LIC Jeevan Shagun

LIC Jeevan Shagun is new Money Back Plan Single premium policy from LIC. Jeevan Shagun (Plan No. 826) is good option as it provides good return and is available against one time payment.

Jeevan Shagun is  a close ended plan which would be open for sale from 01 September , 2014 for a maximum period of 90 days.

Jeevan Shagun  provides assured return and gives you life cover of 10 times the single premium you pay.

Key Features of LIC Jeevan Shagun:

1. It is good Single Premium Plan from LIC as it offers Risk Cover and assured return in a Single Plan.
2. Maturity period/ Lock in period is only  10-12 years
3. On Maturity life insurer get assured return + loyalty addition
4. Income tax Benefit under Section 80C is available
5. Good Plan for Professionals, Self Employed, Businessmen & Employees in unorganised sector.

Benefits Of LIC Jeevan Shagun

Eligibility conditions and other restrictions in LIC Jeevan Shagun Plan

Description	Minimum	Maximum
Sum Assured (Rs)	60,000	No limit
Policy Term (in years)	12 years	12 years
Entry Age of Policyholder (in years)	8 years	45 years
Premium (in Rs.)	30,000 for Single	No Limit
Payment modes	Single Premium Only
Death sum assured	10 x single premium (< 5 years from policy date) and 10 x single premium + loyalty additions (if any) after 5 years from policy date

Income Tax Benefit under section 80C :

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity benefit is tax free under section 10(10)D provided all conditions have been fulfilled.

Death Benefit of Jeevan Shagun:

• On death within 5 years from the date of commencement of policy: Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged would be payable
• On death after 5 years from the date of commencement of policy: Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged + loyalty additions (if any) would be payable.

Maturity Benefit / Guaranteed Return of Jeevan Shagun:

• At the end of 10th policy year: 15% of the Maturity Sum Assured.
• At the end of 11th policy year: 20% of the Maturity Sum Assured.
• On maturity,(ie 12 the year)  65% of the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

Loyalty additions would be purely based on LIC’s claim experience.

The Loyalty Addition, if any, shall be  payable on death or surrender, provided the policy has run for atleast  five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by the Corporation.

Benefits Illustration of Jeevan Shagun

This illustration is for

Entry age : Person who has purchased policy at age of 30 years

Policy term of Jeevan Shagun: is 12 years

Mode of premium is Single ie only one single premium is payable

Premium payable for Jeevan Shagun: Rs 31275  (exclusive of service tax)

Maturity Sum assured in Jeevan Shagun is 60000

Basic sum assured under Jeevan Shagun Rs 312750

Amount you will get on maturity of LIC jeevan Shagun.

Amount you will get in case of Death in Jeevan Sugam.

Flexibility in Premium Payment Jeevan Shagun:

Only one single  premium is payable. You dont have to worry about making payments every year.

Premium example 

Premium payable for Maturity Sum assured (MSA) in case of different ages is given below:

• Age 8 Yrs MSA Rs.1,00,000=Rs.50,880.
• Age 20 Yrs MSA Rs.1,00,000=52,390.
• Age 25 Yrs MSA Rs.1,00,000=Rs.52,803.
• Age 30 Yrs MSA Rs.1,00,000=Rs.53,736.
• Age 35 Yrs MSA Rs.1,00,000=Rs.56,019.
• Age 40 Yrs MSA Rs.1,00,000=Rs.61,380.
• Age 45 Yrs MSA Rs.1,00,000=Rs.74,106

Rebate for higher premium:

If the maturity amount exceeds Rs. 150,000. The incentive is computed on maturity amount.

If the maturity sum assured chosen is Rs. 4 lakhs, then the incentive would be 4.5% on Rs. 4 Lakhs = Rs. 18,000. ie The total maturity amount would be Rs. 418,000 + loyalty additions (if any).

Maturity amount	Incentive
150,000	Nil
151,000 to Rs. 395,000	Rs 15
Rs. 400,000 and above	Rs 20

LOAN against Jeevan Shagun policy

Loan can be availed under this plan after one year during the policy term.

SURRENDER VALUE

Jeevan Shagun policy can be surrendered for cash at any time during the policy term. The minimum Guaranteed Surrender Value allowable shall be as under:

First year: 70% of the Single premium (net of service tax) excluding all extra premiums, if any.

