Life Insurance Corporation of India (LIC) has introduced a new life insurance plan called ‘LIC Jeevan Kiran’, which provides both life cover and refund of premium.
The plan caters to customers aged 18 to 65 years. Under this policy, policyholders have the freedom to choose policy tenures between 10 and 40 years based on their specific financial goals and requirements.
Also, they have the flexibility to opt for a single premium payment or regular premium payments over the policy term.
The minimum installment premium is ₹3,000 for regular premium policies and ₹30,000 for single premium policies.
The policy has two optional riders – accidental death and disability benefit rider and accident benefit rider, which are available at an additional premium.
If the policyholder survives till the maturity date and the policy is in effect, lic’s jeevan kiran allows refund of the total premium (excluding additional premiums, rider premiums and taxes) paid on maturity.
If the policyholder dies during the policy term, and the policy is in force, the death sum assured is payable for the regular premium – either seven times the annual premium or 105% of the “Total Premium Paid” on the date of death or the original sum assured.
For single premium, it will be 125% of the single premium or the higher of the basic sum assured