Life Insurance Corporation of India Benefits for Disabled Persons
JEEVAN VISHWAS
TABLE NO. 136
LIC has introduced a new plan “JEEVAN VISHWAS” for the benefit of the physically /
mentally handicapped dependants.
For the benefit of handicapped dependants “JEEVAN AADHAR” plan was introduced with
effect from 17th January 1996. The plan was specially designed so that an individual or
member of Hindu Undivided Family can take an assurance on his / her own life to provide for
lump sum and an annuity to the handicapped dependant. The provision is in the nature of a
limited payment whole life assurance policy. The payment is made to the nominee under the
policy, who will be either the handicapped dependant or any other person or a trust, to be
utilized for the benefit of the handicapped dependant.
The premiums under Jeevan Aadhar are eligible for tax benefit under Sec. 80DD of Income
Tax Act, 1961. The definition of disability under rule 11A of Income Tax Rules, 1962, for this
purpose is rather stringent in Jeevan Aadhar as such is thus not catering to the needs of
those handicapped dependants whose degree of handicap is lower than the specified levels.
Keeping in mind the guardians of such lives who may be willing to provide for the dependants
even without the benefit under Sec. 80DD of Income Tax Act, it is decided to introduce
JEEVAN VISHWAS with effect from 1st December 1999. While developing the plan, feedback
received from various sources on the benefit structure of Jeevan Aadhar is taken into
account. The plan is Endowment without Profit with guaranteed and loyalty additions.
For further details, you can contact any office of Life Insurance Corporation of India in your
city.
JEEVAN VISHWAS
TABLE NO. 136
LIC has introduced a new plan “JEEVAN VISHWAS” for the benefit of the physically /
mentally handicapped dependants.
For the benefit of handicapped dependants “JEEVAN AADHAR” plan was introduced with
effect from 17th January 1996. The plan was specially designed so that an individual or
member of Hindu Undivided Family can take an assurance on his / her own life to provide for
lump sum and an annuity to the handicapped dependant. The provision is in the nature of a
limited payment whole life assurance policy. The payment is made to the nominee under the
policy, who will be either the handicapped dependant or any other person or a trust, to be
utilized for the benefit of the handicapped dependant.
The premiums under Jeevan Aadhar are eligible for tax benefit under Sec. 80DD of Income
Tax Act, 1961. The definition of disability under rule 11A of Income Tax Rules, 1962, for this
purpose is rather stringent in Jeevan Aadhar as such is thus not catering to the needs of
those handicapped dependants whose degree of handicap is lower than the specified levels.
Keeping in mind the guardians of such lives who may be willing to provide for the dependants
even without the benefit under Sec. 80DD of Income Tax Act, it is decided to introduce
JEEVAN VISHWAS with effect from 1st December 1999. While developing the plan, feedback
received from various sources on the benefit structure of Jeevan Aadhar is taken into
account. The plan is Endowment without Profit with guaranteed and loyalty additions.
For further details, you can contact any office of Life Insurance Corporation of India in your
city.
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