LICs Jeevan Pragati Plan Table no 838

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LICs New Plan Jeevan Pragati (Table no 838), This is a non-linked, with-profits Endowment Assurance plan The main feature of this Jeevan Pragathi plan is the ‘sum assured on death’ (part of death benefit) automatically increases after every five years during the term of the policy..

Key Features & Eligibility Conditions of LIC Jeevan Pragati Plan

ELIGIBILITY CONDITIONS AND RESTRICTIONS:

  • Minimum Basic Sum Assured (payable on maturity) : Rs. 1,50,000/-
  • Maximum Basic Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs. 10,000/- only)
  • Minimum Policy Term : 12 years
  • Maximum Policy Term  : 20 years
  • Minimum Age at entry for Life Assured : 12 years (completed)
  • Maximum Entry Age : 45 years (nearer birthday)
  • Maximum Age at Maturity for Life Assured : 65 years
  • Premium payment mode : Yearly, half-yearly, quarterly & monthly.
  • Accidental Death & Disability Benefit Rider is available on payment of additional premium.
    • Minimum Accident Benefit Sum Assured is Rs 10,000
    • Maximum Accident Benefit Sum Assured is an amount equal to the Basic Sum Assured subject to the maximum of Rs 1 cr.
    • Minimum entry age for the rider is 18 years.
  • Agent’s commission for policy term
    • 12 to 14 years is 20% in first year and 7.5% in 2nd & 3rd year.
    • The first year agents’ commission would be 25% on a 15 year policy term.

Benefits under LIC’s Jeevan Pragati policy

  • Death Benefit under Jeevan Pragati Plan : On death of the Life Assured during the policy term, the Death Benefit  which is ‘Sum Assured on Death’ + Vested Simple Reversionary Bonuses + Final additional bonus, if any, shall be payable to the nominee. The Sum assured on death automatically increases every fiver years. Where “Sum Assured on Death” is defined as the higher of  a) 10 times of annualized premium (or) b) Absolute amount assured to be paid on death, which is as under;
    • i) During the first five policy years : 100% of the Basic Sum Assured.
    • ii) During 6th to 10th policy years : 125% of the Basic Sum Assured.
    • iii) During 11th to 15th policy years : 150% of the Basic Sum Assured.
    • iv) During 16th to 20th policy years : 200% of the Basic Sum Assured.
  • Maturity Benefit payable under LIC Jeevan Pragati Policy : On survival to the end of the policy term, the maturity benefit which is ‘Sum Assured on Maturity’ + Simple Reversionary Bonuses + Final Additional bonus (FAB) if any, shall be payable to the policy holder. Sum Assured on Maturity is equal to Basic Sum Assured.
  • Final Additional Bonus shall not be payable under paid-up policies..
  • The Bonuses shall be declared on the Basic Sum Assured.
  • The date of commencement of risk under Jeevan Pragati plan will be immediately from the date of issuance of policy.

MODE OF PREMIUM PAYMENT:  The modes of premium payment allowable are Yearly. Half Yearly. Quarterly, and Monti (ECS only or through salary deductions).

GRACE PERIOD FOR PAYMENT OF PREMIUM: 

  • A grace period of one calendar month but not less than 30 days will be allowed for Quarterly, Half Yearly  and Yearly premium paid and 15 days for monthly mode of payment.
  • If the death of the Life Assured occurs within the grace period but before the premium then due, the policy will be treated as in-force and the benefits will be paid deduction of the said unpaid premium and also the unpaid premiums falling due before next policy anniversary
  • If premium is not paid before the expiry of the days of grace, the policy lapses.
  • If the Policy has not lapsed and the claim is admitted in case of death under the where the mode of payment of premium is other than yearly, unpaid premium(s).
  • The above grace period will also apply to rider premium as the rider premium is to be along with the premium of the base plan.

REBATES:
The rebates for base plan are as under:

Mode Percentage

  • Yearly mode : 2% of tabular premium
  • Half-yearly mode : 1% of tabular premium
  • Quarterly and monthly mode : NIL

High Basic Sum Assured Rebate:

  • 1,50,000 to 2,90,000 : Nil
  • 3.00,000 to 4,90,000 : 1.50 % B.S.A
  • 5,00,000 to 9.90.000 : 2.00 % B.S.A
  • 10.00.000 and above : 2.25 %° B.S.A

BSA –  Basic Sum Assured

SUKANYA SAMRIDDHI ACCOUNT YOJANA - Beti Bachao Beti Padhao

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Sukanya Samriddhi Yojana Account is basically a Girl Child Prosperity Account, Its a Government of India backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for the future education and marriage expenses for their female child.

The scheme was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao campaign. The scheme currently provides an interest rate of 9.2% and tax benefits. The account can be opened at any India Post office or a branch of some authorised commercial banks.