Thereafter: 90% of the Single premium (net of service tax) excluding all extra premiums, if any.
Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the Guaranteed Surrender Value.

The Corporation shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.

If the policy is surrendered after completion of five policy years Loyalty Addition, if any, based on surrender value, shall also be payable.

SERVICE TAX: Service tax, if any, shall be as per the Service Tax laws and the rate of 3.09% of premium Amount.

The amount of service tax as per the prevailing rates shall be payable by the policyholder on the premium.

Our Conclusion: 

LIC New Jeevan Shagun is a good plan. It offers Assured return with loyalty additions.This traditional plan will offer less return then Fixed deposit.But return in Jeevan shagun is tax free, whereas Fixed deposit interest is taxable.

It will provide  return lower than PPF, Jeevan Shagun  provides additional life cover which is not available in PPF.

For best investment , it is advisable to invest in Term deposit and balance amount in PPF.

Do you want to purchase LIC Jeevan Shagun policy.  Contact us now for Investing in Jeevan Shagun

Pay your LIC policy premium online

Pay your LIC policy premium online even without registering or enrolling your policy. For details visit : For more details visit www.Insuranceindiamart.com

https://customer.onlinelic.in/online_payment.htm

Pay your LIC policy premium online even without registering or enrolling your policy. For details visit : For more details visit www.Insuranceindiamart.com

Lic Jeevan Vaibhav -Single Premium Plan

LIC JEEVAN VAIBHAV (Plan no 809) is new plan from LIC of INDIA launched on 21st MAY 2012. LIC Jeevan VAIBHAV is a non-linked single premium endowment assurance plan which provides for payment of Sum Assured on maturity or on death. Loyalty addition, is also payable on death during the last policy year or on maturity. LIC Jeevan Vaibhav is a close ended plan which is open for sale from 21st May, 2012 for a maximum period of 120 days.

The benefits and other details of LIC JEEVAN VAIBHAV are given below :

a) Death Benefit:

• On death during the policy term, excluding last policy year: Sum Assured shall be payable
• On death during the last policy year: Sum Assured along with Loyalty Addition, shall be payable.

b) Maturity Benefit:

• On maturity, the Sum Assured along with Loyalty Addition, shall be payable.

Eligibility Conditions and Restrictions in LIC Jeevan Vaibhav

• Minimum Entry Age : 8 years (completed)
• Maximum Entry Age : 65 years (nearest birthday)
• Mode of Premium Payment : Single premium
• Minimum Sum Assured : Rs.2,00,000/-
• Maximum Sum Assured : No Limit
• Policy Term : 10 years

For more details visit: http://insuranceindiamart.com/LIC-Jeevan-Vaibhav-new-Single-Premium-plan.htm

efiling is now compulsory for Individual if Income exceeds Rs 10 lakh

e-Filing has been made compulsory for the person

1) who is an Individual or



2) a Hindu Undivided Family,



3) if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees



4) for AY 2012-13 onwards.



E-filing for such individuals was optional till 2010-11.



The department had received a record number of 1.64 crore e-returns in the 2011-12 financial year.



“We have done it to encourage people to go for e-filing of returns. This makes the entire process faster. However, the digital signature is not mandatory for them,” a finance ministry official said.



Currently business houses with receipts of Rs. 60 lakh and professionals with income of Rs. 15 lakh are mandatorily required to e-file their return with digital signature.



As on March 31, 2012, there were 19,684,592 tax payers who had registered for e-filing.

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/-

House panel for hiking IT relief limit to Rs.3 lakh

A Parliamentary Committee, scrutinising the Direct Taxes Code (DTC) Bill, will recommend raising the annual income-tax exemption limit to Rs.3 lakh and hiking the limit on tax breaks for investments to Rs.2.50 lakh following a broad consensus among its members

http://incometaxreturnindia.in/

Direct Tax Code (DTC) : The tax rates and slabs have been modified.

Direct Tax Code (DTC) : The tax rates and slabs have been modified. The proposed rates and slabs are as follows:

Annual Income Tax Slab

.. Up-to INR 200,000 (for senior citizens 250,000) Nil

Between INR 200,000 to 500,000 10%

Between INR 500,000 to 1,000,000 20%

Above INR 1,000,000 30%

http://incometaxreturnindia.in/New_Indian_Direct_Tax_Code_DTC_2010.htm