Pension Policy Lic

by Pension Forecast

Helen asks…

I had taken Jeevanshree LIC Policy for sum assured Rs 5 Lakh with annual premium @Rs 25660 since 1997. Can I k?

What will be my terminal benefits under this policy?
Is this a pension based policy?

Pension Forecast answers:

Hi Aravind,

JeevanShree is an Insurance policy. It is an Endowment Assurance plan ( Not unit linked). In the LIC website this is categorised as a plan for High Worth individuals.

Benefits of this plan are as below (Refer : http://www.licindia.in/high_worth_001_benefits.htm)

Death Benefit:
The Sum Assured alongwith guaranteed additions and vested bonuses, if any, is payable in a lump sum on death of the life assured during the policy term.

Maturity Benefit:
The Sum Assured alongwith guaranteed additions and reversionary bonuses, if any is payable in a lump sum on survival to the end of the policy term.

Supplementary/Extra Benefits:
These are the 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 a life insurance contract is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium.

You could check the LIC link at : http://www.licindia.in/high_worth_001_features.htm

Hope this helps.

Cheers :)

Thomas asks…

SIr, I have taken a LIC Policy in my mothers name.She is know 49 Years.Plan is Market+ Pension. ?

Agent told that after 5 years( 10,000 p a x 5 yrs) , she will get 8,000.00/pm as pension. So please confirm the details regarding pension( 8000 pm).

Pension Forecast answers:

This policy gives NAV based returns which are purely based on performance at the end of 5 years. There is no assured return.

Susan asks…

please let me know which LIC Policy is good for women.i dont want long term policy.I should get pension ?

Pension Forecast answers:

First of all you should’nt say LIC policy, you should say Insurance policy. Now What you are looking for as far as I understand is Insurance + Pension + Tax saving(may be). So I will recommend you a UNIT LINKED PLAN (called ULIP) from any of the Insurance companies you find comfortable(Even LIC provides). Here you have Lifetime cover of insurance + handsome returns attached to units aquired + Limited Locking period (minimum period for which you must pay the premiums to keep your policy active and after which it is your choice). You can also withdraw money in your retirement period or in an emergancy based on your fund collection

Carol asks…

LIC Jeevan nidhi pension details?

My age is 32, iam paying 12153/- per year for LIC Jeevan needhi policy till 25 years ans um assured is 300000.Kindly let me know how much pension i will get every month aftre my policy maturity.

Pension Forecast answers:

1. Call the agent that sold you the policy
2. Go to a local branch
3. Call the customer service help lines. The customer service contact numbers are listed here:

http://www.licindia.in/phone_helpline.htm

4. If you have not already registered your policy on the LIC web site go to this link:
http://www.licindia.in/NewUserRegistration.htm. Upon successful registration, you will have online access to information regarding status of policy/s, loan, revival, premium due/ policy calendar, maturity calendar etc.

Paul asks…

I heard somthing about LIC’s new Policy according to it, policy holder should have to pay Rs.24000 per annum &?

after 20 years he/she will get Rs.25000 per month as Pension, & its’ granteed.
Is it true ? What exactly the policy is ? Is the pension Guranteed ?
Pls. Describe it fully.
Thanx all Experts for sharing knowledge & precious time.
Thanx a lot.
Anil
Rs. 24000 per annum for 5 Years Only

Pension Forecast answers:

There is no such type of policy. There is no any pension plan ,who is guranting the pension amount. In pension plan there are two phases,one is accumulating and second is dispersion. In accumulation phase we pay premium . On vesting dispersion phase start. Actually we should give attention to corpus at our retire age rather than pension . As insurance company also give pension acc to corpus at that time. In actual pension plans are not lucreative as they dont offer sum assured but still charge 10 to 15 % premium allocation charge, fund management charge & fund adminstration charges. So it is better to invest same amout in good mutual fund.

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