LIC Jeevan Kiran (Plan No. 870)

LIC Jeevan Kiran (Plan No. 870)

The LIC Jeevan Kiran (Plan No. 870) is a non-linked, non-participating, individual, savings, and protection plan. This plan provides a combination of protection and savings, offering financial support for the family in case of the unfortunate death of the policyholder during the policy term and a lump sum amount at the time of maturity.

Here are the detailed features and benefits of the LIC Jeevan Kiran Plan:

Key Features:

1. Premium Payment Options:
   • Regular Premium
   • Limited Premium
2. Policy Term: Flexible policy term ranging from 10 to 25 years.
3. Sum Assured: The minimum sum assured is INR 1,00,000, with no maximum limit (subject to underwriting).
4. Death Benefit: In case of the unfortunate death of the policyholder during the policy term, the death benefit will be payable as follows:
   • For Regular Premium policies: Higher of 10 times the annualized premium or 105% of all premiums paid as on date of death or Sum Assured on Death.
   • For Limited Premium policies: Higher of 7 times the annualized premium or 105% of all premiums paid as on date of death or Sum Assured on Death.
5. Maturity Benefit: On survival of the policyholder till the end of the policy term, the Sum Assured on Maturity along with accrued bonuses, if any, will be payable.
6. Rebate on High Sum Assured: Discount on premium for high sum assured policies.

Eligibility:

• Minimum Entry Age: 18 years (completed)
• Maximum Entry Age: 60 years (nearer birthday)
• Maximum Maturity Age: 75 years

Benefits:

1. Death Benefit:
   • For Regular Premium: Higher of 10 times the annualized premium or 105% of all premiums paid or Sum Assured on Death.
   • For Limited Premium: Higher of 7 times the annualized premium or 105% of all premiums paid or Sum Assured on Death.
2. Maturity Benefit: Sum Assured on Maturity along with accrued bonuses.
3. Bonuses: The plan participates in the corporation’s profit and is eligible for bonuses as declared by LIC.
4. Loan Facility: Loans can be availed against the policy after a certain period, subject to terms and conditions.
5. Tax Benefits: Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, and the maturity proceeds are tax-free under Section 10(10D), subject to terms and conditions.

Premium Payment Modes:

• Annual
• Semi-Annual
• Quarterly
• Monthly (ECS only)

Surrender Value:

• The policy can be surrendered for a Guaranteed Surrender Value after paying premiums for at least three consecutive years.
• Special Surrender Value may also be paid, which will be determined by the Corporation.

Exclusions:

• In case of suicide within 12 months from the date of commencement of risk or revival of the policy, the policy will be void, and the Corporation will pay only 80% of the premiums paid till the date of death.

Riders (Optional Benefits):

• Accidental Death and Disability Benefit Rider
• New Term Assurance Rider
• New Critical Illness Benefit Rider

Flexibility:

• Option to choose premium payment frequency.
• Option to choose between regular and limited premium payment terms.

This plan is ideal for individuals seeking a balance between savings and protection. It offers financial security to the policyholder’s family in the event of death and also ensures a lump sum amount on maturity for future financial needs.

For more specific details or to apply for the LIC Jeevan Kiran Plan, you can visit the official LIC website or contact your LIC agent 7231814845.