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Proposers Age: 30 Years

Sum Proposed: 1500000

Yearly Premium: 39089 per Annum

Income from the Age: 61 to 75

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.39089 p.a. from your own funds till your age of 60 years. This proposal provides for a high risk cover of Rs.1567500 starting at age 30 and growing to Rs.5422500 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. 337841 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 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.

Premiums are available for exemption under sec.80 CCE of income tax act.

Disclaimer

  • This 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 calculated as per IRR method.

 

Age in Year

                  Risk Cover

               Yearly

     Loan

Normal

Accident

Premium Payment

  Available

30

1567500

2067500

39089

0

31

1635000

2135000

39089

0

32

1702500

2202500

39089

9250

33

1770000

2270000

39089

32250

34

1837500

2337500

39089

46500

35

1905000

2405000

39089

62500

36

1972500

2472500

39089

80500

37

2040000

2540000

39089

101250

38

2107500

2607500

39089

124250

39

2175000

2675000

39089

149750

40

2242500

2742500

39089

178750

41

2310000

2810000

39089

210250

42

2377500

2877500

39089

246250

43

2445000

2945000

39089

286000

44

2542500

3042500

39089

329500

45

2640000

3140000

39089

378250

46

2730000

3230000

39089

431750

47

2835000

3335000

39089

489250

48

2947500

3447500

39089

555250

49

3150000

3650000

39089

626750

50

3337500

3837500

39089

706000

51

3525000

4025000

39089

792250

52

3712500

4212500

39089

885750

53

3900000

4400000

39089

986750

54

4087500

4587500

39089

1097500

55

4305000

4805000

39089

1218500

56

4522500

5022500

39089

1349750

57

4740000

5240000

39089

1495750

58

4957500

5457500

39089

1656750

59

5175000

5675000

39089

1835500

60

5422500

5922500

39089

2034500

          Total Primium To Lic

         1211759

 

 

 

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

5392000

5892000

35843

120000

361500

23659

337841

2040750

62

5328500

5828500

32723

126000

378000

21599

356401

2038250

63

5232000

5732000

29724

132300

394500

19619

374881

2027000

64

5102500

5602500

26832

138915

411000

17710

393290

2006250

65

4940000

5440000

24041

145861

427500

15868

411632

1974750

66

4744500

5244500

21347

153154

444000

14090

429910

1931750

67

4516000

5016000

18746

160811

460500

12373

448127

1876500

68

4254500

4754500

16227

168852

477000

10710

466290

1810250

69

3960000

4460000

13786

177295

493500

9099

484401

1730500

70

3572500

3572500

11417

186159

510000

7535

502465

1633000

71

3176000

3176000

9016

195467

514500

5950

508550

1520250

72

2770500

2770500

6678

205241

519000

4407

514593

1382750

73

2356000

2356000

4399

215503

523500

2903

520597

1224000

74

1932500

1932500

2173

226278

528000

1434

526566

1034750

75

1500000

1500000

0

237592

532500

0

532500

813750

                                                     Total Receipts from LIC

   6808044

 

 

Above Plan illustration 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 Risk cover of Rs. 1,500,000.00 will continue till life time.
  • The effective yield in the above proposal works out to be calculated as per IRR method.
  • IRR does not consider the death benefit after age 75.
  • The net annuity is increasing every year to take care of the inflation@ 5.00% (approximately)

 

Benefits after Retirement Age

 

Age in Year

                     Risk Cover

 

      Loan

    Normal

   Accident

       Cash Value

   Available

76

1500000

1500000

927300

836250

77

1500000

1500000

948600

855000

78

1500000

1500000

969300

873750

79

1500000

1500000

989700

892500

80

1500000

1500000

1009500

907500

81

1500000

1500000

1028700

926250

82

1500000

1500000

1047450

941250

83

1500000

1500000

1065600

960000

84

1500000

1500000

1083150

975000

85

1500000

1500000

1100250

990000

86

1500000

1500000

1116600

1005000

87

1500000

1500000

1132500

1020000

88

1500000

1500000

1147800

1031250

89

1500000

1500000

1163100

1046250

90

1500000

1500000

1177800

1061250

91

1500000

1500000

1192800

1072500

92

1500000

1500000

1207650

1087500

93

1500000

1500000

1222950

1102500

94

1500000

1500000

1242450

1117500

95

1500000

1500000

1259550

1132500

96

1500000

1500000

1291950

1162500

97

1500000

1500000

1323600

1192500

98

1500000

1500000

1396500

1256250

99

1500000

1500000

0

0

100

1500000

1500000

0

0

 

Return calculated on Assuming LIC bonus rates

Assuming that bonus rate declared by LIC will increase/decrease per year by step rate mentioned above.

 

 

 

 

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