personal pension scheme table 71
personal pension scheme table 71.is a single premium plan. this plan provides lifetime security and is use full particularly to those who are either self-employed or work in organizations, which do not have pension schemes.
personal pension scheme.
provides pension guaranteed for 25 years to the policyholder. the pension will be payable yearly in advance, with the first payment due at the beginning of the 8th policy years. the amount of-of the person well depends on the age and sex of the assured.
the personnel pension scheme is a without profit plan for the first 6 policy years. it will start participating in state life’s actuarial surplus form the 7th policy year onwards .
after 6 years, if the policyholder decided to in cash the entire policy instead of opting for the pension, he will receive lump sum amount of double the single premium paid. and the policy will terminate. after 6 years the policyholder can also opt for a combination of pension and en cashment of part of the policy. in this case, state life will give a pro rata in cashed value at the end of 6 policy years, and the rest of the policy will provide a reduced pension, payable from the beginning of the 8th policy year. the proportion of the policy in cash can be 100%,75%,50%or25%. in case of the part in cash, the remaining pension must be at least RS2500 per annum. if the policyholder dies within 6 years of policy issue, the nominee s; of the policyholder
will receive a lump sum amount. the amount payable will depend on the year of death of the policyholder.
1- there is no upper age limit. minimum age at entry is 18 years.
2- the plan will be issued regardless of the life insured’s health.the policyholder will not be required to provide any medical evidence. however, a proof of age will be required either with the proposal or at any time within 6 years.
3- the minimum single premium for the policy is RS 50000. there is no upper limit to the amount of the policy.
4- if the policyholder opts for pension after6th policy year, and dies before the pension has been paid for 25 years, the nominee of the policyholder will continue to receive the pension for the balance of the 25 years. if the policyholder lives beyond 25 years, state life will continue to pay the pension for the rest of the policyholders live.
5- if the value of the pension is more then RS36000 per annum, the policyholder can ask for monthly pension instead of yearly pension in advance.
6- under present law neither the increment value after six years nor the pension will be liable to income tax. zakat will be deductible. if the policyholder is liable to pay zakat
t.[table id=50 /]