LIC JEEVAN KIRAN : Table No. 879
High risk cover at affordable cost | Attractive High Sum Assured Rebates | Single or Regular Premiums | Non Linked | Guaranteed | Savings | Individual Life Insurance Plan | Term Plan with return of Premium.
LIC has launched a very special plan LIC JEEVAN KIRAN. It has many good features that most of the people are expecting from LIC. Basically LIC Jeevan Kiran plan is term plan (offereing very high insurance cover) at a reasonable rate and that too with return of premium at the end of the term. Over the period of time, people started considering the importance of high life insurance cover to secure their families financially. Term Plans are very much popular among the people aged between 20yrs to 50yrs. But in term plans whatever premium is paid during the term of the policy, becomes zero if nothing happens to the policyholder. That is no maturity is given in term plans. But LIC Jeevan Kiran is a plan which returns the total premium paid by the policy holder excluding GST and rider preimum at the end of the term. So this policy can be called as term plan with return of premium. Some people also call it zero cost term plan.
1. Eligibility Conditions :
| Conditions | Minimum | Maximum |
| Age entry | 18Yrs | 65Yrs |
| Term | 10Yrs | 40Yrs |
| Maturity Age | 40Yrs | 80Yrs |
| Sum Assured | 15 lac | No Limit |
| Premium (Regular) | Rs 3,000 Annually | No Limit |
| Premium (Single) | Rs 30,000 | No Limit |
2. Maturity:
Total Premiums Paid under Regular Premium Policies and Single Premium Paid under Single Premium Policies. (Excluding Extra Premiums, Rider Premiums and Taxes Paid)
3. Death Benefit :
Basic Sum assured is payable on Death. That is if anyone has taken a policy of Rs 50lac then Rs 50lac will be payable on the death of the policyholder.
4. Option to take Maturity / Death Benefit in 5 Installments:
For Part or Full Maturity Amount / Death Benefit Payable. Option for Maturity Benefit in Installments can be exercised up to 3 months before maturity and Option for Death in instalments during lifetime of life assured.
5. Mode of Payment: Yearly, Half Yearly or Single Premium.
6. Riders:
(1)Regular Premium: AB OR ADDB Rider
(2)Single Premium: ADDB Rider only
7. Revival:
Revivals under Regular Premium: Between 31 to 60 days of FUP: DGH only
From 61 days to 5 years of FUP: All Medical Reports
8. Surrender Value: Guranted surrender value is available in this plan
Regular Premium Payment Plan: Guranteed Surrender is available after 2yrs of premium payment.
Single Premium Payment Plan: Policy can be surrender anytime after 3 months of starting the policy.
9. Loan: Not available
10. Tax Benefits:
(1) Regular Premium: u/s 80C the premium is tax free. Maturity / Death claim : Tax Free u/s 10(10D)
(2) Single Premium: u/s 80C up to 10% of Basic SA Maturity: Taxable (If Basic SA is less than 10 Times of Single Premium), Death Benefit: Tax Free u/s 10(10D)
11. Nomination: Multiple and successive nomination is possible
Multiple Nomination: More than one nominee is possible in this plan and their share in the death claim can also be specified.
Successive nominations: Sucessive nominations are possible in this plan. That is if something happens to first nominee then death claim will be given to the second nominee and if something happens to first and second nominee then the death claim will be payable to the third nominee.
12. Jeevan Kiran Illustration :
12. Free Look Period/Grace Period : 30days
Why LIC Jeevan Kiran is better than term plans?
In term plans, on survival till the end of the term, the policyholder does not get any amount on maturity. Whatever premium is paid by the policyholder that becomes zero. So whenever their is financial crunch or the policy holder is financially tight, he lapses the policy and his family become financially insecure. But in LIC Jeevan Kiran, the policy holder will get the premium paid by him on maturity so the policy holder will keep this policy inforce in the hope that whatever premium, he is paying that is also his saving and same will come to him at the end of the term, which he can use for his pension at old age.
Why people should choose LIC Jeevan Kiran over term plans?
In term plans, on survival till the end of the term, the policyholder does not get any amount on maturity. Whatever premium is paid by the policyholder that becomes zero. So whenever their is financial crunch or the policy holder is financially tight, he lapses the policy and his family become financially insecure. But in LIC Jeevan Kiran, the policy holder will get the premium paid by him on maturity so the policy holder will keep this policy inforce in the hope that whatever premium, he is paying that is also his saving and same will come to him at the end of the term, which he can use for his pension at old age.
Check list of documents to buy LIC Jeevan Kiran Plan