rate of 3% per annum.

5. Joint Life Last Survivor Annuity: The annuity is paid to the life assured as long as he/she is alive. On death of the life assured, 50% of the annuity is payable to the nominated spouse as long as the spouse is alive.

d. Death Benefit on death before annuity vests: On the death of the Life Assured during the deferment period of the policy, i.e. before the annuity vests, an amount equal to the Sum Assured under the Basic plan along with the accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any, will be paid in a lump sum to the appointed nominee, provided the policy is in force for full Sum Assured. Nominee will also have the option to purchase an annuity with this amount.

Best Plan For Pension For Old Age.

In LIC there are 2 Pension Plans available.1st is New Jeevan Nidhi and 2nd Jeevan Akshay-6.Both plans are really good and below i have mention the details of Both Plan.
LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e.Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years. 

The premiums paid are exempt under Section 80CCC of Income Tax Act.

Salient Features: 

a . Guaranteed Additions:  Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.

b. Participation in profits: The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.

c. Benefit On Vesting:
1. Option to commute up to 1/3rd of the amount available on vesting, which shall include the Sum Assured under the Basic Plan together with accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any.

2 . Annuity as per the option selected: Annuity on the balance amount if commutation is exercised, otherwise annuity on the full amount.

3. Annuity with return of purchase price on death: The annuity is paid to the life assured as long as he/she is alive. On the death of the life assured, the purchase price of the annuity is paid as death benefit. The purchase price includes the Sum Assured under the Basic Plan, the accrued Guaranteed Additions and any accrued bonuses, excluding the commuted value, if any.

4. Increasing annuity: The annuity is paid to the life assured as long as he/she is alive. The amount of annuity increases every year at a simple rate of 3% per annum.

5. Joint Life Last Survivor Annuity: The annuity is paid to the life assured as long as he/she is alive. On death of the life assured, 50% of the annuity is payable to the nominated spouse as long as the spouse is alive.

d. Death Benefit on death before annuity vests: On the death of the Life Assured during the deferment period of the policy, i.e. before the annuity vests, an amount equal to the Sum Assured under the Basic plan along with the accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any, will be paid in a lump sum to the appointed nominee, provided the policy is in force for full Sum Assured. Nominee will also have the option to purchase an annuity with this amount.

Pension Plan Type In LIC.

In LIC there are 2 Pension Plans available.1st is New Jeevan Nidhi and 2nd Jeevan Akshay-6.Both plans are really good and below i have mention the details of Both Plan.
LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e.Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years. 

The premiums paid are exempt under Section 80CCC of Income Tax Act.

Salient Features: 

a . Guaranteed Additions:  Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.

b. Participation in profits: The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.

c. Benefit On Vesting:
1. Option to commute up to 1/3rd of the amount available on vesting, which shall include the Sum Assured under the Basic Plan together with accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any.

2 . Annuity as per the option selected: Annuity on the balance amount if commutation is exercised, otherwise annuity on the full amount.

3. Annuity with return of purchase price on death: The annuity is paid to the life assured as long as he/she is alive. On the death of the life assured, the purchase price of the annuity is paid as death benefit. The purchase price includes the Sum Assured under the Basic Plan, the accrued Guaranteed Additions and any accrued bonuses, excluding the commuted value, if any.

4. Increasing annuity: The annuity is paid to the life assured as long as he/she is alive. The amount of annuity increases every year at a simple rate of 3% per annum.

5. Joint Life Last Survivor Annuity: The annuity is paid to the life assured as long as he/she is alive. On death of the life assured, 50% of the annuity is payable to the nominated spouse as long as the spouse is alive.

d. Death Benefit on death before annuity vests: On the death of the Life Assured during the deferment period of the policy, i.e. before the annuity vests, an amount equal to the Sum Assured under the Basic plan along with the accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any, will be paid in a lump sum to the appointed nominee, provided the policy is in force for full Sum Assured. Nominee will also have the option to purchase an annuity with this amount.

LIC Pension Plan

In LIC there are 2 Pension Plans available.1st is New Jeevan Nidhi and 2nd Jeevan Akshay-6.Both plans are really good and below i have mention the details of Both Plan.
LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years.

The premiums paid are exempt under Section 80CCC of Income Tax Act.

Salient Features: 

a . Guaranteed Additions:  Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.

b. Participation in profits: The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.

c. Benefit On Vesting:
1. Option to commute up to 1/3rd of the amount available on vesting, which shall include the Sum Assured under the Basic Plan together with accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any.

