LIC Jeevan Kiran: Life Insurance Corporation of India (LIC) has announced the launch of a new policy. The name of this policy is Jeevan Kiran. This policy returns the insurance premium to the policyholders after maturity. Anyone between the age of 18 to 65 years can buy this policy. If the policyholder survives till maturity, the entire premium paid under the policy is returned.
LIC Jeevan Kiran: Life Insurance Corporation of India (LIC)
The country’s largest insurance company, Life Insurance Corporation of India (LIC) has announced the launch of a new policy. The name of this policy is “Jeevan Kiran”.
This policy is a new non-linked, non-participating life insurance policy which on maturity ‘returns’ to the policyholders the premiums paid by them. Anyone in the age group of 18-65 years can buy this policy(LIC Jeevan Kiran).
This will not be included in the premium(LIC)
In Jeevan Kiran’s policy, if the policyholder survives till maturity, he/she will get back the total premium paid under the policy but this premium will not include any extra premium, rider premium, or taxes paid.
Dependents will get this Amount after death
In case of the death of the policyholder during the Jeevan Kiran policy term, the Basic Sum Assured, an amount equal to seven times the annualized premium or 105 percent of the total premiums paid till then, whichever is higher, will be payable to the dependents of the policyholder. is handed over to(LIC Jeevan Kiran).
In the case of a single premium plan, the nominees will receive the Basic Sum Assured or 125 percent of the single premium, whichever is higher.
What is the maturity period?
Policyholders have the option of receiving maturity benefits over a period of five years in a graded manner. Policyholders can also opt for the death benefit payable to their nominees.
The minimum sum assured under the policy, which comes with a term of 10-40 years, is Rs 15 lakh. The minimum premium is Rs 3,000 under the regular premium option and Rs 30,000 under the single premium variant(LIC Jeevan Kiran).
Gets the Option to add a Rider
The premium is different for smokers and non-smokers with smokers paying a higher premium.
The policy comes with two optional covers namely Accidental Death and Disability Benefit Rider and Accident Benefit Rider which reinforces the basic protection provided by the base policy.