LIC Insurance Plans

INCOME-TAX RATES AND TAX BENEFITS FROM LIFE INSURANCE SOME IMPORTANT INCOME TAX BENEFITS AVAILABLE UNDER VARIOUS PLANS - The deduction allowed for Income payment of Life Insurance Premium (Sec. 80C). (a)     Before the 31st day of March 2012, exemption of 20% of capital sum assured a or premium paid whichever is less will be provided to the policyholder if the Life insurance policy purchased for himself or for the spouse or any child of the policyholder. (b)    After the 1st day of April 2012, exemption of 10% of capital sum assured a or premium paid whichever is less will be provided to the policyholder if the Life insurance policy purchased for himself or for the spouse or any child of the policyholder. the exemption will be provided to the policyholder if the insurance on the life of any person is— (i) A person with a disability or a person with a severe disability as referred to in section 80U, or  (ii) Suffering from disease or ailment as specified in the rules made

LIC New Jeevan Anand is a participating non-linked policy which provides full protection and creates a safety net around the policyholder and his family. Life is unpredictable so as Death so it becomes important for us to secure our family at the time of our absence. This plan offers an appealing package of life insurance and savings. Earlier this plan was known as Jeevan Anand table no 149 the LIC company relaunched this plan as " LIC New Jeevan Anand Table No 815 ". Relaunch- What's the difference? LIC Jeevan Anand re-launched their one of the most popular plan with some more added bonus.  In the earlier plan, on the death of the insured during the policy term, the nominee of the policy is entitled to receive Sum Assured + Reversionary Bonus. While in case of death of the insured after the policy maturity term, he shall receive only an additional Sum Assured value. In the relaunched edition of the Jeevan Anand insurance plan, the nominee of the policy in cas

LIC Jeevan Anand is a combination of Endowment Assurance and Whole Life plans. This policy has great savings befits and death benefits throughout the lifetime. This policy has accidental death cover which is an additional SUM assured (up to 5 lacs) till the age of 70 years. No additional premium needs to pay for this feature. Jeevan Anand policy Details: Life Time risk cover Double accidental death benefits without paying an extra premium Invest for a short-term up to 5 years Pay premium on the monthly, Quarterly, Half-yearly or yearly basis With profit plan: Bonus will be added in maturity earned Tax savings on premium paid under section 80C Tax savings on death claim under section 10 (10D) Loan available after 3 years of full premium payment Supplementary/Extra Benefits available Guaranteed Surrender value @ 30% of total premium paid excluding the first-year premium Maturity Benefit: Maturity in Table No 815 will be Sum Assured+Vested Bonuses+Final Additional Bonus

You can start paying a premium just from Rs. 250 in Jeevan Saral . The death cover you get in Jeevan Saral is simply 250 times of the monthly premiums, the premium paid excluding first-year premium and loyalty addition if any in a lump sum. The Maturity benefits will be Sum Assured plus Loyalty additions, if any, is payable in a lump sum. This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation. Jeevan Saral Chart: Basic Premium 250 500 1000 2000 5000 8000 10000 Plus DAB 5 10 21 42 104 167 208 Net Monthly(with DAB) 255 510 1021

LIC of India launched Jeevan Saral Plan in 2004. This is best ever plan since this plan has been in top individual sales in last few years. Let's have a review of this plan with a fair comparison to normal saving schemes available in markets. First and usual saving scheme we find in the market is normal saving banks accounts. Many banks also have started offering saving accounts with risk but probably may not give you risk cover and tax benefits as the Jeevan Saral policy provides. The second usual regular deposit scheme is Recurring Deposit know as RD. This can be a good option of saving regularly with great interest rates. But RD schemes do not have tax saving schemes and does not have any kind of risk covers. Term deposits are best to invest for better interest but one would require huge money to invest at a time. You can not take it as a regular deposit scheme. Provident funds are typically standing against this policy. PF are providing good interest rates and tax benefit

Jeevan Saral  is one of the best plans from LIC of India with great features of saving, smooth returns and high-risk cover with low premiums. This plan has won the Golden Peacock award for it ultimate composition of whole life plan and endowment assurance plan. There are several features which make Jeevan Saral stand alone. This policy is also known as LIC ATM Plan  due to its excellent feature of partial or full maturity withdrawal after 10 years without any extra charges. Apart from general benefits like loan and tax savings, this plan offers special surrender value. Under special surrender value life insured gets 80% of Maturity Sum Assured if policy completed 3 years, 90% of the Maturity Sum Assured if policy completed 4 years and 100% of the Maturity Sum Assured if 5 or more years premiums have been paid. Followings are the benefits covered in Jeevan Saral Policy: You get 100% maturity sum in case of surrender after 5 years. Avail loan at only 9% p.a just after 3 years. E