LIC has launched Jeevan Kiran policy, a non-linked, non-participating individual savings and life insurance plan. This plan provides financial help to the family in the event of the life assured’s untimely death during the policy term and refunds the total premiums paid in the event of survival to adulthood.
LIC announced the new plan via an official tweet, “LIC launches a brand new plan – LIC’s Jeevan Kiran. A non-linked, non-participating, individual, savings, life insurance.”plan.
This plan has differential premium rates for Smoker/Non-Smoker lives.
Maturity benefit
If the policy is still in force, the “Sum Assured on Maturity” is equal to the “Total Premiums Received by LIC” (minus any excess premium, any rider premium, and taxes, etc.) under the Regular Premium or Single Premium Payment Policy.After the maturity date, the life insurance coverage will be immediately cancelled.
Benefits payable in case of death
If the Life Assured dies within the policy term after the date of risk beginning but before the stated Date of Maturity, providing the policy is in place, the “Sum Assured on Death” shall be paid.
(1) For Regular Premium Payment policy, “Sum Assured on Death” is defined as the highest of
• 7 times of Annualized Premium; or
• 105% of “Total Premium Paid” upto the date of death; or
• Basic Sum Assured.
(2) For Single Premium Payment policy, “Sum Assured on Death” is defined as the higher of:
• 125% of Single Premium; or
• Basic Sum Assured.
This plan covers all types of fatalities, including accidental deaths, with the exception of suicide during the first year.
Death benefits choice
Death benefits can be paid as per given below as per choice of policyholder,
1.Lumpsum- Amount will be paid in lumpsum to nominee.
2.In Installments- This is an option to receive the Death Benefit under an active insurance in five equal installments rather than a lump sum. The payments must be made in advance at chosen intervals, such as annually, half-yearly, quarterly, or monthly.
This option can be exercised by the Life Assured during his/her life time; for full or part of Death benefits payable under the policy.
LIC’s Jeevan Kiran policy details
Minimum basic sum assured is Rs.15,00,000 and there is no limit on maximum basic sum assured. This Plan is not allowed to Housewife and Pregnant Ladies. Also, for female lives, proposals may be submitted after six months from the date of last delivery. Restrictions may apply if life-proposed is not fully vaccinated for Covid-19. The minimum policy term is 10 years and maximum policy term is 40 years
Premium payments
The Premiums can be paid Yearly, Half-Yearly or Single Premium. Payments may be made through Netbanking, Debit card, Credit card, Amex card, UPI, IMPS and e-wallets…..Read More
Source By: economictimes
