These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout term of policy or till earlier death. Alternatively, premium may be paid in one lump sum (single premium).
Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.
Bonuses:
These are with-profit plans and participate in profits of Corporation’s annuity / pension business. Policies get share of profits in form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at end of each financial year. Once declared, they form part of guaranteed benefits of plan. Final (Additional) Bonuses may also be payable provided policy has run for certain minimum period.
Death Benefit:
On death of Life Assured during term of policy basic premiums paid, excluding any rider premiums or extra premiums, up to date of death accumulated with interest at such rates as decided by Corporation will be payable to nominee. Currently, interest rate is 3%, 4% or 5 % if death occurs within first 10 years, 20 years or thereafter respectively.
Maturity Benefit:
At maturity policyholder can encash up to maximum 25% of maturity proceeds as tax-free lump sum. balance should be compulsorily converted to an annuity at rates applicable at time of maturity of policy. policyholder has choice of opting for any one of 5 annuity options. annuity options available are
(i) annuity payable for remainder of life
(ii) annuity payable for life with guaranteed period of 5, 10, 15 or 20 years
(iii) Joint life and last survivor annuity to annuitant and his/ her spouse under which annuity payable to spouse on death of purchaser will be 50% of that payable to annuitant
(iv) Life annuity with return of purchase price on death of annuitant
(v) Life annuity increasing at simple rate of 3% per annum
Supplementary/Extra Benefits:
These are optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
Surrender Value:
Buying life insurance contract is long-term commitment. However, surrender value is available on plan on earlier termination of contract.
Guaranteed Surrender Value:
policy may be surrendered after it has been in force for 2 years or more but before vesting date. guaranteed surrender value is 90% of basic premiums paid excluding first year’s premium. In case of single premium policy guaranteed surrender value is allowed after 2 years from date of commencement of policy.
Corporation’s policy on surrenders:
In practice, company will pay Special Surrender Value – which is equal to or higher than Guaranteed Surrender Value. benefit payable on surrender reflects discounted value of reduced claim amt that would be payable on death or at maturity. This value will depend on duration for which premiums have been paid and policy duration at date of surrender. In some circumstances, in case of early termination of policy, surrender value payable may be less than total premium paid.
Corporation reviews surrender value payable under its plans from time to time depending on economic environment, experience and other factors.
Note: above is product summary giving key features of plan. This is for illustrative purpose only. This does not represent contract and for details please refer to your policy document.
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout term of policy or till earlier death. Alternatively, premium may be paid in one lump sum (single premium).
Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.
Bonuses:
These are with-profit plans and participate in profits of Corporation’s annuity / pension business. Policies get share of profits in form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at end of each financial year. Once declared, they form part of guaranteed benefits of plan. Final (Additional) Bonuses may also be payable provided policy has run for certain minimum period.
Death Benefit:
On death of Life Assured during term of policy basic premiums paid, excluding any rider premiums or extra premiums, up to date of death accumulated with interest at such rates as decided by Corporation will be payable to nominee. Currently, interest rate is 3%, 4% or 5 % if death occurs within first 10 years, 20 years or thereafter respectively.
Maturity Benefit:
At maturity policyholder can encash up to maximum 25% of maturity proceeds as tax-free lump sum. balance should be compulsorily converted to an annuity at rates applicable at time of maturity of policy. policyholder has choice of opting for any one of 5 annuity options. annuity options available are
(i) annuity payable for remainder of life
(ii) annuity payable for life with guaranteed period of 5, 10, 15 or 20 years
(iii) Joint life and last survivor annuity to annuitant and his/ her spouse under which annuity payable to spouse on death of purchaser will be 50% of that payable to annuitant
(iv) Life annuity with return of purchase price on death of annuitant
(v) Life annuity increasing at simple rate of 3% per annum
Supplementary/Extra Benefits:
These are optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
Surrender Value:
Buying life insurance contract is long-term commitment. However, surrender value is available on plan on earlier termination of contract.
Guaranteed Surrender Value:
policy may be surrendered after it has been in force for 2 years or more but before vesting date. guaranteed surrender value is 90% of basic premiums paid excluding first year’s premium. In case of single premium policy guaranteed surrender value is allowed after 2 years from date of commencement of policy.
Corporation’s policy on surrenders:
In practice, company will pay Special Surrender Value – which is equal to or higher than Guaranteed Surrender Value. benefit payable on surrender reflects discounted value of reduced claim amt that would be payable on death or at maturity. This value will depend on duration for which premiums have been paid and policy duration at date of surrender. In some circumstances, in case of early termination of policy, surrender value payable may be less than total premium paid.
Corporation reviews surrender value payable under its plans from time to time depending on economic environment, experience and other factors.
Note: above is product summary giving key features of plan. This is for illustrative purpose only. This does not represent contract and for details please refer to your policy document.
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