New Delhi: LIC’s new policy Jeevan Kiran Life Insurance is giving double benefit to the investors. The holders of this policy get the benefit of saving and secondly they get the benefit of life insurance.
In case of untimely death of the insured during the policy tenure, up to 125% of the premium is paid to the family. Wherein, in case of survival till maturity, the total premium deposited is returned to the investor. Are being given. At the same time, the premium rates for smokers are also different.
What is LIC’s Jeevan Kiran policy?
LIC launched Jeevan Kiran Life Insurance Policy in the last week of July last month. It is a non-linked, non-participating individual savings scheme as well as life insurance scheme. ALIC has prescribed different premium rates for smokers and non-smokers in this policy.
Maturity Benefits of Jeevan Kiran Policy
The biggest benefit of LIC Jeevan Kiran Life Insurance Policy is that the total accumulated premium amount is paid to the policy holder on maturity. If the policy is in force, the Sum Assured on maturity will be equal to the total premium received by LIC under regular premium or single premium payment.
How much amount will the relatives get on the death of the policy holder
If the policyholder dies within the policy term after the date of commencement of risk but before the stated date of maturity, the sum assured will be paid. This payment will be on the basis of regular and single premium. The scheme covers all types of deaths including accidental deaths except suicide during the first year.
- Under Regular Premium Payment Policy, in the event of death, 7 times of the Annualized Premium or 105% of the total premiums deposited till the date of death, or Basic Sum Assured will be paid.
- Under Single Premium Payment Policy, 125% of Single Premium will be paid on death. Apart from this, the basic sum assured will be paid.
Multiple payment options
The mode of payment in case of death of the policy holder can be chosen by the policy holder at the time of taking the policy or before death. In this, apart from giving lump sum payment option to the nominee, there is also an option to pay the total amount in installments i.e. in 5 equal instalments. Either of the two options can be chosen by the life assured during his life time.
LIC Jeevan Kiran Policy Tenure and Conditions
The minimum Basic Sum Assured under LIC Jeevan Kiran Life Insurance Policy is Rs.15,00,000 and there is no limit on the maximum Basic Sum Assured. The minimum policy tenure is 10 years and the maximum policy tenure is 40 years. House wife and pregnant women will not be eligible for the scheme.
