usps limited period –close ended plan. returns –guaranteed sum assured at maturity single one...
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USPs Limited Period –Close ended Plan.
Returns –Guaranteed Sum Assured at Maturity
Single One Time investment with No Upper Limit.
Life Cover – 5 times of Premium paid.
Loyalty Addition, if any, payable on maturity.
Easy Liquidity- Loan/SV available after 1 year.
Plan available for children aged 8 yrs & above.
IT rebate available u/s 80c & 10(10)(d).
Back Dating allowed.
LIC’s Jeevan Vriddhi-808
Condition DescriptionAge at entry 8 years to 50 years
Policy Term 10 years
Premium Mode Single
Premium Minimum- Rs.30,000/- ( in multiples of 1000)
Sum Assured Min -150,000/-Max- No upper limit.
Others Service Tax @ 1.545 % on Premium.
LIC’s Jeevan Vriddhi-808
LIC’s Jeevan Vriddhi-808
Benefits
Maturity Benefit Guaranteed Maturity Sum Assured + Loyalty Additions, if any.
Death Benefit 5-times Single Premium excluding extra premium, if any.
Liquidity
Loan Facility Available after 1 yr (approx 63% of premium paid)
LIC’s Jeevan Vriddhi – 808
High Premium Rebate
Basic Premium Increase in Guaranteed Maturity Sum Assured
Below Rs. 50,000 Nil
Rs. 50,000 to Rs. 99,000 1.25%
Rs. 1,00,000 and above 3.00%
Surrender of PolicySurrender Value: Available after expiry of one policy year. Higher of Guaranteed Surrender Value (GSV-which is 90% of Single premium paid ) and Special Surrender Value (SSV).
LIC’s Jeevan Vriddhi-808
LIC’s Jeevan Vriddhi – 808Benefit Illustration - I
Age 20 yearsPolicy Term 10 yearsMode SinglePremium (incl S.T.) 30,464Immediate tax savings assuming @ 10%
3,000
Net Outgo 27,464Death Benefit 150,000Maturity Benefit: Gtd Maturity SA 58,665IRR on Gtd. Mty Sum Assured. 7.88%Loyalty Addition @ 10% p.a. return 7,333Total Maturity Benefits 65,998IRR (compounding annually) 9.16%
LIC’s Jeevan Vriddhi – 808
LIC’s Jeevan Vriddhi – 808
Benefit Illustration - IIAge 35 yearsPolicy Term 10 yearsMode SinglePremium (incl. S.T.) 101,545Immediate tax savings assuming @ 20 %
20,000
Net Outgo 81,545Death Benefit 500,000Maturity Benefit: Gtd Maturity SA 197,023IRR on Gtd. Mty. SA 9.23%
Loyalty Addition @ 10% p.a. return 24,628
Total Mty Benefit 221,651
IRR (compounding annually) 10.51%
LIC’s Jeevan Vriddhi – 808
Jeevan Vriddhi vs BANK FD Rs. 10 Lac in Bank FD @
9.25%YR Principal Amt at yr end
1 1000,000 10,92,500
2 1095,000 11,93,556
3 1199,025 13,03,960
4 1312,932 14,24,577
5 1437,661 15,56,350
6 1574,239 17,00,312
7 1723,791 18,57,591
8 1887,552 20,29,418
9 2066,869 22,17,139
10 2217,139 24,22,224
TDS @ 30% 4,26,667
Net in hand 19,95,557
Actual IRR 7.48%
Rs. 10 Lac in Jeevan Vriddhi at age 25 Yrs
Sum Assured 50,00,000
Premium 10,15,450
Tax Rebate @ 30% for 1 Lac 30,000
Net outgo 9,85,450
Guaranteed Maturity Benefit 20,09,479
IRR on Gtd. Mty Sum Assured 7.39%
Loyalty 2,51,185
Total Returns 22,60,664
IRR (compounding annually) 8.65%
Apart from better returns the customer gets Free Risk cover of 50,00,000. On death- 50 Lacs payable whereas in Bank FD accumulated value paid with deduction of TDSEasy Liquidity – Loan/Surrender after 1 yr. Loan@ 10.25% as against >14% in the banks.
Jeevan Vriddhi v/s NSC for 10 yrs at age 25 yrs- Amt invested-10 Lacs
Risk Cover (Sum Assured) 50,00,000
Premium 10,15,450/-
Tax rebate @ 30% 30,000/-
Net Outgo 9,85,450/-Term Assurance Prem (as per 190–S P for term 10 yrs) 71,650/-
Actual Investment 9,13,800/-
Gtd Mty Sum Assurred 20,09,479/-
IRR on Gtd Mty SA 8.20%
Loyalty Addn. 2,51,185/-
Total Proceeds 22,60,664/-
IRR (compounding annually) 9.48%
Amount invested in NSC 10,15,450/-
Interest declared for current yr 8.75%
Proceeds at the end of 10 yrs 23,49,369/-
Tax on interest from NSC @ 30% of 13,33,919/- 4,00,176/-
Net Receivable 19,49,193/-
IRR Compounding on Net Outgo - post tax 7.06%
Jeevan Vriddhi vs NSC & Bank FD
• So the Policy holder gets– Better & guaranteed Returns.
– Risk Cover absolutely free.
– Guaranteed Sum Assured in case of untimely death against only
the accumulated value with deduction of TDS.
– Easy Liquidity in the form of Loan at lower interest.
Jeevan Vriddhi Under-Writing
AGES MAX. Single Premium
ALLOWED
MAX. SA ALLOWED
SUC
8 & 9 Yrs 6.25 Lacs 31.25 Lacs 25.00 Lacs
10-17 yrs 2 Lacs 10 Lacs 8 Lacs
8-17 yrs 12.49 Lacs( with Juvenile FMR)
62.45 Lacs 49.96 Lacs
18-35 yrs 3.75 Lacs 18.75 Lacs 15 Lacs
36-45 yrs 2.50 Lacs 12.50 Lacs 10 Lacs
46-50 yrs 0.50 Lacs 2.5 Lacs 2 Lacs
Applicable to Minors, Male & Female Lives-Cat.I, II, & III.
Premium that can be brought under Jeevan Vriddhi, at different ages without any special reports
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