2 . Annuity as per the option selected: Annuity on the balance amount if commutation is exercised, otherwise annuity on the full amount.

3. Annuity with return of purchase price on death: The annuity is paid to the life assured as long as he/she is alive. On the death of the life assured, the purchase price of the annuity is paid as death benefit. The purchase price includes the Sum Assured under the Basic Plan, the accrued Guaranteed Additions and any accrued bonuses, excluding the commuted value, if any.

4. Increasing annuity: The annuity is paid to the life assured as long as he/she is alive. The amount of annuity increases every year at a simple rate of 3% per annum.

5. Joint Life Last Survivor Annuity: The annuity is paid to the life assured as long as he/she is alive. On death of the life assured, 50% of the annuity is payable to the nominated spouse as long as the spouse is alive.

d. Death Benefit on death before annuity vests: On the death of the Life Assured during the deferment period of the policy, i.e. before the annuity vests, an amount equal to the Sum Assured under the Basic plan along with the accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any, will be paid in a lump sum to the appointed nominee, provided the policy is in force for full Sum Assured. Nominee will also have the option to purchase an annuity with this amount.

Surrender Value OF LIC New Children Money Back Plan.

Surrender Value: 
The policy can be surrendered provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premium for rider, if opted for, less any survival benefits already due and payable. This percentage will depend on the policy term and policy year in which the policy is surrendered. In addition, the surrender value of any vested Simple Reversionary Bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which policy is surrendered .Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder. In addition to the payable Surrender Value, if the option to defer the Survival Benefit(s) has been exercised and payment of such Survival Benefit(s) which were due but have not yet been made, these increased Survival Benefit(s).For More Details about the surrender value of any plan contact us on +91 7319758961 or submit your query with your policy number here : http://thepolicykart.com/query.php

Eligibility Of LIC Children Money Back Plan.

1. Eligibility Conditions and Other Restriction : 

a) Minimum Basic Sum Assured : Rs. 100,000
b) Maximum Basic Sum Assured : No Limit (The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
c) Minimum Age at entry for Life Assured : [0] years (last birthday)
d) Maximum Age at entry for Life Assured : [12] years (last birthday)
e) Minimum/ Maximum Maturity Age for : [25] years (last birthday) Life Assured
f) Policy Term : [25 – Age at entry] years

Date of commencement of risk under the plan: In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

Date of vesting under the plan: The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

2. Payment of Premiums: Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the term of policy However, a grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.

LIC New Children Money Back Plan Maturity Calculator.

LIC's New Children’s Money Back Plan is a participating non-linked money back plan. This plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits. In addition, it provides for the risk cover on the life of child during the policy term and for number of survival benefits on surviving to the end of the specified durations. The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

1. Benefits: 

Death benefit:On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force, then On death of the Life Assured before the date of commencement of risk: Return of premium/s excluding taxes, extra premium and rider premium, if any. On death after the date of commencement of risk: Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. Basic Sum Assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death. The premiums mentioned above exclude taxes, extra premium and rider premium, if any.

Survival Benefit: On the Life Assured surviving the policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years, 20% of the Basic Sum Assured on each occasion shall be payable, provided the policy is in full force. Maturity Benefit: On the Life assured surviving the stipulated date of maturity, provided the policy is in full force, Sum Assured on Maturity ( which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force. Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity. 

2. Optional Benefit: 

a) Option to defer the Survival Benefit(s): The policyholder will have option to take the survival benefit at any time on or after its due date but during the currency of the policy. In case of deferment of a due survival benefit (s) opted by the policyholder, the Corporation will pay increased survival benefit (s) equal toSurvival Benefits % * Sum Assured * (Factor applicable to Survival Benefit (s)) This option shall be required to be intimated in writing by the policyholder six months before the due date of the Survival Benefit to the servicing branch of policy.

b) LIC’s Premium Waiver Benefit Rider: LIC’s Premium WaiverBenefit Rideris available as an optional rider on the life of proposer aged between ages 18 to 55 years by payment of additional premium. In case of death of the proposer, the premiums under the basic plan falling due after the date of death shall be waived. The cost of medical and special reports shall be borne by the proposer. This rider shall not operate in the event of death of the proposer by his own hands whether sane or insane within 12 months from the date of issuance of First Premium receipt or within 12 months from the date of revival. For more details on the above rider contact us on +91 7319758961 or submit your query here : http://thepolicykart.com/query.php