LIC introduces term insurance with return of premium plan, LIC’s Jeevan Kiran: Know key features and benefits

Life Insurance Corporation of India, or LIC, has come up with a life insurance plan, LIC’s Jeevan Kiran plan, with effect from July 27, 2023.  The plan is non-linked and non-participating.

Maturity benefit: On the life assured surviving date of maturity, provided the policy is in force, this term assurance plan allows refund of total premiums paid or single premium paid excluding any extra premium, any rider premium and taxes paid.

Death benefit: In case of death during the policy term, provided the policy is in force, ‘Sum Assured on Death’ shall be payable, which will be:

a) For Regular Premium Payment Policies: Highest of 7 times of Annualized Premium or 105% of “Total Premium Paid” up to the date of death or Basic Sum Assured.

b) For Single Premium Policies: Higher of 125 per cent of Single Premium or Basic Sum Assured.

Key features: 

• The plan offers life cover with the return of premium.
• The plan is for customers desiring high life cover at a reasonable cost.
• The plan is available for young people starting at age 18 and till age 65.
• The plan has a minimum Sum Assured of Rs 15 lakh for moderate life cover.
• The policy term varies from 10 years to 40 years. 
• The premium rates are different for non-smokers and smokers.
• Premium payment can be made through a single or regular premium payable for the policy term.
• Rebates are available for Sum Assured more than Rs 50 lakh
• The minimum instalment premium will be Rs 3000 for regular premium policies and Rs 30000 for single premium policies.

The policy includes two types of optional riders- Accidental Death and Disability Benefit Rider and Accident Benefit Rider. You can opt for such riders by paying an additional premium. Besides, a settlement option is available to receive the maturity/death benefit over 5 years.  

The plan is available for sale online at our LIC India website. You can also purchase such plan offline through agents, corporate agents, brokers, and Insurance Marketing Firms (IMF).