Life Insurance Corporation (LIC) introduces Jeevan Kiran, a fresh non-linked, non-participating life insurance policy designed to provide a unique benefit to policyholders.
With this policy, all premiums paid during its term will be returned to the policyholder on maturity, ensuring full return of investment if the policyholder survives beyond the policy period.
Additionally, in the unfortunate event of the policyholder’s demise during the policy term, the nominee will receive the basic sum assured.
Flexible Policy Options: Sum Assured, Premium, and Policy Duration
Jeevan Kiran offers policyholders the flexibility to select the maturity benefit and death benefit payout options.
The nominee can receive either 7 times the annualized premium or 105% of the total premium amount paid, whichever is higher.
For single premium plans, the nominee will receive the higher value between the Basic Sum Assured and 125% of the single premium.
The policy allows the option of receiving the maturity or death benefit over five years if chosen by the policyholder.
Eligibility and Riders: Age Group, Smoker/Non-Smoker Premiums, and Additional Benefits
This policy is available to individuals aged between 18 to 65 years, with the minimum sum assured set at 15 lakhs.
Premiums for smokers will be higher than those for non-smokers, while customers opting out of medical check-ups will be charged the same premium as non-smokers.
Policyholders can also add riders, such as the Accidental Death and Disability Benefit Ride and Accident Benefit Rider, to enhance their coverage.
Return of Premium Plans: Considerations for Potential Policyholders
Return of premium plans, like Jeevan Kiran, provide peace of mind for policyholders who wish to receive their premiums back if they survive the policy term.
However, it is essential to note that return-of-premium plans typically have higher premiums compared to regular term plans.
Hence, individuals considering this policy should carefully assess their needs and financial goals before making an informed investment decision.
