LIC - Jeevan Suraksha Plan 1 : Qeries

[Aman]

I have bought Jeevan Suraksha Plan 1 (with profit) policy was begun on 24 Mar 2004 and my dob is 15 Aug 1954
The document states that date of vesting of annuity is 26 Mar 2016 and annuity first installment will be paid on 26 Mar 2017

My queries:
1- What is the meaning of date of vesting of annuity
2- What is the date of maturity
3- Do I have to inform LIC or will they get in touch with me for the annuity and lump sum payment
4- Is there anyway that I could get the total amount due to me returned after maturity as the annuity is too tiny, it is not tax free and just involves more paperwork and trouble.
5- How often do I have to submit my evidence of existence? Is there a form for that?

[Matrix]

1- What is the meaning of date of vesting of annuity

The age at which you choose to start receiving pension. In your case it will be 26 Mar 2017. Read More (http://www.policywala.com/pension-terms-you-must-know/)


2- What is the date of maturity
Date of maturity 26 Mar 2016.


3- Do I have to inform LIC or will they get in touch with me for the annuity and lump sum payment

They will send you a letter informing about the maturity of your policy. But annuity you can buy from any insurance company which is giving you better rates. So shop around.



4- Is there anyway that I could get the total amount due to me returned after maturity as the annuity is too tiny, it is not tax free and just involves more paperwork and trouble.

No.



5- How often do I have to submit my evidence of existence? Is there a form for that?

Yearly.

[Matrix]

5- How often do I have to submit my evidence of existence? Is there a form for that?

Certificate of Existence: LIC FORM download (http://www.licindia.in/pages/Revised_EC.pdf)