Jeevan Suraksha

Jeevan Suraksha Eligibility Minimum age at entry 25 years Maximum age at entry 65 years Minimum vesting age 55 years Maximum vesting age 70 years Minimum deferment term 5 years Maximum deferment term 35 years Features This is a unique plan designed to provide pension from a chosen retirement date. The plan can be taken by anyone who wishes to set apart an amount as pension. This policy is available under three types: pension with life cover, pension without life cover and pension with endowment Pension options The Pension will be payable monthly starting at the end of the chosen deferment period (waiting period) as per the option exercised by the purchased in all the above types of Plan. The following options are available in the plan: Life pension - Pension for life during the lifetime of the purchaser. Guaranteed pension - Pension to the purchaser for his/her lifetime. If the purchaser dies after the commencement of the pension, the spouse (nominated by the purchaser) will be paid pension at half of the rate during his/her lifetime. Pension with return of purchase price - Pension for lifetime to the purchaser; purchase price will be returned to the legal heirs/nominee on death of the pensioner. Benefits Under plan with life cover On vesting date (i.e. at the start of pension) Option to commute 25% of the notional cash option including terminal bonus, if any, free of tax. Pension as per the option selected: on the balance notional amount, if commutation is exercised; otherwise full pension. On death of the life assured (before the end of deferment period) The spouse will be eligible for a life pension with a guarantee period of 15 years. The amount of pension will be a minimum of 50% of the target pension. The percentage can go upto 95% depending upon the duration of the policy at death, age of the proposer at entry, deferment period, etc. In case there is no spouse named by the purchaser to receive the pension, a lumpsum amount known as the proportionate notional cash option will be payable to the nominee. Under plan without life cover On the vesting date (i.e. at the start of pension) Option to commute 25% of the notional cash option and terminal bonus, if any. Pension as per the option selected: on the balance notional amount, if commutation is exercised; otherwise full pension. On death of the life assured (before the end of deferment period) Duration at death Benefit payable to nominee/legal heir Within first 3 policy years Returns of premium paid During 4th to 6th policy year Return of premiums with interest @8% pa compounding yearly After 6th policy year Return of premiums with interest @9% pa compounding yearly  Benefits under endowment type On vesting (i.e. at the start of pension) The life assured has the option to receive 25% of the cash option including the terminal bonus, if any, free of tax. On the balance cash option, pension is receivable as per the options listed below. If the life assured does not opt to receive 25% of the cash option, full pension benefits are available. On death of the life assured (before the end of deferment period) The spouse can exercise an option to commute 25% of basic sum assured and accrued guaranteed additions, free of tax. The remaining basic sum assured and accrued guaranteed additions, if commutation is exercised; otherwise full amount will be utilised to purchase pension for spouse as per option selected. In case there is no spouse named by the purchaser to receive pension, all the benefits will be payable in lumpsum to the nominee Guaranteed additions Guaranteed additions at the rate of Rs.75 per Rs 1,000 of the basic sum assured will accrue at the end of each policy year for which premiums are received and shall get attached to the Endowment type plan Loyalty additions Based on the results of actuarial valuation also an additional amount called the loyalty addition, if any, declare by the Corporation on the expiry of the deferment period, shall become payable provided the policy is in full force. This benefit is available only under the Endowment type. Tax benefits Contributions under Jeevan Suraksha upto Rs.10, 000 p.a. will be eligible for tax exemption under Sec. 80 CCC(1) of the Income Tax Act, 1961. Commuted value upto 25% as allowed under the plan is free of tax.