Jeevan Kiran is the New plan of the Life Insurance Corporation of India. Jeevan Kiran, Plan No. 870 is a Non-linked, Non-Participating, Individual, Savings, Life Insurance plan. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term and returns the total premiums paid if the life assured survives till the date of maturity. The unique Identification Number (UIN) of LIC’s Dhan Vriddhi is 512N353V01.
There are two different premium rates in LIC’s Jeevan Kiran, the first is Non-Smoker Rate, and another obviously Smoker Rate. Proposers choosing the Non-smoker rate will have to undergo an additional medical test ie Urinary Cotinine Test (UCT). Based on the findings of the UCT test, a Non-smoker or smoker rate will be offered by LIC. If the proposer opts to choose not to take the UCT test, then a smoker rate will be offered only.
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The maximum Basic Sum Assured allowed to each individual will be subject to an underwriting decision as per the Underwriting Policy of Life Insurance Corporation of India
The Basic Sum Assured shall be in the multiple of amounts specified below:
The risk will commence immediately from the date of issuance of the policy.
Premiums can be paid either under Regular Premium or Single Premium payment options under this plan. In the case of Regular Premium payment, the premium can be paid regularly during the Policy Term with modes of premium payment yearly or half-yearly.
The minimum premium in a Single Premium policy is Rs. 30000, while the minimum premium in a Regular Premium policy is Rs. 3000. If the calculated premium is less than the mentioned amount then it can be by changing Basic Sum Assured or term.
When the life assured survives the stipulated maturity date, the insurer will pay the “Sum Assured on Maturity” provided the policy is in force, where the “Sum Assured on Maturity” equals the “Total Premiums Paid” for Regular Premium Payment policies, and the “Single Premium Paid” for Single Premium Payment policies. Where
During the policy term after the commencement of risk but before the stipulated Date of Maturity, the death benefit shall be “Sum Assured on Death”, provided the policy is in force.
Under the Regular Premium Payment policy, “Sum Assured on Death” is defined as the highest of:
For the Single Premium Payment policy, “Sum Assured on Death” is defined as the higher of:
The following riders are available under this plan for an additional premium:
Single Premium Payment: LIC’s Accidental Death and Disability Benefit Rider (UIN:512B209V02) is available under single premium payment. Although policyholders can opt for this rider at the inception (at the time of taking policy) only.
Regular Premium Payment: The policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) OR LIC’s Accident Benefit Rider (UIN: 512B203V03) under regular premium payment.
Riders are available only if the proposer is eligible for them as per the individual eligibility conditions of the particular rider.
Maturity Benefit settlement Option: An in-force or paid-up policy that offers the Settlement Option can allow Life Assured to receive the Maturity Benefit in installments over a period of five years rather than as a lump sum. Regardless of whether the policy pays out the full or part of the maturity proceeds, Life Assured may exercise this option. A Life Assured can choose a net claim amount (i.e. the amount they opt for) either as an absolute value or as a percentage of the total claim proceeds to be paid out.
Death Benefit settlement option: This is an option to receive Death Benefit in installments over a period of 5 years instead of a lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Life Assured, during his/her lifetime; for full or part of the Death benefits payable under the policy. The amount opted by the Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.
Under Regular Premium payment: The rebate for high Basic Sum Assured (BSA) as a % of Tabular Annual Premium is as under:
Under Single Premium: The rebate for high Basic Sum Assured as a % of Tabular Single Premium is as under:
If you have any other questions about LIC servicing, mail us at info@sumassured.in. You can also comment below. Share if you liked this valuable information because Sharing is caring!
Disclaimer: This blog post is written based on the information available. In case of any discrepancy or the wrong information, please contact any authorized LIC agent or the nearest LIC office for clarification.
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