Best Tax Saving Plans from LIC of India

LIC provides a wide range of life insurance plans intended to generate improved returns. The following LIC schemes have the full benefits for you-Jeevan Akshay VI, New Children's Money Back Plan, New Endowment Program, New Money Back Plan- 20 years.

These days, consumers are looking into policies promising better returns on the premiums charged. LIC offers a detailed list of policies designed to offer optimal benefits alongside defense. The four best insurance policies given below are:

Jeevan Akshay VI, LIC:

LIC Jeevan Akshay VI is an instant annuity product that guarantees a steady cash flow up front for a lump sum payment. The annuity as set out in the contract should be paid over the policyholder 's lifetime.

It comes with several options about program form and payment modes. The annuity options available under Jeevan Akshay VI are as follows:

• Annuity payable at a fixed rate over the insured 's life.
• Any annuity payable for a term of 5, 10, 15 and 20 years.
• Annuity for life at a basic cost of 3 per cent a year.
• Lifetime annuity with a refund of the policyholder's purchase price upon death
• Lifetime annuity with an choice of 50 percent annuity payment to the spouse on death of the insured person for his / her lifetime
• Lifetime annuity with an option of 100% annuity payment to the spouse on death of the insured person for his / her lifetime

LIC New Children’s Money Back Plan:

It is a non-linked participating money back plan that is designed to meet the demands of growing children for education, marriage expenses, and other such financial needs. In addition , the plan offers risk coverage of the insured child's life over the entire policy term. The package can be bought by parents or grandparents of children (age group 0 to 12 years).

Benefits under LIC New Children’s Money Back Plan:

Death Benefits:

If the life insurance fails before the risk cover ends, then an amount equal to the premiums paid will be due, which includes additional premiums and rider premiums. But in the event that the insured person expires after the risk cover has started, LIC must pay the amount promised on death along with easy reversion bonuses and final extra bonuses.

Survival Benefit:

20 percent of the insured basic amount is due on any occasion when the life insured is 18, 20, and 22 years old.

Maturity Benefit:

Maturity Benefits include maturity-assured sums plus simple reversion bonuses and final extra bonuses.

Benefits under LIC’s New Endowment Plan:

Death benefit:

The amount assured of death along with simple reversion bonuses and final additional benefits shall be issued upon the policyholder 's death, ensuring that all required premiums have been paid up to the death date.

Surrender value:

The policy can be surrendered at any time after payment of a premium of 3 full years. The guaranteed surrender value shall be a percentage of the policyholder 's total premiums paid, excluding the premiums paid for optional benefits.

Loan:

Depending on the terms and conditions applicable at the time of implementation, the policyholder may apply for loans after the policy has attained surrender value.

LIC’s New Money Back Plan- 20 years:

The 20-year New Money Back Program is a non-linked package that comes with a multitude of apps. In addition to the death benefits, the policy also provides returns over the entire term at specified durations.

This supports the insured 's family on his / her death, while at the same time offering a lump sum on survival. The program further expands the lending facility to pay for the covered person's immediate financial needs.

Benefits under LIC’s New Money Back Plan- 20 year:

Maturity benefits:

40 percent of the basic assured sum along with clear reversion bonuses and final additional incentives shall be compensated at the policy's maturity.

Policy revival:

The policy will lapse even after the grace period if the premium payments are discontinued. The lapsed scheme may, however, be restored within 2 years from the date of the first overdue fee.

Surrender Value:

Unless the policyholder has paid three consecutive years of premiums, he / she will be entitled to surrender the policy. The guaranteed surrender value is calculated as a percentage of the policyholder 's total premiums paid, excluding the premiums paid for the optional benefits.

To know more about Best Tax Saving Plans, kindly contact Jayant Harde on 9373284136 or +91 7122282029. You can also visit our website: www.jayantharde.com