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Policy Benefits
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(A Non ULIP, Single Premium, Guaranteed Maturity Plan, Table no. 808)

LIC OF INDIA has launched another new product LIC JEEVAN VRIDDHI. It is a single premium non-market linked plan which provides for payment of Guaranteed Maturity Sum Assured along with Loyalty Addition, on maturity. Under this plan death benefit is the Basic Sum Assured. The benefits and other details of this plan are given below.


Maturity Benefit:

At the end of the policy term, maturity benefit equal to the Guaranteed Maturity Sum Assured along with Loyalty Addition, shall be payable. Guaranteed Maturity Sum Assured will depend on the entry age of the Policyholder and the single premium excluding extra premium, if any.


Case 1: If someone who is in 30% tax slab invest Rs 1,00,000/- in it he will save Rs30,000/- as tax benefit so his net investment becomes Rs 70,000/- and on which he is getting Rs 2,21,651 which is 100% tax free so the net yield in this plan is more than 12%.

Case 2: If the investor is in 30% tax slab and his 1lac limit of secton 80 C already used, even it is great investment for him as if he had invested in banks he has to pay the taxes on maturity @30% (Rs 121651 @ 30% = 36495 goes in taxes ) but here in LIC JEEVAN VRIDDHI he is not taxed at all so still it is a good investment.

Death Benefit:

On death of the life assured during the policy term, Basic Sum Assured i.e. 5 times of single premium excluding extra premium, if any, shall be payable.

Why one should buy LIC JEEVAN VRIDDHI?

a) In the time of uncertainty, LIC JEEVAN VRIDDHI is the only guaranteed plan.

b) This is one time (Single Premium) investment LIC POLICY in which the customer get returns along with insurance.

c) You can get loan on your investment at very reasonable rate 10.25% per annum.

d) There is tax benefit on the premium under section 80C.

e) The maturity is also tax free under section 10.10D.

f) Best plan for people with High Income group as they can get tax benefit on the premium and the maturity will also be tax free

Eligibility Conditions and Restrictions

a) Minimum Entry Age : 8 years (completed)

b) Maximum Entry Age : 50 years (nearest birthday)

c) Mode of premium payment : Single premium

d) Minimum Single Premium : Rs.30,000/-

e) Maximum Single Premium : No Limit
The Single Premium shall be in multiple of Rs. 1000/

f) Policy Term : 10 years

Age at entry of the Policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 8 years.

Guaranteed Surrender Value

The Guaranteed Surrender Value will be available after expiry of one policy year.

The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding any extra premium, if any.

Special Surrender Value

Special Surrender Value will be payable, if it is more favorable to the policyholder. The Special Surrender Value will be the discounted value of the Guaranteed Maturity Sum Assured. The discount factors shall be the special surrender value factors used for Endowment Assurance plan, which will depend on the duration elapsed since commencement of the policy.


Loan facility is available under this plan, after completion of one policy year subject to following conditions:

a) Loan can be granted after completion of one policy year subject to a maximum of 70% of Surrender Value.

b) The rate of interest to be charged on loans granted under this plan will be 10.25% p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation.


The policies can be dated back within the financial year, as usual. Back-dating interest will be charged at the rate of 10% p.a., at the time of completion of policy, for dating back in excess of one month. The interest shall be charged even where the policy is back dated to a lean month.

Proposal Form:

Proposal Form No. 300 or 340, as the case may be shall be used under this plan.

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