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LIC Jeevan Sugam Review

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A single premium plan is less cumbersome for those who want to avoid paying regular premium

WHAT IT IS: Jeevan Sugam from Life Insurance Corporation of India (LIC) is a single premium plan. The risk cover under the plan is 10 times the premium paid for a fixed period of 10 years only. At the end of 10 years, the policy will mature and be ready for redemption of guaranteed sum. Only those aged between eight and 45 years can take this product.


ISSUE PERIOD: The policy can be subscribed till March 31.


DEATH AND MATURITY BENEFIT: The life cover, on death before policy expiry, is 10 times the single premium amount after deducting service tax. In case of death after five years of the policy term, loyalty addition will also be paid, although that amount is not specified upfront.

On maturity, the survivor will be paid sum assured along with loyalty benefits. Minimum maturity sum assured under the plan is Rs 60,000 on single premi um of Rs 33,759. There is no upper limit.


SURRENDER VALUE: For the first year, it will be 70 per cent of the single premium minus service tax and, thereafter, 90 per cent.


This plan suits those who don't foresee a regular income in future but still want to protect themselves by taking a risk cover. But maximum age limit of 45 years will mean it is unsuitable for such individuals. A single premium plan is less cumbersome for those who want to avoid paying regular premium. Maturity sum assured depends on the age of the person. The policy's maturity value is lower for people in the higher age group of 40-45 years, making it expensive. For a person above 44 years, the single premium of Rs 1.99 lakh would fetch Rs 2.84 lakh at maturity, that is a return of 4.27 per cent. Though, inflation-adjusted return is 3.62 per cent, lower than 8.8 per cent return offered by public provident fund (PPF).


PPF don't assure any risk cover, but the difference in returns can finance a purchase of a term insurance policy of the same or even higher sum assured.

The return on maturity would be higher for person in the lower age group depending on the age but still lower than return on PPF.

Although tax benefit is available to policyholders under Section 80C of the Income-Tax Act, there is some confusion on whether the maturity amount gets a tax benefit under Section 10(10D). The benefit under Section 10(10D) on maturity have not been disclosed in LIC's advertisement. Consult a tax expert if you want to be sure of the tax benefit, if any, on the maturity amount.

 

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