LIC is one of the leading insurance providers in the country. In September 2014, they launched Jeevan Shagun plan as a money back, single premium plan. In this insurance plan, the policyholder will get high death cover in the case of untimely demise of the policyholder during the term of the policy. The policyholder will also get the option to choose maturity sum assured on the basis of the paid Premium for the plan. While selecting the premium amount, the age factor will be considered on priority in this policy.
Eligibility criteria for LIC Jeevan Shagun Policy
If you are also looking to go for this LIC policy, you will need to have the following eligibility criteria for it:
- Minimum age of the policyholder – 8 years
- Maximum age for the entry for this policy – 45 years
To get more details about eligibility criteria to buy LIC Jeevan Shagun policy, you can make a visit to the official website of LIC all you can contact LIC agent by visiting the nearest branch.
Key features of LIC Jeevan Shagun Policy
LIC launched Jeevan Shagun plan as a traditional plan where you will be able to get table benefits of protection and savings. Before making choice for this insurance plan, you must be looking for all the key features. You can check out the details of key features below for Jeevan Shagun plan
|Type of plan||Non-participating traditional life insurance policy that comes with guaranteed benefits|
|Term of the policy||12 years|
|Minimum sum assured||Rs 60,000|
|Maximum sum assured||No limit|
|Premium payment mode||Single|
|Look-in period||15 days|
Benefits of Jeevan Shagun Policy
For the policyholder, LIC Jeevan Shagun insurance policy comes with lots of benefits. You can check out details of all the benefits below if you are interested to buy this insurance plan for a better future protection:
- On the time of maturity, the policyholder will get 65% of sum assured as well as loyalty addition with this insurance policy.
- With this LIC insurance policy, you will also get the death If the policyholder dies within the time of 5 years after purchasing the policy, the basic sum assured will be paid that will be 10 times of the single paid premium. If the policyholder will die after 5 years of getting this policy, the nominee will get 10 times of single paid premium as well as loyalty admission in the benefits.
- In the case of survival of policyholder, 15% of maturity sum assured will be paid at the end of 10th At the end of the 11th policy year, 20% of maturity sum assured will be paid as survival benefit with this insurance policy.
- The policyholder will get loyalty benefits after the time of 5 years minimum or in the case of maturity period if the policyholder will survive till the end of the policy. The amount of loyalty addition will depend on the terms and conditions of the company.
- There will also be loan benefit with this insurance policy. The policyholder can get the facility of loan against this policy and the loan will be given on the basis of surrender value and policy year. It will be possible to get the loan benefit after completing one policy year.
- With LIC Jeevan Shagun policy, there will be a guaranteed surrender value that will be 75% of the single premium within one year of the policy. In the case of surrender of policy after one year, there will be 90% of single premium as the benefit.
- There will be free look-in period with a duration of 15 days. If the policyholder is not satisfied with this insurance plan, it will be possible to surrender it with the repayment of the single premium amount.
- The insurance premiums having a value up to Rs 1,50,000 will be eligible for the tax deductions under section 80C of ITA 1961. Therefore, the policyholder will be able to avail tax-related benefits with LIC Jeevan Shagun insurance policy.
The working of Jeevan Shagun Policy
For example, if Mr Kapoor who is a non-smoker at the age of 30 buys Jeevan Shagun policy having worth Rs 60,000 for duration of 12 years, he will pay 31,275 as the single premium per year. If the policyholder dies in the accident after 5 years of policy the nominee will get 3,12,750 as death benefit with this policy.
Payment of the premium:
With this insurance plan, there will be a single Premium mode and the amount of premium will be decided on the basis of the age of the insured person as well as the chosen sum assured. It will also be decided on the basis of the terms and conditions of the company.
Riders with LIC Jeevan Shagun policy:
With LIC Jeevan Shagun policy, you will also find the option of LIC accident benefit rider and you will need to pay the extra sum assured for it.