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Proposal Age: 30 Years at the nearer birthday

Sum Proposed: 850000

Yearly Premium: Rs. 24813/

Return from the age of 61 years to 75 years

The objective of this proposal is to provide financial security to your family during your productive span and a happy independent retired lifestyle for yourself and your spouse when you decide to retire.

Under this insurance proposal you will need to make premium payments of Rs.24813 p.a. from your own funds till your age of 60 years. This proposal provides for a high risk cover of Rs.893000 starting at age 30 and growing to Rs.3145000 at age 61.

When you will be 61 years of age, you will start receiving annual tax free income every year till 75 years of your age. Income starts at Rs. 167007 per annum and increases by approximately 5.00% every year to take care of inflating costs of living. There is a provision of risk cover during this period too. In case of death during this period lump sum amount corresponding to the prevailing risk cover will be paid to your nominee.

No premiums are payable from own fund after deferment period, that is, after age 60.

In the event of any emergency or financial difficulties, there is a provision under this combined Plan to provide loan against the insurance policy. The loan is available after 2 years of completion of the policy and payment of 3 yearly premiums.

Disclaimer:

It is a combination of LIC plans specially researched to meet the objective of securing a financially independent life for yourself and your spouse on retirement.

The benefits shown in this presentation have been calculated on the basis of interim bonuses declared by LIC for the year ended 31-Mar-2008. Actual results may deviate depending on the future bonuses declared by LIC.

Loan calculation is done on the basis of present surrender value rates.

The effective yield in the above proposal works out as per IRR method).

 

Benefits: During Premium Payment Period

 

 

Age in Year

                   Risk Cover

Yearly

Loan

Normal

Accident

Premium Payment

Available

30

893000

1743000

24813

0

31

936000

1786000

24813

0

32

979000

1829000

24813

0

33

1022000

1872000

24813

26750

34

1065000

1915000

24813

38000

35

1108000

1958000

24813

49750

36

1151000

2001000

24813

62500

37

1194000

2044000

24813

75500

38

1237000

2087000

24813

89500

39

1280000

2130000

24813

103750

40

1323000

2173000

24813

119500

41

1366000

2216000

24813

136750

42

1409000

2259000

24813

154500

43

1452000

2302000

24813

173750

44

1497000

2347000

24813

194250

45

1542000

2392000

24813

217250

46

1601500

2451500

24813

242500

47

1658250

2508250

24813

269750

48

1719250

2569250

24813

300250

49

1820000

2670000

24813

332750

50

1928000

2778000

24813

370000

51

2036000

2886000

24813

410500

52

2144000

2994000

24813

454250

53

2252000

3102000

24813

502000

54

2360000

3210000

24813

555250

55

2488000

3338000

24813

611750

56

2616000

3466000

24813

674250

57

2744000

3594000

24813

743500

58

2872000

3722000

24813

820500

59

3000000

3850000

24813

905500

60

3145000

3995000

24813

1004000

                     Total Payment To LIC

769203

 

 

 

Benefits during the Retirement Period

Returns from LIC

 

Age in Years

       Risk Cover

Yearly

Desired

Amount

Used for

Net

Loan

Normal

Accident

Premium

Income

Received

Prem. Payment

Receivable

Available

61

3101200

3801200

20289

120000

180400

13393

167007

996250

62

3040600

3690600

18658

126000

188800

12316

176484

983250

63

2963200

3563200

17066

132300

197200

11265

185935

966500

64

2869000

3419000

15510

138915

205600

10238

195362

943750

65

2748000

3248000

13986

145861

214000

9232

204768

915750

66

2612200

3062200

12491

153154

221400

8245

213155

881500

67

2461600

2861600

11022

160811

228800

7275

221525

842500

68

2296200

2646200

9580

168852

236200

6323

229877

796250

69

2116000

2416000

8160

177295

243600

5386

238214

743750

70

1884000

1884000

6759

186159

251000

4461

246539

684250

71

1647200

1647200

5178

195467

253400

3417

249983

615750

72

1405600

1405600

3864

205241

255800

2550

253250

537500

73

1159200

1159200

2564

215503

258200

1692

256508

447500

74

908000

908000

1276

226278

260600

842

259758

345000

75

652000

652000

0

237592

263000

0

263000

221750

76

659000

659000

0

0

0

0

0

231000

77

666000

666000

0

0

0

0

0

240250

78

673000

673000

0

0

0

0

0

249500

79

680000

680000

0

0

0

0

0

259000

80

0

0

0

0

680000

0

680000

0

                                      Total Receipts from LIC

4041365

 

 

 

 

It is a combination of LIC plans specially researched to meet the objective of securing a financially independent life for yourself and your spouse on retirement.

The benefits shown in this presentation have been calculated on the basis of interim bonuses declared by LIC for the year ended 31-Mar-2008. Actual results may deviate depending on the future bonuses declared by LIC.

Loan calculation is done on the basis of present surrender value rates.

The effective yield in the above proposal works out as per IRR method.

The net annuity is increasing every year to take care of the inflation @ 5.00 (approximately)

 

 

 

Disclaimer: Some data on this site is based on products and policies from Life Insurance Corporation of India and is used here as we work as Agents for LIC. Every care is taken to ensure that data provided is authentic. Customers are however requested to cross check with LIC as well. In the unlikely event of a discrepancy please do let us know. vandana@licindore.in