The objective of this Life insurance Plan – Retire and Enjoy is to provide financial security to the family of policy holder during your productive span and a happy independent retired lifestyle for the policy holder and his/her spouse when they decide to retire.
Illustration – Retire and Enjoy 1
Under this life insurance proposal, you will need to make premium payments of Rs. 41330/- p.a. from your own funds till the age of 49 years. This proposal provides for a high risk-cover of Rs. 1136570/- starting at age 30 and growing to Rs. 2441900/- at age 50.
In the year 2030 when you will be 50 years of age, you will start receiving annual tax-free income every year till 65 years of your age. Income starts at Rs.156164 per annum and increases by approximately 5.00% every year to take care of inflating costs of living. There is a provision for risk cover during this period too. In case of death during this period lump sum amount corresponding to the prevailing risk cover will be paid to your nominee.
No premiums are payable from the own fund after the deferment period, that is, after age 49.
In the event of any emergency or financial difficulties, there is a provision under this Magic Insurance Plan to provide a loan against the insurance policy. The loan is available after 2 years of completion of the policy and payment of 3 yearly premiums.
Premiums are available for exemption under sec.80 CCE of income tax act up to Rs. 100000/- per annum.
- Magic-Plan Retire & Enjoy is a combination of LIC plans specially researched to meet the objective of securing a financially u independent life for yourself and your spouse on retirement.
- The benefits shown in this presentation is based on a forecast of future bonuses expected from L.I.C. These bonuses are not guaranteed and have been estimated solely to understand the possible benefits of the proposed Insurance. Actual results may vary.
- Loan calculation is done on the basis of present surrender value rates.
- The effective yield in the above proposal works out to 9.66 % (calculated as per the IRR method).