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Proposer's Age: 30 Years

Sum Proposed: 1010000

Yearly Premium: 27551

Income from 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.27551 p.a. from your own funds till your age of 60 years. This proposal provides for a high risk cover of Rs.1060680 starting at age 30 and growing to Rs.3813280 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. 207356 per annum and increases by approximately 4.00% 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 income tax rules.

 

Disclaimer

  • This Plan 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.

 

Benefits during Deferment Period

 

Age in Year

                 Risk Cover

Yearly

Loan

Normal

Accident

Premium Payment

Available

30

1060680

1060680

27551

0

31

1111360

1111360

27551

0

32

1162040

1162040

27551

0

33

1212720

1212720

27551

31000

34

1263400

1263400

27551

44250

35

1314080

1314080

27551

57750

36

1364760

1364760

27551

72250

37

1415440

1415440

27551

88000

38

1466120

1466120

27551

103750

39

1516800

1516800

27551

121000

40

1567480

1567480

27551

139500

41

1618160

1618160

27551

159250

42

1668840

1668840

27551

180250

43

1719520

1719520

27551

202750

44

1790400

1790400

27551

227000

45

1861280

1861280

27551

254000

46

1927110

1927110

27551

283750

47

2003040

2003040

27551

316250

48

2084020

2084020

27551

352750

49

2225600

2225600

27551

392250

50

2357080

2357080

27551

436000

51

2488560

2488560

27551

484250

52

2620040

2620040

27551

537000

53

2751520

2751520

27551

593750

54

2883000

2883000

27551

656250

55

3034680

3034680

27551

724750

56

3186360

3186360

27551

799000

57

3338040

3338040

27551

881500

58

3489720

3489720

27551

973500

59

3641400

3641400

27551

1074250

60

3813280

3813280

27551

1191250

                  Total Premium To LIC

   854081

 

 

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

3752600

3752600

22912

197000

222480

15124

207356

1181750

62

3671760

3671760

21075

204880

232560

13911

218649

1165500

63

3570760

3570760

19284

213075

242640

12729

229911

1144750

64

3449600

3449600

17537

221598

252720

11576

241144

1117000

65

3308280

3308280

15828

230462

262800

10448

252352

1082500

66

3146800

3146800

14154

239681

272880

9343

263537

1041750

67

2965160

2965160

12512

249268

282960

8259

274701

993500

68

2763360

2763360

10902

259239

293040

7196

285844

938250

69

2541400

2541400

9318

269608

303120

6150

296970

875000

70

2250080

2250080

7757

280392

313200

5120

308080

803000

71

1953000

1953000

6219

291608

316080

4105

311975

721500

72

1650160

1650160

4702

303272

318960

3104

315856

627500

73

1341560

1341560

3202

315403

321840

2114

319726

521000

74

999900

999900

1593

328019

351780

1052

350728

384500

75

652000

652000

0

341140

354900

0

354900

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

                                           Total Receipts from LIC

  4231729

 

 

 

  • 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 works out as per IRR method).
  • The nett annuity is increasing every year to take care of the inflation.

Note: Additional accidental benefit of Rs.1010000 can be granted under policies of Plan no. 14 and 5 with a premium of Rs. 1010 per annum.

 

 

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