This is a new non-linked, non-participating life insurance policy. The premiums paid during the term of this policy will be returned to the policyholder on maturity. This means that if the policyholder survives after maturity, he will get his entire money back
Life Insurance Corporation ( LIC ) has announced the launch of Jeevan Kiran. This is a new non-linked, non-participating life insurance policy. The premiums paid during the term of this policy will be returned to the policyholder on maturity. This means that if the policyholder survives after maturity, he will get his entire money back. If the policyholder dies during the policy, the basic sum assured will be given to his nominee. Under this, 7 times of the annualized premium or 105% of the total premium amount paid, whichever is higher, will be given to the nominee.
Minimum sum assured in the policy is 15 lakhs
In case of a single premium plan, the nominee will be given the higher of the Basic Sum Assured or 125% of the single premium. Policyholders also have the option of taking the maturity benefit over a period of five years. They can also select this option for the death benefit, which will be given to the nominee. The minimum sum assured in this policy is 15 lakhs. This policy can be taken for 10-40 years. The minimum premium for the regular premium plan will be Rs 3,000. It will be Rs 30,000 in the single premium plan variant.
A person in the age group of 18-65 years can buy the policy
There will be a difference in the premium amount for smokers and non-smokers. A person who smokes cigarettes will have to pay a higher premium. If a customer refuses to undergo a medical check-up, he will have to pay the same premium as a non-smoker. Anyone whose age is between 18-65 years can buy this policy. There are two types of riders available in this policy. These include Accidental Death and Disability Benefit Ride and Accident Benefit Rider.
Return of premium plan costlier than regular plan
Return of premium insurance plans are suitable for people who feel that the premium paid goes in vain if they survive after maturity. But, it is important to understand that return-of-premium plans are costlier than regular term plans. Therefore, it is important for the customer to make a well thought out decision before investing in such a policy.
