Effectively it is zero cost for you! Now nothing should stop you to buy term insurance online to protect your family!
(A Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan)
| Minimum Age | 18 Years (Last Birthday) |
| Maximum Age | 65years (Last Birthday) |
| Maximum Maturity Age | 80 years (Last Birthday) |
| Policy Term | 10 years to 40years |
| Minimum Sum Assured | Rs,1500000 |
| Maximum Sum Assured | No limit |
| Premium Payment | Regular Yearly / Half yearly (Equal to the term of the policy) Single Premium |
| Loan | Loan – Not Applicable |
| Surrender | Eligible After 2 Years |
| On Maturity | Basic premiums paid are fully returned. |
| On Death before Maturity | 125% of Sum Assured + Bonus is payable |
| On Death after Maturity | Sum Assured is payable |
Let us understand the JEEVAN KIRAN LIC policy details with an example of Mr. Rahul, and understand the plan’s working.
Mr.Rahul, a 30-year-old individual working in software company, purchases a New Jeevan Kiran policy. He wants to secure his family’s financial future while also building a savings corpus. After his research, he chooses the following policy details:
Death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity shall be “Sum Assured on Death”. Under Regular Premium Payment Policy, “Sum Assured on
Death” is defined as the highest of:
Under Single Premium Payment Policy, nominee will get “Sum Assured on Death” higher of: 125% of Single Premium OR Basic Sum Assured.
On Life Assured surviving the stipulated Date of Maturity, “Sum Assured on Maturity” shall be payable, where “Sum Assured on Maturity” is equal to “Total Premiums Paid” under Regular Premium Payment policy and “Single Premium Paid” under Single Premium Payment Policy.
The LIC Jeevan Kiran Plan includes a Surrender Value provision, which allows the insured to receive a percentage of the Premium Amount if they choose to surrender the policy .
Under Jeevan Kiran Regular Premium payment, the policy can be surrendered by the Policyholder at any time during the policy term provided two full years’ premiums have been paid. Under Single Premium payment, the policy can be surrendered by the policyholder at any time during the policy term.
During first three policy year: 75% of the Single premium Paid.
Thereafter: 90% of the Single premium Paid
LIC Jeevan Kiran a non-participating product under which benefits
payable on death or maturity are guaranteed and fixed
irrespective of actual experience. Hence the policy is not
entitled to any discretionary benefits like bonus etc. or share
in Surplus.
Single Premium Payment: LIC’s Accidental Death
and Disability Benefit Rider shall be available under single premium payment and the policyholder can opt for this rider at the inception only.
Regular Premium Payment: The policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider OR LIC’s Accident Benefit Rider under regular premium payment
Settlement Option is an option to receive Maturity
Benefit in instalments over a period of 5 years instead of
lumpsum amount under an In-force as well as Paid-up
policy. This option can be exercised by the Life Assured
for full or part of Maturity proceeds payable under the
policy.
This is an option to receive Death Benefit in instalments over
a period of 5 years instead of lump sum amount under an In-force as well as Paid-up policy.
The policy offers a tax benefit wherein the premium deposited, up to Rs 1.5 lakh per financial year, qualifies for exemption under section 80C of the Income Tax Act. Additionally, the maturity amount, which is ten times the annual premium, is also exempt from taxes under section 10(10D).
Buying LIC Policy Online Minimal Documentation! | Buying A Policy Offline visiting LIC branch or Offline | ||
| Address Proof | Aadhar Zip File | Address Proof | Aadhar |
| ID Proof | ID Proof | Pan Card or Aadhar | |
| Age Proof | Age Proof | Aadhar / Driving License | |
| Income Proof | IT Returns of last 2 years | ||
| Photo | Passport Photo | ||
This plan is suitable if you are are looking for team plan with lower premium and higher life insurance cover and want return of premiums paid as you don’t want to spend more money on term insurance.
This is lowest premium term insurance plan with return of premiums in LIC.
Go for it..
This plan is not investment plan as returns are zero and high life insurance cover safeguard your family from financial burden and risk.. But all premiums you have paid will be returned to you at the end of the policy term and return amount is tax free.
If you are looking at investment purpose, you can buy LIC Jeevan Labh plan with high returns or LIC Bima Ratna plan
Apply online on this website. Qualified sales representative will contact you and guide you in verification of your documents, payment and policy issuance.
