LIC Jeevan Kiran Plan 870: A Comprehensive Guide for Policyholders
Life Insurance Corporation of India (LIC) is renowned for offering a wide range of insurance plans catering to different financial needs. One such policy is LIC Jeevan Kiran Plan 870, a non-linked, non-participating term insurance plan that provides both life coverage and return of premium benefits. This blog will walk you through all the essential details, benefits, and eligibility criteria of this plan to help you make an informed decision.
What is LIC Jeevan Kiran Plan 870?
LIC Jeevan Kiran Plan 870 is a pure protection plan with a return of premium feature, ensuring financial security for your loved ones while also offering a survival benefit if the policyholder outlives the policy term. It is designed for individuals seeking comprehensive life coverage with an added assurance of receiving their premiums back.
Key Features of LIC Jeevan Kiran Plan 870
- Non-Linked & Non-Participating: The plan is not linked to market investments and does not participate in LIC’s profit-sharing.
- Two Variants:
- Pure Protection Option: Only life cover without return of premium.
- Return of Premium Option: Policyholder receives the total premium paid (excluding taxes) if they survive the policy term.
- Death Benefit: Provides a lump sum amount to the nominee in case of the policyholder’s unfortunate demise.
- Premium Payment Flexibility: Choose between Single Premium, Regular Premium, or Limited Premium payment modes.
- Policy Term: Ranges from 10 to 40 years based on individual preferences.
- Loan Facility: Available only under the return of premium option.
- Surrender Value: The policyholder can surrender the plan under specific conditions, with applicable surrender value.
Eligibility Criteria
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 60 years |
| Maturity Age | – | 80 years |
| Policy Term | 10 years | 40 years |
| Sum Assured | ₹15 Lakhs | No Limit (subject to underwriting) |
Premium Payment Options
LIC Jeevan Kiran Plan 870 offers flexible premium payment options:
- Single Premium – One-time payment at the start of the policy.
- Regular Premium – Pay throughout the policy term.
- Limited Premium – Pay for a limited number of years while enjoying coverage for the full term.
Benefits of LIC Jeevan Kiran Plan 870
- Financial Security: Ensures a lump sum payout to the nominee in case of the policyholder’s demise, offering financial protection to the family.
- Return of Premium: Under the return of premium option, policyholders receive the entire premium amount paid at maturity.
- Flexibility: Multiple premium payment modes allow policyholders to choose the best-suited plan for their financial situation.
- Tax Benefits: Premiums paid and benefits received are eligible for tax exemptions under Section 80C and Section 10(10D) of the Income Tax Act.
- Loan Availability: Policyholders opting for the return of premium variant can avail of loans against the policy.
Who Should Buy LIC Jeevan Kiran Plan 870?
This plan is ideal for individuals who:
- Seek high life cover with the option of premium return.
- Want financial protection for their family in case of an unfortunate event.
- Prefer flexible premium payment options to suit their financial planning.
- Want to ensure they receive their money back if they outlive the policy.
How to Buy LIC Jeevan Kiran Plan 870?
Purchasing LIC Jeevan Kiran Plan 870 is simple and can be done through:
- LIC’s official website (online purchase option available for convenience).
- Nearest LIC branch (consult with an LIC agent for guidance).
- Authorized LIC Agents (they can help you understand policy details and assist with paperwork).
Conclusion
LIC Jeevan Kiran Plan 870 is a well-structured term insurance policy that offers both life coverage and return of premium benefits. It is a suitable choice for individuals looking for financial security along with the option to recover their investment. Before purchasing, evaluate your financial goals and choose the premium payment mode that best fits your needs.
For expert guidance and assistance, feel free to contact LICFuture today and secure your future with the best LIC insurance plans!