Initially, the interest rate was set at 9.1% but later revised to 9.25 in late March 2015.

Eligibility Condition for Sukanya Samriddhi Account

  • The account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years
  • A depositor can open and operate only one account in the name of a girl child under the scheme rules
  • Natural or legal guardian of a girl child can be allowed to open the account for two girl children only.
  • The third account in the name of the girl child can be opened in the event of birth of twin girls, as second birth or if the first birth itself results into three girl children

Documentation for Sukanya Samriddhi Account

  • SSY Account Opening Form
  • Birth Certificate of girl child
  • Identity proof (as per RBI KYC guidelines)
  • Residence proof (as per RBI KYC guidelines)

Benefits of Sukanya Samriddhi Account

  • Tax Exemption – Investment in Sukanya Samriddhi Yojana scheme is exempted from Income Tax under section 80C. The scheme offers Tax Benefit under TripleE regimen ie. Principal, interest and outflow all are tax exempted.
    At the time of launch, only the deposits in the account were eligible for tax deduction under Section 80C of the Income Tax Act, which is 1,50,000 in 2015-16. However, Finance Minister Arun Jaitley announced, during the 2015 Union Budget, tax exemption on the interest from the account and on withdrawal from the fund after maturity, making the tax benefits similar to that of the Public Provident Fund. These changes were applied retrospectively from 1 April 2015. These benefits will be reassessed annually
  • Withdrawal Facility -To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age

Features of Sukanya Samriddhi Account

  • Attractive interest rate of 9.2%. Interest rate calculated on yearly basis ,Yearly compounded is regulated by Ministry of Finance from time to time
  • Minimum Rs. 1,000 can be invested in one financial year
  • Maximum investment of Rs. 1,50,000 can be made in one financial year
  • Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year
  • If the minimum deposit is not made in a year, a fine of 50 will be levied.
  • Deposits in an account can be made till completion of 14 years, from the date of opening of the account
  • The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage
  • The account can be opened anytime between the birth of a girl child and the time she attains 10 years age by the guardian. Only one account is allowed per child. Parents can open a maximum of two accounts for each of their children (exception allowed for twins and triplets). The account can be transferred to anywhere in India.
  • For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to 1.12.2015.
  • Scheme Matures in 21 years or on Girl’s Marriage, whichever is earlier – The girl can operate her account after she reaches the age of 10. The account allows 50% withdrawal at the age of 18 for higher education purposes. The account reaches maturity at the age of 21. If the account is not closed, then it will continue to earn interest at the prevailing rate. If the girl is over 18 and married, normal Premature closure is allowed
  • If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
  • Nomination Facility – Nomination facility is not there with this scheme. In an unfortunate event of the death of the girl child, the balance amount will be paid to the parents/ legal guardian of the girl child and the account will be closed immediately.

So, here you have the tables in which maturity values are given as per your annual contributions as well as monthly contributions:

Yearly Contribution Table

SUKANYA SAMRIDDHI ACCOUNT YOJANA - Yearly Contibution

Monthly Contribution Table

SUKANYA SAMRIDDHI ACCOUNT YOJANA - Monthly Contribution

Note for Above calculation:

  • Rate of Interest has been assumed to remain 9.2% for all these 21 years.
  • Yearly contributions have been assumed to be made on April 1 every year i.e. the beginning of the financial year.
  • Monthly contributions have been assumed to be made on 1st day of every month.
  •  It is also assumed that no withdrawal is made throughout these 21 years.

By mid-March 2015, within 2 months of launch, 1,80,000 accounts had been opened under the scheme. Karnataka, Tamil Nadu and Andhra Pradesh reported highest number of new accounts.

Jeevan Shikhar Plan 837

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Jeevan Shikhar launch planned for 11-Jan-2016 (Monday) . 
Tax compliant Single premium product. 
Will be available for sale up to 31-03-16.

JEEVAN SHIKHAR (Table No 837) Plan Highlights 
  • Non linked closed ended Single Premium Plan
  • Benefits on Death during first five year
  • On Non commencement of Risk refund of premium w/o interest. 
  • On commencement of Risk 10 times of tabular Single Premium. 
  • After five year of policy but before maturity 10 times of Tabular Single Premium plus Loyalty Addition, if any
  • Maturity Sum Assured along with Loyalty Addition if any. 
  • Age at entry: 8 yrs (comp) 45 yrs (NBD) 
  • Minimum MSA: Rs 1 lac
  • Maximum Sum Assured: No limit
  • Policy Term: 15 years
  • MSA multiple of Rs.20,000
  • Loan availability: 
    • after 3 months  55% to 85% of SV in different policy years below age at entry 35
    • after 3 months  35% to 85% SV in different policy years above age at entry 35
To know more about Jeevan Shikhar Plan 837 Features and Benefits
Jeevan Shikhar Plan 837 Features

Jeevan Shikhar Plan 837 Features

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