LIC Jeevan Shagun (826) Vs Bank Fixed Deposit
Jeevan Shagun, is a limited period, Non-linked, Gauranteed return and high life cover has been launched by LIC on 1st September 2014 for a period of 90 days for sale. The plan comes with single premium and fixed policy term of 12 years.
Benefit Illustration
- Sum Assured will be 10 times of single premium paid.
- Maturity Benefit:
- At the end of 10th policy year: 15% of the Maturity Sum Assured.
- At the end of 11th policy year: 20% of the Maturity Sum Assured.
- At the end of 12th policy year (maturity): 65% of the Maturity Sum Assured + Loyality Addition.
- Death Benefit:
- In case of death during first 5 years of the policy, Basic Sum Assured i.e. 10 times of Single Premium shall be payable to nominee
- In case of death after completion of 5th year of the policy, Basic sum assured + Loyality Addition shall be payable.
| LIC Jeevan Shagun (Plan 826) |
Fixed deposit in Bank @8.5% |
Remarks | ||
|---|---|---|---|---|
| Premium (including S.T.) |
2,58,369 | Amount Invested |
2,50,625 | |
| Risk Cover |
25,06,250 | Premium for Risk Cover |
35,052 | Insurance premium to take life cover of Rs. 25,06,250 |
| Maturity Sum assured |
5,00,000 | Net Amount Invested |
2,15,573 | |
| Money Back at the end of 10th year |
75,000 | Maturity |
5,91,471 | |
| Money Back at the end of 11th year |
1,00,000 | Interest Received |
3,03,898 | |
| Maturity at 12 years |
4,00,000 | |||
| Total Returns |
5,75,000 | |||
| Tax |
0 | Tax @ 20% |
60,780 | |
| Total Retrun |
5,75,000 | Net Return | 5,30,691 | |
Above illustration expains how Jeevan Shagun is having upper edge over Bank's Fixed deposit. The jeevan shagun is returning Rs. 45,000 more than Banks's Fixed Deposit on above conditions.
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