The minimum instalment premium will be Rs.3000 for regular premium policies and Rs.30000/- for single premium policies
Mumbai:
Life Insurance Corporation LIC) has introduced a new non linked, non participating, term plan- Jeevan Kiran, on Thursday.
It is an individual, savings, life insurance plan and offers life cover with return of premium.
The plan is available for young people starting age of 18 and till the age of 65 and has a minimum sum assured of Rs.15 lakhs for moderate life cover.
The policy term varies from 10 years to 40 years. The premium rates for the product are different for non-smokers and smokers and can be made by way of single premium or by way of regular premium which is payable for the policy term.
For sum assured more than Rs.50 lakhs, rebates are available.
The minimum instalment premium will be Rs.3000/- for regular premium policies and
Rs.30000/- for single premium policies.
On life assured surviving date of maturity provided policy is in force, this term
assurance plan allows refund of total Premiums paid/single premium paid excluding any extra premium, any rider premium and taxes paid.
In case of death during the policy term, provided the policy is in force ‘Sum Assured on
Death’ shall be payable which will be:-
-For regular premium payment policies:- highest of seven times of annualized premium
or 105 per cent of “Total Premium Paid” upto the date of death or basic sum assured.
-For single premium policies:- Higher of 125 per cent of single premium or basic sum assured.
– Two types of optional riders viz. accidental death & disability benefit rider and
accident benefit rider are available by paying additional premium.
Settlement option is available to receive the maturity/death benefit over a period of five years.