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. |
Kindly Provide an Illustration chart for this plan.
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