LIC New Jeevan Suraksha - I Plan

The eligibility criteria and other conditions for LIC New Jeevan Suraksha - I is as given below.

Key Features of LIC New Jeevan Suraksha - I

LIC New Jeevan Suraksha - I is exclusively designed to meet the retirement benefits and protection requirements of all age classes. The flexible retirement pension options and term rider options makes LIC New Jeevan Suraksha - I an ideal solution when it comes to retirement insurance plans. Given below are some of the key advantages of LIC New Jeevan Suraksha - I which makes it one of the most sought after deferred annuity plans in the insurance market.

1. Deferred Annuity PlanLIC New Jeevan Suraksha - I is a deferred annuity pension plan meaning that on survival of the policyholder beyond the selected term of the policy, the accumulated sum (bonuses, sum assured and guaranteed additions) will be used to provide back a pension (or annuity) for the policyholder. Also, LIC New Jeevan Suraksha - I offers risk cover during the period of deferment.
2. Premium PaymentPremium for LIC New Jeevan Suraksha - I can be paid yearly, half - yearly, quarterly or monthly and also through salary deduction. The premium can be paid till earlier death or throughout the policy term. Also, for more flexibility, the policyholder may opt to pay the entire premium in one go as lumpsum.
3. BonusesLIC New Jeevan Suraksha - I is a plan with profit and shares the profits of Corporations' pension business and annuity plan. LIC New Jeevan Suraksha - I get a fair share of profits as bonuses. At the end of every financial year, per every thousand of sum assured annually, simple reversionary bonuses will be awarded. The bonuses become a guaranteed benefit for the plan as soon as they are declared. Once the policy has run for a given minimum period,

Benefits / Advantages of LIC New Jeevan Suraksha - I

LIC New Jeevan Suraksha - I is an old age pension plan which has been designed keeping in mind the needs of self employed people and employees of private companies who do not get a proper pension allowance after retirement. At the end of the policy period, this policy will pay the policyholder a lump sum and a suitable pension for lifetime if the policyholder opts for it. Here are some of the benefits and advantages of LIC New Jeevan Suraksha - I which makes it one of the best retirement plans in the market.

1. Premium Payment - The policyholder can choose to pay the premium on a half-yearly, monthly or quarterly basis or a single time payment of lumpsum. Mode rebates varying from 0.5% to 2.6% of total tabular annual premium will be offered on half yearly, quarterly or yearly premiums.
2. Guaranteed Surrender Value - Surrender of a single premium policy will be allowed after 2 years of commencement. The policyholder will get a guaranteed surrender value of 90% of the single premium. For annual premium plans, the guaranteed surrender value will be equal to 90% of premiums paid not including extra premium, first year premium and all term assurance premiums.
3. Rider Options during Deferment - During deferment, the policyholder can opt for term rider option. If the policyholder has opted for a term assurance rider, the term assurance sum assured and all premiums compounded at a rate specified by LIC from time to time will be offered to the nominee.

How the LIC New Jeevan Suraksha - I Policy works

LIC New Jeevan Suraksha - I is a deferred annuity plan with bonus. In this scheme, a corpus fund is created to offer pension to the policyholder in his/her old age after the vesting date. the policyholder is a non unit - linked type of pension scheme. In LIC New Jeevan Suraksha - I, the customer must keep paying the premium till vesting date or till the end of policy term. From the vesting date, the policyholder will get a lump sum as well as pension for lifetime as per the riders and plans opted by him. At the start of this deferred annuity plan, the policyholder can choose a National Cash Option. Which along with other accrued bonuses will contribute to the maturity. On vesting, the policyholder will be able to withdraw 25% of the total maturity including bonus and will also get a lump sum amount. The remaining 75% of the amount accrued will be converted to annuity and the policyholder can choose from 5 options.

However, if the policyholder dies before vesting date, all the premiums contributed plus the interest on premium will be paid to the nominee. If the death of the policyholder occurs after vesting date, if any death benefit would be payable or not will be decided based on the pension option.

Premium Payment

Premiums for LIC New Jeevan Suraksha - I are payable on yearly, quarterly, half yearly or monthly basis. Also, the policyholder can opt for payment of premium through salary deduction throughout the policy term or till earlier death. The policyholder may also choose to pay the total premium amount in one go as lump sum (single premium option).Through the payment of nominal additional premium amount, term rider option can be availed. The minimum single premium which can be paid is Rs. 10,000 and minimum amount for annual premium is Rs. 2,500. The premium can be paid online or at any of LIC premium collection centers.