by Suman Gupta
Life Insurance Corporation of India introduced a new plan, LIC’s Jeevan Kiran (Plan No. 870) with effect from 27th July 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 plan offers Life Cover with return of premium.
- Excellent product for prospects desiring high Life Cover at reasonable cost.
- Plan is available for young people starting age of 18 and till the age of
- Plan has a minimum Sum Assured of Rs.15 lakhs for moderate Life Cover.
- The policy term varies from 10 years to 40 years.
- The premium rates are different for Non-Smokers and
- Premium payment can be made by way of Single Premium or by way of regular premium which is payable for the policy term.
- For Sum Assured more than Rs.50 lakhs, rebates are available on Tabular Premium.
- The minimum instalment premium will be Rs.3000/- for Regular Premium policies and Rs.Rs.30000/- for Single Premium policies.
On Maturity: On Life Assured surviving date of maturity provided policy is in force, this term assurance plan allows refund of Total Premiums paid/Single Premium paid excluding any extra premium, any rider premium and taxes paid.
On Death: 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:- Highest of 7 times of Annualized Premium or 105% of “Total Premium Paid” upto the date of death or Basic Sum Assured.
- For Single Premium Policies:- Higher of 125% of Single Premium or Basic Sum Assured.
- Two types of optional Riders viz. Accidental Death & Disability Benefit Rider and Accident Benefit Rider are available by paying additional premium.
- Settlement option is available to receive the maturity/death benefit over a period of 5 years.
The plan is available for sale ONLINE at our website www.licindia.in.
