LIC TERM PLAN - LIC JEEVAN KIRAN POLICY - RETURN OF PREMIUM TERM PLAN - BUY TERM POLICY

LIC TERM PLAN JEEVAN KIRAN POLICY 

LIC of India has launched a new Term plan in the market. LIC JEEVAN KIRAN POLICY  is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan which offers a combination of protection and savings. 

This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term and returns the total premiums paid* in case of survival till maturity. This is a non-participating product under which benefits payable on death or maturity are guaranteed and fixed irrespective of actual experience. 

Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus. 

Basic conditions for LIC Jeevan Kiran policy:

Minimum Age at Entry: 18 years (last birthday)

Maximum Age at Entry: 65 years (last birthday)

Minimum Age at Maturity: 28 years (last birthday)

Maximum Age at Maturity: 80 years (last birthday)

Policy Term: 10 years to 40 years

Premium Payment Term

•Under Regular Premium: Same as Policy Term

•Under Single Premium: Not applicable

 Minimum Basic Sum Assured: Rs. 15,00,000/-

Surrender of  LIC Jeevan Kiran Term plan:

Under Regular Premium payment, the policy can be surrendered by the Policyholder at any time during the policy term provided two full years’ premiums have been paid. Under Single Premium payment, the policy can be surrendered by the policyholder at any time during the policy term. 

The Surrender Value payable shall be higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

Under Single Premium Policies:

The Guaranteed Surrender Value shall be as under:

• During first three policy year: 75% of the Single premium Paid.
• Thereafter: 90% of the Single premium Paid.

Single Premium referred to above shall not include taxes, rider premium(s) and extra premium, if any.

Death Benefit under LIC Jeevan Kiran Term plan:

The death benefit payable on the death of the life assured during the policy term after the date of commencement of risk but before the date of maturity shall be “Sum Assured on Death”

Maturity Benefit under LIC Jeevan Kiran Term plan:

On Life Assured surviving the stipulated Date of  Maturity, “Sum Assured on Maturity” shall be payable, where “Sum Assured on Maturity” is equal to “Total Premiums Paid” under Regular Premium Payment policy and “Single Premium Paid” under Single Premium Payment Policy.  

Source: LIC Jeevan Kiran policy