Jeevan Suraksha  (from LIC] Another plan from LIC [ Plan no.122 ] available with life and without life coverage  and is very much like an Endowment policy. It is tailor-made for professionals & businessmen and two options are available to choose, multiple plan and pension.           Pension options offers a guaranteed pension for the life of the policyholder or for the last survivor in case of a Joint life policy or a pension fund that will also return the purchase price paid by the policyholder.           Terminal bonus is available and there is no forfeiture in case the premiums are discontinued.    In case the life cover is not opted for, the policyholder also has the option of a Single or One time        premium payable   ·          The policyholder also gains the option of a tax-free commuted value that amounts to nearly 25 percent. Premiums up to Rs.10,000/- qualify for 100 percent deduction from taxable income in terms of Sections 80 (CCC) of the Income Tax Act ·          A policy with life cover guarantees a minimum of 50 percent of target Annuity as family pension, which may go up to 85 percent depending upon the policyholder's age and duration of the policy. ·          The policyholder can avail of a life-long monthly pension [Retirement Pension] with an option to commute 25 percent of the sum assured (notional cash option) free from taxation ·          Alternatively the Annuity can be guaranteed for 5, 10 or 15 years as well as on life to ensure payments for the remaining period to the policyholder's family in case of his or her unfortunate early death ·          Another option available to the policyholder is in the form of joint life and last survivor annuity to ensure 50 percent of pension to the spouse after death of the pensioner     Table given below sets out specimen pension benefits at retirement age 60. The figures are as follows Table A � With life cover Entry Age Monthly Premium Monthly Pension Without Commutation Monthly Pension With Commutation Commuted Value 30 Rs.250 Rs.4674.00 Rs.3505.57 Rs.107,204 40 Rs.250 Rs.1958.66 Rs.1469.00 Rs.44,924 50 Rs.250 Rs.566.04 Rs.424.53 Rs.12,982 Table B � Without life cover 30 Rs.250 Rs.6360.63 Rs.4770.47 Rs.145,886 40 Rs.250 Rs.2319.48 Rs.1739.61 Rs.53,199 50 Rs.250 Rs.604.88 Rs.453.66 Rs.13874 Death benefits:    Duration at death  Benefits payable upon death   Death within 3 policy years   Return of premium Death during 4th to 6th policy years Return of premium with interest at the rate of 8% p.a. from the due dates of premium to the date of death. Death after 6th policy year Return of premium with interest at the rate of 9% p.a. from the due dates of premium to the date of death.    Policy Parameters:   Min Max Entry Age 25 60 Minimum Vesting Age 55 70 Term  5 35   Mode of Payment Max Maturity Age Policy loan available Yearly, half yearly, quarterly, monthly 70 Years last birthday No Female lives under Class II will be granted "Without Life Cover" plan only. Hidden benefits within this plan are : 1.The terminal bonus declared by the corporation on the vesting date depends upon the actuarial surplus on the pension fund and will increase the pension benefits.  2. The immediate annuity rates prevalent at the time of vesting of pension benefits, if favorable in comparison to the deferred annuity rates will be used to recalculate the pension benefits. This subsequently adds to the policyholder's pension benefits. Non-forfeiture: 3. If the payment of premiums is discontinued, the policy is not forfeited completely. If premiums are paid for a full 3 years, the benefits are reduced on pro-rata basis. Underwriting made easier:  An exclusive non-medical limit of Rs.2 lakhs for purchasers up to the age 40 years last birthday has been permitted for the plan  Suitable for:  Every individual salaried or self-employed, chartered accountant, engineer, doctor, architect or any other professional individual, especially if he is not covered by any other pension plan or his employer financed by himself or operated through the LIC. For eg, Mr Hari, 45 invests in the Jeevan Suraksha plan (with life cover) paying an annual premium of Rs.4575/- to qualify for annuity payments over a 12 year term that will yield him Rs.1,00,000/