Without any risk and with guaranteed income the LIC of India has introduced the single premium closed ended policy on the name of “Jeevan Nischay”. On this policy five times life insurance amount will be provided against the payment in the initial year. From the next year onwards and till to the date of mature of policy, the prescribed amount will be paid .

HOW MUCH AMOUNT WILL BE RECEIVED?

In this policy the special issue is prior announcement of paying amount on the date of mature and with the additions of loyalty payment (as per the company working standards). If 30 years age candidate has invested one lakh rupees in this policy for 10 years period on maturity he will receive Rs. 1,71, 500. Based on the period of investment the rate of interest from 5% to 7% will be gained by him. The Loyalty is additional. As per the age, if one Lakh has been invested in this policy, the total amount to be received on due date of policy is indicated below for information.

OTHER INFORMATION

This information related to only to the LIC policyholders. The individuals who are having a LIC policy on their name are only eligible to obtain this policy. On this policy loan sanction is possible. If necessary after one year this policy can be surrendered. If the premium has been exceed above Rs. 25,000/- additional income is possible.

THE TAX EXEMPTIONS

On the premiums the tax exemption facilities can be gained as per section 80 C. But it is a singe premium policy as such there are some limitations. For premium 5 times insurance facility is available as such on the total premium the tax exemption can be claimed. .  The policy income also not covered under the tax payment purview

Age                                            18 to 50 years

Maturity time                            5,7,10 years

Minimum premium                   Rs. 10,000/-