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Questions and Answers
What are the benefits of the Jaivik annu plan?
Guaranteed pension, flexibility, risk cover, inflation-proof, PCD, surrender, tax benefits
What is the purpose of the risk cover in the Jaivik annu plan?
To provide a lump sum amount to the nominee in case of the policyholder's death during the policy term
Under which section of the Income Tax Act, 1961, does the Jaivik annu plan offer tax benefits?
Section 80C
What is the significance of the Pension Commencement Date (PCD) in the Jaivik annu plan?
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Study Notes
Jaivik annu, also known as Jaivik Suraksha annu, is a type of annuity plan offered by LIC. This plan is designed to provide life insurance coverage and regular income to policyholders during their retirement years. The plan offers the following benefits:
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Guaranteed Pension: The plan provides a guaranteed pension for life, which is paid monthly or yearly, depending on the policyholder's choice.
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Flexibility: The Jaivik annu plan provides flexibility in terms of the amount of pension received, with a choice between two options: Option A and Option B.
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Risk Cover: The plan comes with a risk cover, which is a lump sum amount paid to the nominee of the policyholder in case of the policyholder's death during the term of the policy.
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Inflation-Proof: The plan provides protection against inflation, ensuring that the pension received by the policyholder remains constant and does not decrease over time.
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Pension Commencement Date (PCD): The pension commencement date can be fixed by the policyholder, which is the date from which the pension will be paid.
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Surrender: The plan allows partial surrender, which means the policyholder can withdraw a portion of the investment amount after the end of the surrender period.
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Tax Benefits: The plan offers tax benefits under Section 80C of the Income Tax Act, 1961, providing a deduction of up to ₹1.5 lakhs on the premium paid.
To avail of the Jaivik annu plan, the policyholder must be a resident Indian with an age between 18 and 70 years. The minimum amount of investment for this plan is ₹10,000, and the maximum amount is ₹1.5 lakhs. The policy duration varies from 12 to 30 years.
In conclusion, the Jaivik annu plan is an excellent option for those looking for a regular income during their retirement years. With its guaranteed pension, inflation-proof benefits, and tax advantages, this plan provides a secure and hassle-free solution for securing one's financial future.
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Description
Test your knowledge about the LIC Jaivik Annuity plan, designed to provide life insurance coverage and regular income to policyholders during their retirement years. Learn about the guaranteed pension, flexibility, risk cover, inflation-proof benefits, tax advantages, and more.
