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| LIC of India introduces Jeevan Kiran Insurance Plan | | |  agencies
NEW DELHI, July 29: Life Insurance Corporation of India has unveiled its latest offering, LIC's Jeevan Kiran (Plan No. 870), with effect from 27th July 2023. This Individual Savings Life Insurance plan comes with the Unique Identification Number (UIN) 512N353V01.
Key Features of LIC's Jeevan Kiran:
Life Cover with Return of Premium: The plan provides life cover along with a return of premium, making it an attractive option for individuals seeking high life cover at a reasonable cost.
Eligibility: The plan is available for young individuals aged 18 to 65 years.
Sum Assured: The plan offers a minimum sum assured of Rs. 15 lakhs for moderate life cover.
Policy Term: The policy term can range from 10 years to 40 years, providing flexibility to the policyholders.
Premium Rates: Premium rates vary for non-smokers and smokers.
Premium Payment Options: Premiums can be paid either as a single premium or regular premiums for the policy term.
Rebates: For sum assured more than Rs. 50 lakhs, rebates are available on tabular premiums.
Minimum Premium: The minimum installment premium is Rs. 3000/- for regular premium policies and Rs. 30,000/- for single premium policies.
Maturity Benefit: On the survival of the life assured until the maturity date, provided the policy is in force, the plan allows a refund of total premiums paid or single premium paid (excluding extra premium, rider premium, and taxes).
Death Benefit: In case of death during the policy term, the sum assured on death will be payable, which varies based on the type of premium payment:
For regular premium payment policies: Highest of 7 times the annualized premium, 105% of total premiums paid, or basic sum assured.
For single premium policies: Higher of 125% of the single premium or basic sum assured.
Optional Riders: The plan offers two optional riders - Accidental Death & Disability Benefit Rider and Accident Benefit Rider, available by paying an additional premium.
Settlement Option: Policyholders have the option to receive the maturity or death benefit over a period of 5 years.
Availability: LIC's Jeevan Kiran is available for sale online on the LIC website (www.licindia.in) and can also be purchased offline through agents, corporate agents, brokers, and insurance marketing firms (IMF).
Nature of the Plan: LIC's Jeevan Kiran is a non-linked and non-participating plan.
The introduction of LIC's Jeevan Kiran adds to the diverse range of insurance options available to customers, providing them with an opportunity to secure their financial future with life cover and the added advantage of premium return. |
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