Banking News

lic: LIC’s new plan Jeevan Kiran offers life cover with premium return

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Mumbai: Life Insurance Corporation of India (LIC) has introduced a new life insurance plan called ‘LIC Jeevan Kiran’, which offers both life cover and return of premium.

The plan caters to 18 to 65-year-old subscribers. Under this policy, policyholders have the freedom to choose the policy term, ranging from 10 to 40 years, based on their specific financial goals and requirements.

Also, they have the flexibility to opt for either a single premium payment or regular premium payments over the policy term.

The minimum instalment premium for regular premium policies is ₹3,000 and for single premium policies is ₹30,000.

The policy has two optional riders – the accidental death and disability benefit rider and the accident benefit rider, which are available at an additional premium.

In the event that the policyholder survives until the maturity date and the policy remains in force, LIC’s Jeevan Kiran allows for a refund of total premiums paid (excluding extra premium, rider premium, and taxes) on maturity.In the event of the policyholder’s death during the policy term, and the policy is in force, the sum assured on death will be payable, for regular premium – either seven times the annualised premium or 105% of the “total premium paid” up to the date of death or the basic sum assured. For single premium, it will be higher of the 125% single premium or basic sum assured.

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