LIC of India introduces a new plan LIC’s Jeevan Kiran(Plan No. 870)

 by Shrutee K 

Life Insurance Corporation of India introduced a new plan, LIC’s Jeevan Kiran (Plan No. 870)  with effect from 27th July 2023.  LIC’s Jeevan Kiran is an Individual, Savings, Life Insurance plan. The Unique Identification Number (UIN) for LIC’s Jeevan Kiran is 512N353V01. 

This plan offers Life Cover with return of premium. 

Excellent product for prospects desiring high Life Cover at reasonable cost. 

Plan is available for  young people starting age of 18  and till the age of  65. 

Plan has a  minimum  Sum Assured of Rs.15 lakhs  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 by way of Single Premium or by way of regular premium which is payable for the policy term. 

For  Sum Assured more than Rs.50 lakhs, rebates are available on Tabular Premium. 

The minimum instalment premium will be Rs.3000/- for Regular Premium policies and Rs.Rs.30000/- for Single Premium policies. 

On Maturity: On Life Assured surviving date of maturity provided policy is in force, this term assurance plan allows refund of Total Premiums paid/Single Premium paid excluding any extra premium, any rider premium and taxes paid. 

On Death: 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” upto the date of death or Basic Sum Assured. 

(b)   For Single Premium Policies:-  Higher of 125% of Single Premium or Basic Sum Assured. 

Two types of optional Riders viz. Accidental Death & Disability Benefit Rider and Accident Benefit Rider  are available by paying additional premium. 

Settlement option is available to receive the maturity/death benefit over a period of 5 years.  

The plan is available for sale ONLINE at our website www.licindia.in.    This plan can be purchased Offline through Agents, Corporate Agents, Brokers, Insurance Marketing Firms (IMF). 

The plan is a non linked and non participating plan.