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Proposer's Age: 30 Years

Sum Proposed: 10, 05,000

Yearly Premium: Rs.29982

Income* from the Age 61 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.29982 p.a. from your own funds till your age of 60 years. This proposal provides for a high riskcover of Rs.1053240 starting at age 30 and growing to Rs.3908540 at age 61.

When you will be 61 years of age, you will start receiving annual tax free annuities every year till 75 years of your age. There is a provision of risk cover during this period too (that is in the annuity receiving period). In case of death during this period a 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 combi 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 rules 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.

Benefits during Deferment Period 

Age in Year

                     Risk Cover

   Yearly

    Loan

Normal

Accident

Premium      Payment

Available

30

1053240

2058240

29982

0

31

1101480

2106480

29982

0

32

1149720

2154720

29982

9500

33

1197960

2202960

29982

34000

34

1246200

2251200

29982

48500

35

1294440

2299440

29982

64000

36

1342680

2347680

29982

80000

37

1390920

2395920

29982

97250

38

1439160

2444160

29982

115750

39

1487400

2492400

29982

135750

40

1535640

2540640

29982

156750

41

1583880

2588880

29982

179500

42

1632120

2637120

29982

204000

43

1680360

2685360

29982

232500

44

1766900

2771900

29982

264500

45

1835240

2840240

29982

299750

46

1912205

2917205

29982

338500

47

1981020

2986020

29982

380000

48

2082160

3087160

29982

436750

49

2261800

3266800

29982

493500

50

2399540

3404540

29982

556000

51

2537280

3542280

29982

625000

52

2675020

3680020

29982

695750

53

2812760

3817760

29982

774000

54

2950500

3955500

29982

861000

55

3108340

4113340

29982

958000

56

3266180

4271180

29982

1058500

57

3424020

4429020

29982

1176750

58

3581860

4586860

29982

1309250

59

3739700

4744700

29982

1459000

60

3908540

4913540

29982

1666000

                  Total Premium To LIC

    929442

 

 

Benefits during the Retirement Period

Cash Flow from LIC

 

Age in Years

           Risk Cover

Annual

Maturity

Yearly Return

Paid For

Net Amt.

Loan

Normal

Accident

Premium

Amount

Installment

Premium

Available

Available

61

2364080

2944080

16523

1641900

352260

10907

341353

882250

62

2461520

3041520

16523

0

363691

10907

352784

986500

63

2558960

3138960

16523

0

363691

10907

352784

1104250

64

2656400

3236400

16523

0

363691

10907

352784

1293250

65

0

0

0

2656400

363691

0

363691

0

66

0

0

0

0

344004

0

344004

0

67

0

0

0

0

344004

0

344004

0

68

0

0

0

0

344004

0

344004

0

69

0

0

0

0

344004

0

344004

0

70

0

0

0

0

344004

0

344004

0

71

0

0

0

0

344004

0

344004

0

72

0

0

0

0

344004

0

344004

0

73

0

0

0

0

344004

0

344004

0

74

0

0

0

0

344004

0

344004

0

75

0

0

0

0

344004

0

344004

0

  

 

  • 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.
  • * Yearly Installment: Under settlement scheme of LIC, you can take the maturity amount in installments in lieu of lumpsum amount.

 

 

 

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