LIC’s Jeevan Sugam Policy – LIC’s Jeevan Sugam One Time Policy introduced by India’s largest insurance company Life Insurance Corporation of India (LIC). This new JEEVAN SUGAM Policy is Single Premium plan with various features.
The Main features of LIC Jeevan Sugam Policy :
- Single Premium Policy : This is one time investment policy with no upper limit.
- Maturity Benefit : Guaranteed Maturity Sum Assured plus Loyalty Additions
- Death Benefit and Risk coverage : If Death occurs with in 5 years, 10 times of the premium paid (excluding any premium any) where as If Death occurs after 5 years, 10 times of the premium paid with Loyalty .
- Guaranteed Surrender Value : First year: 70% of the single premium excluding extra premium after that 90%
- Easy Liquidity : Loans are available on this policy, Maximum 60% of Surrender value Interest 10.5% p.a. compounded half yearly
- Income tax rebate under sec.80c
ELIGIBILITY CONDITIONS
- Age at entry : 8 years (completed) To 45 years
- Policy Term : 10 years.
- Min Maturity Sum assured : Rs. 60,000 /-
- Max Sum assured : No limit
- Premium Mode : Single
- Minimum Sum Assured will be in multiples of Rs.5,000 /- only.
Other Charges and Forms
Form no. 300 : Above 18 years
Form no. 340 : For 8 years To 18 Years
Service Tax 3.09% will be applicable on the single premium
Opinion : In my opinion one time plan for Insurance never be a good idea for investment. This is nothing but as like Bank’s fixed deposit with locking period. This policy is beneficial to individual under 20% Tax bracket and for saving Tax they are looking for some alternate option of Tax shield FD’s.
