The Life Insurance Corporation of India (LIC) has recently unveiled its latest insurance offering, called “Jeevan Kiran Policy.
” This non-linked, non-participating personal savings and life insurance plan is designed to cater to individuals from all walks of life.
The policy aims to provide financial support to the family in the unfortunate event of the policyholder’s untimely demise during the coverage period.
Moreover, if the policyholder survives till the end of the policy term, the total premium paid will be returned.
Announcement on Official Twitter
The official announcement of the LIC Jeevan Kiran Policy was made through the organization’s Twitter account.
This unique plan offers distinct premium rates for both smokers and non-smokers.
Key Features of LIC Jeevan Kiran Policy
Minimum Basic Sum Assured: Rs. 15,00,000
No maximum limit on Basic Sum Assured
Not applicable for housewives and pregnant women
COVID-19 vaccine requirements may apply
Policy term ranges from 10 to 40 years
Flexible premium payment options: lump sum, monthly, quarterly, half-yearly, and yearly
Maturity Benefits
If the policy remains active until maturity, the Sum Assured on Maturity will be equivalent to the total premiums received by LIC, depending on whether it’s a Regular Premium or Single Premium Payment Policy.
Upon maturity, the life insurance coverage will cease.
Death Benefit
In the unfortunate event of the policyholder’s death within the policy term, the Sum Assured on Death will be paid out.
For regular premium paying policies, this amount is determined as the highest of seven times the annualized premium or 105 percent of the principal amount.
Comprehensive Coverage for All Types of Death
Under the single payment policy, the Sum Assured on Death is defined as the higher of the two amounts – either 125% of the single premium or the lower of the two.
The plan encompasses all types of deaths, including accidental deaths, except suicide during the first year of the policy.
With the launch of LIC’s Jeevan Kiran Policy, individuals can secure their family’s financial future while enjoying flexible premium payment options and comprehensive coverage against unforeseen events.
