Excelsior Correspondent
JAMMU, July 27: LIC of India today unveiled a new term insurance plan called Jeevan Kiran, which offers the added benefit of a return of premium. This plan is now available for purchase online, as well as through offline channels.
The Plan is available to those between 18 and 65 years of age. With a minimum sum assured of Rs 15 lakhs for moderate life cover, the policy term of Jeevan Kiran ranges from 10 to 40 years, providing flexibility to suit various customer needs. Premium rates are differentiated based on smoking habits, offering competitive pricing for non-smokers.
Customers can choose between single premium or regular premium payments throughout the policy term. Additionally, customers opting for a sum assured higher than Rs 50 lakhs can avail rebates on the tabular premium.
For regular premium policies, the minimum instalment premium is Rs 3000, while for Single Premium policies, it is Rs 30,000. If the life assured survives until maturity, the policy ensures a refund of total premiums paid. In case of the policyholder’s demise during the policy term, the beneficiary will receive the sum assured amount.
For a policy with a sum assured of Rs 5 lakh purchased online a 30 year old would have to pay an annual premium of Rs 4336 and a monthly premium of Rs 373. Policies with return of premium are gaining popularity because the benefit received on maturity is not taxed.
Proposers will need to undergo a medical test. Medical test is mandatory if proposed for Non-smoker rate and if it is not covered under Non-medical scheme. All medical expenses will be borne by LIC of India if the online-proposal is accepted by its underwriters and proposal results into a LIC-policy.
To enhance coverage, customers have the option to include additional riders, such as the accidental death & disability benefit rider and accident benefit rider, by paying an extra premium. Furthermore, the plan offers a settlement option, allowing recipients to receive the maturity or death benefit over a five-year period.
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