LIC announces the launch of the Jeevan Kiran plan. Details here

LIC has launched the Jeevan Kiran plan, a non-linked and non-participating plan that offers life coverage along with the return of the premium amount.

Abeer Ray, MintGenie Team
First Published28 Jul 2023, 12:23 PM IST
LIC announces the launch of the Jeevan Kiran plan.
LIC announces the launch of the Jeevan Kiran plan.

Life Insurance Corporation of India introduced a new plan, LIC’s Jeevan Kiran (Plan No. 870) with effect from July 27, 2023. LIC’s Jeevan Kiran is an individual, savings, life insurance plan. The Unique Identification Number (UIN) for LIC’s Jeevan Kiran is 512N353V01. This non-linked and non-participating plan offers life cover with the return of a premium.

Policy features

The main features of this policy include:

  • Excellent product for prospects desiring high life cover at a reasonable cost.
  • The plan is available for young people starting at the age of 18 and till the age of 65.
  • The plan comes with a minimum sum assured amount of Rs15 lakhs for moderate life cover.
  • The policy term varies from 10 years to 40 years.
  • The premium rates are different for non-smokers and smokers.
  • The premium payment can be made by way of a single premium or through regular premiums payable for the policy term.
  • For a sum assured of more than Rs 50 lakhs, rebates are available on tabular premiums.
  • The minimum instalment premium will be Rs 3000 for regular premium policies and Rs 30000 for single premium policies.

On maturity of the policy

On the life assured surviving date of maturity provided the policy is in force, this term assurance plan allows a refund of total premiums paid/single premium paid excluding any extra premium, any rider premium, and taxes paid.

On the death of the policyholder

In case of death during the policy term, provided the policy is in force“Sum Assured on Death” shall be payable which will be:

For regular premium payment policies: The highest of seven times of annualized premium or 105 per cent of “Total Premium Paid” up to the date of death or the basic sum assured.

For single premium policies: Higher of 125 per cent of single premium or the basic sum assured.

Optional benefit riders

There are two types of optional riders, viz.,

  • LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) shall be available under regular as well as single premium payment and the policyholder can opt for this rider at the inception only.
  • LIC’s Accident Benefit Rider (UIN 512B203V03) is available as an optional rider by payment of an additional premium. This rider shall not be available under single premium policies.

Accidental death and disability benefit rider and accident benefit rider are available by paying an additional premium.

  • The settlement option is available to receive the maturity/death benefit over a period of five years.

How much would be the Sum Assured?

The basic sum assured shall be in the multiple of amounts specified below

Basic Sum Assured Range

Sum Assured Multiple (Rs)

Rs 15,00,000 - Rs 40,00,0001,00,000
Rs 40,00,000 - Rs1,00,00,00010,00,000
Rs 1,00,00,000 – Rs 4,00,00,00025,00,000
Above Rs 4,00,00,00050,00,000

Eligibility criteria for buying the plan

Minimum Entry Age: 18 years (Last Birthday)

Maximum Entry Age: 65 years (Last Birthday)

Minimum Age at Maturity: 28 years (Last Birthday)

Maximum Maturity Age: 80 years (Last Birthday)

Policy Term: 10-40 years (Maximum)

Premium payment terms

Under Regular Premium - Same as Policy Term

Under Single Premium - Not applicable

Minimum Basic Sum Assured: Rs 15,00,000

Maximum Basic Sum Assured: No limit

Mode of Installment Premium Payment: Yearly/half-yearly or as a single premium

The plan is available for sale online at website. This plan can be purchased offline through agents, corporate agents, brokers, and insurance marketing firms.

 

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First Published:28 Jul 2023, 12:23 PM IST
HomeMoneyPersonal FinanceLIC announces the launch of the Jeevan Kiran plan. Details here

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