LIC Jeevan Vriddhi Plan

Jeevan Vriddhi is an insurance plan offered by the Life Insurance Corporation (LIC). Under this scheme, the risk cover offered is a multiple of the premium, as opted for by the policyholder. A guaranteed maturity sum assured and loyalty addition is offered on the maturity of the Jeevan Vriddhi insurance policy. The entry age of the life insured and single premium payable are the deciding factors for the guaranteed maturity sum assured.

Eligibility Criteria for LIC's Jeevan Vriddhi

The prospective policyholder should fulfill the following eligibility criteria, in order to avail LIC's Jeevan Vriddhi insurance plan:

  • Minimum age at the beginning of the policy: 8 years (completed)
  • Maximum entry age for the policy: 50 years (nearest birthday)
  • Maximum age of the policyholder at maturity of the plan: 60 years

Key Features of LIC's Jeevan Vriddhi

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

  • Minimum amount for basic sum assured: Rs 1,50,000
  • There is no limit for the amount to be chosen as maximum basic sum assured
  • Term of the policy: 10 years
  • 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:

  • On the policy's maturity, a guaranteed maturity sum assured with loyalty additions, as applicable according to the policy, are paid to the policyholder.
  • On death of the policyholder, his nominee will receive the basic sum assured which is five times the single premium.
  • As per the regulations of the Corporation, the policy may be entitled for loyalty additions, on the policy's maturity date.
  • Once the policy completes one year, the policyholder can avail loan against the plan.
  • 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.
  • 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.
  • 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.


There are no riders available under this Life insurance plan.

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