Saturday, 2 March 2013

LIC JEEVAN SUGAM (PLAN No. 813) fixed deposit plus life insurance ...



LIC Jeevan Sugam Plan
LIC Jeevan Sugam Plan is a Single Premium non-Participating Endowment Plan. It is a Traditional Plan without Bonus facility. This is a close ended plan available for a short period of time only.


How it works – In this plan, premium needs to be paid upfront as this is a Single Premium Plan. The Death Benefit provided in this plan is 10 times the single premium paid. The Policy Tenure in this plan is also fixed at 10 years. There is Loyalty Additions available in this plan as well.

Let us understand the working of this plan diagrammatically with an example of a 30 year old man opting for Maturity Sum Assured of Rs 60,000.LIC Jeevan Sugam Plan Example

Is it worth to invest?

Even though premiums may looks as if same but difference of premium for the minimum age (8 Yrs) to maximum age (45 Yrs) for above calculation is Rs. 1,02,884. So if you want to invest in this plan then better to invest in your spouse or kid name to benefit the age factor. Considering the other options available like bank FDs, this plan looks attractive in terms of tax angle too. You can avail the tax benefit under Sec 80C during the period of investment (For insurance policies issued on or after April 01 2012, deduction is allowed for only so much of the premium payable as does not exceed 10% of the actual capital sum assured). Also you can avail the tax benefit under Sec 10(10D) post maturity also under current income tax laws (For insurance policies issued on or after April 01 2012, exemption would be available for policies where the premium payable for any of the years during the term of the policy does not exceed 10% of the actual capital sum assured).
Find the premium chart below 



1 comment:

  1. I like the one time single premium plan benefit of LIC Jeevan Sugam. This policy also gives a loan facility. Thanks for sharing good information about this plan.

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