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Life Insurance

NEW JEEVAN SURAKSHA 1
(A Unique Pension Plan)

'NEW JEEVAN SURAKSHA 1' is a unique plan designed to provide pension from a chosen retirement date. The plan can be taken by anyone who wishes to set apart an amount as pension.

Salient Features

It is a pure pension plan where in one pays single premium or regular premium over the deferment period to secure a pension starting at a future date.
Policyholder can add a term assurance rider by paying additional premium. By the virtue of this rider, in the event of death of the policyholder during the deferment period, sum assured selected under term assurance rider would be paid.
Annuity rates on the vesting date will be equal to that available under the New Jeevan Akshaya plan on the date of vesting.
Bonus is payable under the policy.
Contribution under Jeevan Suraksha up to Rs.10,000/- per annum will be eligible for Tax exemption under Sec 80 CCC1 of IT Act, 1961. However this is not available to a Hindu Undivided family.
Premium paying period is between 2 and 35 years.
Policyholder has the option to pay a single premium or pay regular premium annually, half yearly, quarter or monthly (including SSS).

Benefits

On Vesting (i.e. at the start of pension): The National Cash Option together with Reversionary Bonus and Final Additional Bonus (if any) with or without 25% commutation will be comulsorily converted into annuity having following options:
- Annuity for life
- Annuity for life with guaranteed period of 5, 10, 15 and 20 years.
- Joint life and last survivor annuity to the annuitant and his/her spouse under which annuity payable to the spouse on death of the purchaser will be 50% of that payable to the annitant.
- Life annuity with return of purchase price
- Life annuity with annuities increasing at a simple rate of 3% p.a.
During Deferrment:
- A term rider option will be available, premium for which is given in Term Rider Plan. On the death of the policyholder who has opted for the term assurance rider (provided the policy is in-force), the Term Assurance Sum Assured along will all premiums (excluding term Assurance premium and extra premium if any) paid upto the date of death accumulated at the rate of 5% p.a. compounding or at such rates as decided by the Corporation from time to time, will be paid to the nominee. When the policy is not in-force, only return of premiums with interest as stated above will be available.
- For those not opting for the Term Assurance Rider, in respect of policies which are in-force or in a paid up condition, all premiums accumulated at 5% p.a.compunding or at such rates as decided by the Corporation from time to time, will be paid to the nominee.
Term Rider Option will be available only on the Annual Premium Plan.

Restrictions

For the basic plan:
- Minimum age at entry : 18 years.
- Maximum age at entry: 65 years
- Minimum vesting age : 50 years
- Maximum vesting age : 79 years
- Minimum deferment period : 2 years
- Maximum deferment period : 35 years
- Minimum Notional cash option for regular premium policies :Rs.50,000/-
- Minimum premium : Rs.2,500/- p.a for regular premium
  Rs.10,000/- for single premium policies
For Term Assurance Option:
- Maximum Term Assurance Sum Assured would be equal to twice the Notional Cash Option subject to a maximum of Rs. 25,00,000/- (overall limit on riders on all plans).
- Minimum Term Assurance Sum Assured : Rs. 1,00,000/- (If monthly mode is opted: Rs.150/-)
- Maximum age at entry 50
- Minimum Term 10 years
- Maximum Term 35 years
- Term Assurance Rider cover ceases at age 60 years.