LIC Jeevan Vriddhi Plan

A few of the prominent features of the life insurance policy offered by LIC are mentioned as under:

1. Minimum amount for basic sum assured: Rs 1,50,000
2. There is no limit for the amount to be chosen as maximum basic sum assured
3. Term of the policy: 10 years
4. Minimum amount to be paid as yearly premium: Rs 30,000

Benefits of LIC's Jeevan Vriddhi

The insurance policy offered by LIC has a number of benefits for the policyholder and his nominee. A few of the benefits of Jeevan Vriddhi are mentioned below:

1. On the policy's maturity, a guaranteed maturity sum assured with loyalty additions, as applicable according to the policy, are paid to the policyholder.
2. On death of the policyholder, his nominee will receive the basic sum assured which is five times the single premium.
3. As per the regulations of the Corporation, the policy may be entitled for loyalty additions, on the policy's maturity date.
4. Once the policy completes one year, the policyholder can avail loan against the plan.
5. There is 15 days look-in period for the policy. In case the individual is dissatisfied with the plan, he can return it within 15 days from the commencement of the policy, along with reason for cancellation. The single premium will be returned after deducting the stamp duty and medical expenses incurred, if any, by the Corporation.
6. The policy also comes with a surrender value. Around 90% of the premium amount will be returned, given the policy has completed a one year tenure.
7. The premiums paid under Jeevan Vriddhi are exempted from tax under Section 80(C). Maturity amount also has tax exemptions under Section 10 (10D).

How LIC's Jeevan Vriddhi Works

For Jeevan Vriddhi, the premium should be paid as single mode on a yearly basis. With a fixed tenure of 10 years, the policyholder can enjoy the benefits of loan facility (post 1 year completion) and surrender. In case of the life insured's untimely death, the sum assured, which is 5 times more than the basic single premium, is paid to the nominee as death benefit.

If the policyholder survives till the policy's maturity, he will receive guaranteed maturity sum assured and loyalty additions as maturity benefit.

Premium Payment

The premium or contribution by the policyholder can be done annually as single premium, in multiples of Rs 1000.

Riders

There are no riders available under this Life insurance plan.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017