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Plan :Jeevan Akshay VI(189)Product Summary :LIC Jeevan Akshay VI (189) is an immediate annuity plan that can be bought by paying a lumpsum as Single Premium. Pension will start immediately after buying the policy.Various options are available for the type and mode of payment of annuities. But once chosen, it can not be changed.Premium Payment Mode:Single PremiumAnnuity Mode: • Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of AnnuityMinimum Entry Age :30 Year Completed Maximum Entry Age :• 100 Year Last Birthday for option '[F] Annuity for life with return of purchase price on death' • 85 Year Last Birthday For all anuity option other than option 'F' Minimum Sum Assured :• Rs.1, 00, 000/- for all distribution channels except online.• Rs.1, 50, 000/- for on line sale. Maximum Sum Assured :NO LIMITAnnuity Option :i) Annuity for lifeii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafteriii) Annuity for life with return of purchase price on deathiv) Annuity for life increasing at a simple rate of 3% p.a.v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant.vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant with return of purchase price on the death of last survivor.Policy Benefits :On Death :(a) Under option (i) - payment of annuity ceases.(b) Under option (ii)i. On death during the guarantee period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.ii. On death after the guarantee period - payment of annuity ceases.(c) Under option (iii) - payment of annuity ceases and the purchase price is returned to the nominee.(d) Under option (iv) - payment of annuity ceases.(e) Under option (v) - payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.(f) Under option (vi) - payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.(g) Under option (vii) - payment of annuity ceases. 100% of the annuity is paid to the surviving named spouse during his/her life time and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price is paid to the nominee. The amount of annuity shall be assured throughout the period for which it is payable.Surrendered Value :Surrender shall be allowed after completion of atleast one policy year from date of commencement of policy only for Annuity Option 'F - Annuity for life with return of purchase price' in some circumstances.Loan :No loan will be available under the policy.Income Tax Benefit :• Premium paid under this plan is eligible for TAX rebate under section 80c.• Pension that is received is taxable.Proposal Form 440 (IA) shall be used under this plan.
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Scope1.1 “Pradhan Mantri Awas Yojana (Urban) – Housing for All” Mission for urban areasis being implemented with effect from 17.06.2015 to provide central assistance toimplementing agencies through States and UTs for providing houses to all eligiblefamilies/ beneficiaries. As a Central Sector Scheme, the existing Credit Linked SubsidyScheme (CLSS) component of the Mission provides interest subsidy on home loanstaken by eligible urban poor [Economically Weaker Section (EWS) / Lower IncomeGroup (LIG)] for acquisition/construction of house.1.2 Given the projected growth of urbanization in India and the consequent housingdemands, Ministry of Housing and Urban Poverty Alleviation hereby introduces aninterest subsidy scheme for acquisition/ construction of house (including re-purchase)to cater to the Middle Income Group (MIG) called “Credit Linked Subsidy Scheme(CLSS) for MIG”, which will also be implemented as a Central Sector Scheme.1.3 The existing Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojana (Urban)Mission has, accordingly, been renamed as “CLSS for EWS/LIG”.1.4 To be eligible to receive central assistance under CLSS for MIG:1.4.1 The beneficiary family should not own a pucca1 house either in his/her nameor in the name of any member of his/her family in any part of India.1.4.2 A beneficiary family should not have availed of central assistance under anyhousing scheme from Government of India.1.5 A beneficiary family will comprise husband, wife, unmarried sons and/or unmarrieddaughters. An adult earning member (irrespective of marital status) can be treated asa separate household;Provided that he / she does not own a pucca1 house in his / her name in anypart of India.Provided also that in the case of a married couple, either of the spouses orboth together in joint ownership will be eligible for a single house, subject toincome eligibility of the household under the Scheme.1.6 CLSS for MIG will be implemented initially in 2017 for a period of one year w.e.f1.01.2017.
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Implementation Methodology 4.1 The credit linked subsidy will be available only for loan amounts indicated in paragraph 3.1 above for a tenure of 20 years or during tenure of loan whichever is lower. Additional loans beyond the aforementioned specified limit, if any, will be at non-subsidized rate. 4.2 Interest subsidy will be credited upfront to the loan account of beneficiaries through 2 As per definitions for the purpose of the Scheme 3 Credit Linked Subsidy Scheme for MIG – Operational Guidelines Ministry of Housing and Urban Poverty Alleviation Primary Lending Institutions resulting in reduced effective housing loan and Equated Monthly Installment (EMI). 4.3 Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy to the lending institutions and for monitoring the progress. Ministry may notify other institutions as CNA in future. 4.4 Primary Lending Institutions (PLIs), identified as Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks, State Cooperative Banks, Urban Cooperative Banks, Small Finance Banks3 , Non Banking Financial Company – Micro Finance Institutions (NBFC MFIs)4 or any other institution as may be identified by the Ministry, can register only with one of the CNAs by signing MOU for CLSS for MIG as provided in Annexure 1. 4.5 The Primary Lending Institutions (PLIs) that have signed MoU with the CNAs under the existing CLSS vertical (now to be treated under CLSS for EWS/LIG), of Pradhan Mantri Awas Yojana (Urban) Mission, will be given the option to extend the mandate of their MoU5 to CLSS for MIG. 4.6 Primary Lending Institutions, in the home loan applications, shall disclose transparently the Scheme eligibility and ascertain willingness and eligibility of applicants under CLSS for MIG. 4.7 CNAs will be responsible for ensuring proper implementation and monitoring of the scheme and will put in place appropriate mechanisms for the purpose. CNAs will provide periodic monitoring inputs to the Ministry of Housing and Urban Poverty Alleviation through regular monthly and quarterly reports, as decided by Mission Directorate (Annexure 2). 4.8 Primary Lending Institutions (PLIs) shall link the details of Aadhaar number(s) of beneficiary family to avoid duplication before submitting claims to CNAs. 4.9 Preference under the Scheme, subject to beneficiaries being from MIG segments, may be given to women (with overriding preference to widows, single working women), persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, Persons with disabilities and Transgender.
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