This is a non-linked participating saving cum protection life insurance policy. The premium payment mode is Single Premium only while the risk cover is for 10 times the Single Premium amount. The Sum Assured at Maturity can be chosen by the policyholder while premium amount is decided on the basis of age at entry and Maturity Sum Assured chosen. Sufficient liquidity is provided through loan availability. The policy can be purchased within 4 months (120 days) of date of launch.
Minimum entry age | 6 years |
Maximum entry age | 45 years (nearer birthday) |
Minimum premium | As per age at entry and sum assured chosen |
Age at maturity | Max 60 years |
Plan type | Non-linked participating saving cum protection scheme | ||||||||||||||||||
Plan basis | Individual | ||||||||||||||||||
Premium paying terms | Single Premium | ||||||||||||||||||
Policy term | 15 years fixed | ||||||||||||||||||
Maturity benefits | Maturity Sum Assured plus any Loyalty Additions will be paid at maturity | ||||||||||||||||||
Premium payment frequency | Single Premium | ||||||||||||||||||
Loan |
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Major benefits of LIC policy are as follows:
Maturity Sum Assured | Reduction in Premium amount per Rs.1,000 of maturity sum assured |
Rs.2 lakhs to Rs.4.8 lakhs | Rs.15 |
Rs.5 lakhs to Rs.9.8 lakhs | Rs.20 |
Rs.10 lakhs and above | Rs.25 |
Let's say Mr Gupta is 30 years old and has decided to buy LIC Jeevan Shikhar Policy for the fixed term of 15 years. He pays Rs.42,580 as Single Premium towards his policy for a Sum Assured of Rs.4,25,800 and Maturity Sum Assured of Rs.1 lakh.
Death benefits
End of Policy Year | Loyalty Addition (Rs.) | Sum Assured on Death (Rs.) | Total amount of benefit (Rs.) |
6 | 500 | 4,25,800 | 4,26,300 |
7 | 700 | 4,25,800 | 4,26,500 |
8 | 900 | 4,25,800 | 4,26,700 |
9 | 1,100 | 4,25,800 | 4,26,900 |
10 | 1,400 | 4,25,800 | 4,27,200 |
11 | 1,700 | 4,25,800 | 4,27,500 |
12 | 2,000 | 4,25,800 | 4,27,800 |
13 | 2,400 | 4,25,800 | 4,28,200 |
14 | 2,800 | 4,25,800 | 4,28,600 |
15 | 3,200 | 4,25,800 | 4,29,000 |
Maturity benefits
Maturity benefits will be paid out to Mr Gupta on survival at maturity of policy (end of 15th policy year). He will receive the Maturity Sum Assured of Rs.1 lakh plus Loyalty Addition at 8% p.a. which comes to Rs.3,200 at the end of the 15th policy year. Therefore, he will be paid an amount of Rs.1,03,200 on maturity of the policy.
Riders are not available with this policy.
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