LIC New Policy Plan: Life Insurance Corporation of India, an organization offering insurance plans for every category, has launched another policy. The name of this insurance scheme is Jeevan Kiran Policy. It is a non-linked, non-participating personal savings and life insurance plan. This plan provides financial help to the family in case of untimely death of the life assured during the policy term. On the other hand, if you survive till one age, the total premium amount paid is returned.
Life Insurance Corporation of India has announced this new insurance scheme through official Twitter. The plan has different premium rates for both smokers and non-smokers.
LIC Jeevan Kiran Policy
The minimum Basic Sum Assured under this policy is Rs.15,00,000 and there is no limit on the maximum Basic Sum Assured. This scheme is not for housewives and pregnant women. If the Kovid-19 vaccine has not been imposed, then restrictions may apply. The minimum policy term is 10 years and the maximum policy term is 40 years. Premium can be paid in lumpsum. Also you can do monthly, quarterly, half yearly and yearly.
Maturity Benefits
If the policy is still in force, the Sum Assured on Maturity shall be equal to the “Total Premiums Received by LIC” under Regular Premium or Single Premium Payment Policy. Life Insurance coverage will be canceled immediately on completion of maturity.
Death Benefit under this policy
If death occurs within the policy term after the date of commencement of risk under the policy and before the date of maturity, the Sum Assured on Death will be paid. For regular premium paying policies, the Sum Assured on Death is defined as the highest of seven times the annualized premium. This will be 105 percent of the principal amount.
This policy covers all types of death
On the other hand, under the single payment policy, the sum assured on death is defined as the higher of the lower. It will be 125% of the single premium. The plan covers all types of deaths, including accidental deaths, except suicide during the first year.
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