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LIC’s Jeevan Utkarsh Plan Compared with Bank Fixed deposit on Maximum Rate of Interest

2018-04-26T22:51:00.000-07:00

LIC’s Jeevan Utkarsh Plan Compared with Bank Fixed deposit on Maximum Rate of Interest

Sr. No.	Particulars	Bank Fixed Deposit	LIC’s Jeevan Utkarsh
1	Amount of Investment	Rs. 100000/-	Rs. 100000/-
2	Time Period	12 Years	12 Years
3	Mode Of Payment	One Time	One Time
4	Risk Cover	Rs. 1,00,000/- + Interest	Rs. 10,00,000/-
5	Accident Death Benefit	Rs. 1,00,000/- + Interest	Rs. 11,00,000/-
6	Income Tax Benefit	No	Yes under section 80C
7	Maturity Tax Benefit	No	Yes under section 10(10)D
8	Tax Liability	Yes Taxable	Totally Tax Free
9	Maturity Amount	Maximum Rs. 2,24000/-	Rs. 200000
10	Loyalty Addition	0	Rs. 50,000/-
11	Gross Maturity Amount	224000	250000
12	TDS	22400	0
13	Net Maturity Value	201600	250000

Sources : Different Bank Sites and LIC of India

Why Jeevan Utkarsh is Better Than Fixed Deposit

Ø High Maturity Value

Ø Higher Risk Cover

Ø Accident Benefit Cover

Ø Tax Benefit u/s 80C

Ø Tax Free Maturity u/s 10(10)D

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS FOR JEEVAN UTKARSH PLAN

a) Minimum Age at entry :	6 years (completed)
b) Maximum Age at entry :	47 years (nearest birthday)
c) Minimum Basic Sum Assured :	75,000/-
d) Maximum Basic Sum Assured :	No Limit

e) Policy Term :	12 years
f) Premium payment mode :	Single premium only

This plan was closed on 31^st march 2018, but on the high demand of consumer’s. Now plan open for 2^nd June 2018

Best Comparison of Suknya Samridhi Yojana and LIC Plan

2018-03-12T00:51:00.000-07:00

Suknya Samridhi Yojana		LIC’s Limited Premium Endowment Plan
Type of Plan	Saving Account		Insurance
Term of Plan	21 Years		21 Years
Premium Paying Term	15 Years		9 Years
Premium Amount (Yearly)	Rs. 1,48,500/-		Rs. 2,46,487/-
Premium Limit	Rs. 1,50,000/- 10% Tax		No Limit
Total Premium Paid	Rs. 22,27,500/-		Rs. 22,23,807/-
Total return after 21 years	Rs.67,68,847-		Rs. 67,72,500/-
Partial Withdraw	After 18 years 50%		After 3 Years 70%
On unfortunate event	No Provision		Rs. 65,95000/- to 1,00,60,000/-
Online Payment Mode	Not Available		Available

LIC's New Children’s Money Back Plan

2018-03-06T03:20:00.000-08:00

LIC's New Children’s Money Back Plan

Death benefit	On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force, then On death of the Life Assured before the date of commencement of risk: Return of premium/s excluding taxes, extra premium and rider premium, if any.
Death benefit	On death after the date of commencement of risk: Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. Basic Sum Assured.
Survival Benefit:	On the Life Assured surviving the policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years, 20% of the Basic Sum Assured on each occasion shall be payable, provided the policy is in full force.
Maturity Benefit	On the Life assured surviving the stipulated date of maturity, provided the policy is in full force, Sum Assured on Maturity ( which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Participation in Profits	The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
LIC’s Premium Waiver Benefit Rider	LIC’s Premium Waiver Benefit Rider is available as an optional rider on the life of proposer aged between ages 18 to 55 years by payment of additional premium. In case of death of the proposer, the premiums under the basic plan falling due after the date of death shall be waived. The cost of medical and special reports shall be borne by the proposer. This rider shall not operate in the event of death of the proposed by his own hands whether sane or insane within 12 months from the date of issuance of First Premium receipt or within 12 months from the date of revival.
Example
Documents	BIRTH CERTIFICATE OF CHILD IF SCHOOL GOING, SCHOOL CERTIFICATE PERPOSER PAN CARD, AADHAR CARD, ITR COPY, AND TWO PASSPORT SIZE PHOTO. CHECK FOR PAYMENT IN FAVOUR OF LIC OF INDIA.
Contactable Person	UMESH KUMAR ”Agent” Life Insurance Corporation Of India Mobile : +91-9781828481