usps limited period –close ended plan. returns –guaranteed sum assured at maturity single one...
TRANSCRIPT
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