LIC Jeevan Kishore Plan

Entry Age

Minimum

Maximum

Maturity

Minimum -

Maximum

Policy Term

Minimum -

Maximum

Type

An Endowment Assurance Plan.

Basis

Individual.

Coverage

1. Death Benefit: In the event the life insured dies during the policy term, the nominee will receive sum assured along with vested bonus. If the death occurs before commencement of risk, then the premiums will be excluded and will get a refund.
2. Maturity Benefit: The policyholder will get sum assured along with any bonuses which is paid in a lump sum on maturity.
3. Premium waiver benefit: If the proposer dies, then the premiums will be waived. An additional premium is to be paid and this is an optional benefit.

Sum assured

Minimum -

Maximum

Premium paying term

Equal to the policy term.

Premium paying frequency

Quarterly, half-yearly, yearly, monthly or single.

Premium paying method

Monthly premium payment must be transmitted through ECS or direct debit.

Bonuses

Simple reversionary bonus is declared at the end of each financial year. Additional bonus and vested bonuses are payable, if any.

Surrender Value

The policy can be surrendered after 3 years premium has been paid. The surrender value of the policy before commencement of risk is 90% of the total amount of premiums paid. Surrender value of the policy after commencement of risk is 90% of the total premiums paid before commencement of risk and 30% of premiums paid after commencement of risk.

Loan

Loan facility is not available.

Grace period

30 days grace period is allowed for paying the premium.

Free look period / Cooling off period

The plan has a 15 days free look within which you can return the policy.

Tax benefits

Prevailing tax benefits are applicable.

Nomination

You can appoint a nominee.

Exclusion

If the policyholder commits suicide within a year from the date of taking the policy, it is excluded for Premium Waiver Benefit.