LIC new policy: New policy holders of LIC will get double benefit, 125% of the premium amount will be given in death claim!
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New Delhi: LIC’s new policy Jeevan Kiran Life Insurance is giving double benefit to the investors. The holders of this policy get the benefit of savings and secondly they get the benefit of life insurance.
In case of untimely death of the insured during the policy term, up to 125% of the premium is paid to the family. Wherein, in case of survival till maturity, the total premium deposited is returned to the investor. Are being given. At the same time, the premium rates for smokers are also different.
What is LIC’s Jeevan Kiran policy?
LIC had launched Jeevan Kiran Life Insurance Policy last month in the last week of July. It is a non-linked, non-participating individual savings plan as well as life insurance plan. ALIC has prescribed different premium rates for smokers and non-smokers in this policy.
Maturity Benefits of Jeevan Kiran Policy
The biggest advantage of LIC Jeevan Kiran life insurance policy is that the total accumulated premium amount is paid on maturity to the policy holder. If the policy is in force, the Sum Assured on Maturity will be equal to the total premiums received by LIC under regular premium or single premium payment.
How much amount will the family get on the death of the policyholder?
If the policyholder dies after the date of commencement of risk but before the stated date of maturity within the policy term, the sum assured will be paid. This payment will be on regular and single premium basis. The plan covers all types of deaths including accidental deaths except suicide during the first year.
Under a regular premium paying policy, in the event of death, 7 times the annualized premium or 105% of the total premiums deposited till the date of death or Basic Sum Assured will be paid.
Under a single premium paying policy, 125% of the single premium will be paid on death. In addition, the Basic Sum Assured will be paid.
multiple payment options
The mode of payment in case of death of the policy holder can be chosen by the policy holder at the time of taking the policy or before death. In this apart from giving lumpsum payment option to the nominee, there is also an option to pay the total amount in installments i.e. in 5 equal instalments. The life assured can choose either of the two options during his life time.
LIC Jeevan Kiran Policy Term and Conditions
The minimum Basic Sum Assured under LIC Jeevan Kiran Life Insurance Policy is Rs 15,00,000 and there is no limit on the maximum Basic Sum Assured. The minimum policy term is 10 years and the maximum policy term is 40 years. Housewives and pregnant women will not be eligible for this scheme.
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