LIC Jeevan Vriddhi

LIC Jeevan Vriddhi - New Single Premium Guranteed

LIC Jeevan Vriddhi Insurance Plan is a single premium plan wherein the risk cover is a multiple of premium chosen by you. On maturity this plan offers a Guaranteed Maturity Sum Assured and Loyalty Addition, if any.



Jeevan Vriddhi combines a risk cover (five times the premium), tax benefits under Sec 80C, guaranteed maturity amount, one time payment, liquidity (loans available after 1 year) and also tax free maturity amount. And not to forget a possible return of 12% over the 10 year term

Key Features of LIC Jeevan Vriddhi Guranteed Plan

1) This is Single Premium Plan. No need to worry about paying premium every year



2) Benefit is enjoyed by policy holder for 10 years.



3) In case of death of the Life Insured within the policy tenure, Sum Assured is 5 times the premium paid.



4) On policy Maturity, Guaranteed Maturity sum is assured (approx double the premium paid).



5) Loan Upto 90% of premium paid is available.



6) Higher Return of upto 12% over 10 year term.

LIC Jeevan Vriddhi is Better than other investments / jeevan Vriddhi Queries






Should I opt for the policy?



Yes, because of



a) the high return this policy offer.



b) tax free return



Scenario 1: If you are in 30% tax slab and you invest Rs 1,00,000/- in this plan: You will save Rs 30,000/- as Income tax benefit. So your net investment becomes Rs 70,000/- and on which you are getting Rs 2,21,651 which is 100% Income tax free so the net yield in this plan is more than 12%.



Scenario 2: If you are in 30% tax slab and your Rs 1 lac limit of secton 80 C is already used: It is great investment for you, as you have already invested in banks where you have to pay the Income taxes on maturity @30% (Rs 121651 @ 30% = 36495 goes in taxes ) but here in LIC JEEVAN VRIDDHI you are not taxed at all so still it is a good investment.







How is it better than NSC and Fixed Deposit ? an Mutual Funds?



If you had invested NSC, Fixed deposits,etc, Income tax is required to be paid. Say if you invested Rs 1,00,000 in NSC or Fixed deposit, then you are required to pay Income tax of Rs 30,000/-,



But In Jeevan Vriddhi, You don't have to pay any Income tax







How can I do Tax planning by this policy ?



This is best Income tax planning Plan Say you invest Rs 100,000, after ten years you get double amount approx Rs 2,00,000 /- . This Return in completely Income tax free.







My Daughter is 8 yrs old, can I take Jeevan Vriddhi for her ?



It is ideal gifts and Income tax planning for children. It is best child plan. 1) If you invest Rs 100,000/- you will get Rs 2,00,000 /- when she is 18 years. Amount your get, after 18 years, you can use for her higher education. 2) This is completely Income Tax Free, So you dont have to worry about Income clubbing in parents income.







How is it better than PPF ?



PPF has interest rate of 8% and it doesnot give Insurance



In Lic Jeevan Vriddhi Interest Rate is around 8% and Insurance cover is free with it.







I am HNI (High net worth Individual), Is this plan good for me?



a) This is best plan for HNI (High net worth Individual). You can invest amount In Jeevan Vriddhi without limit



b) Full amount received after 10 years it Income tax free



For example: Say you invest 10,00,000/- In Jeevan Vriddhi after 10 years you will get Rs 20,00,000. The full amount is tax free. In other investments you have to pay tax of Rs 3,00,000/-

JEEVAN ANAND LIFE INSURANCE POLICY

Features of plan

Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented.Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra.

Plan parameters
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.CIR: yes

UNDERWRITING CNDITION
Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed

BENEFITS
Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)

Death benefit:

If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No bonus is paid on death after the premium paying term.Accident benefit: The double accident benefit is available during the premium paying term and thereafter up to age 70. the premium for this has been built into the tabular premium rate.

Example: Mr. Ram 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1 Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Ram will get Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become 43 x 100 x 20 = 86,000/-).

Even after the premium paying term is over, risk cover continues till the death of Mr. Ram .But if, Mr. Ram dies at the age of 65 years his nominee will get an additional amount equal to the S.A. i. e. Rs.1 Lac in cash, Mr. Ram dies during premium paying term his nominee will receive Rs. 1Lac + accumulated Bonus.

Are you Insured-Term Life Insurance

Have you taken enough life insurance to ensure that if you die too early your family will get a sum that will ensure that they do not have to make any adjustments in their life style?
If you died tomorrow would your spouse or family have sufficient funds to pay the mortgage, pay off credit card debts or send the children to college?

Term life is a pure risk cover which provides a tax-free death benefit to your dependents in case of your early or unfortunate demise within the term of the policy. If you do not die within the term, the policy expires and you receive nothing.

Term plans are not the favourite of many of the life advisors because they get low commission on their sale. So they do not recommend the same to their clients .

The other reason why term plans are not favorite is because its very hard for most of us to grasp the concept of insurance as purely a death cover. We still want to get something back if we do not die during the policy term.