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  • LIC Jeevan Deep Plan

    LIC Life Insurance

    Jeevan Deep offered by the Life Insurance Corporation (LIC) is a microinsurance scheme that offers guaranteed and loyalty additions. This plan has been exclusively designed for people living in rural areas.

    Eligibility Criteria for LIC Jeevan Deep

    In order to take Jeevan Deep’s insurance policy, the individual should fulfill the following eligibility criteria:

    • Minimum entry age for the policy: 18 years
    • Maximum entry age: 60 years
    • Maximum age at maturity of the policy: 65 years

    Key Features of LIC Jeevan Deep

    Among the many key features of LIC’s Jeevan Deep, a few prominent ones are listed as under:

    • Jeevan Deep offered by LIC provides risk cover or sum assured that may range from Rs 5,000 to Rs 30,000, thereby offering total benefit which is twice the sum assured, in case of the policyholder’s death due to accident.
    • The policyholder can opt for flexible premium payment modes that include monthly, quarterly, semi-annually, and yearly. Single premium payment can also be done for this insurance plan.
    • In case the policyholder dies within the policy’s tenure, the sum assured as per the premiums paid is given to his legal heir or nominee.
    • On maturity of the policy, guaranteed sum assured along with the loyalty addition are paid to the life insured.
    • Grace period of two months is allowed for all payment modes.

    Benefits of LIC Jeevan Deep

    Some of the benefits that come with availing LIC Jeevan Deep are mentioned as under:

    • Life Insurance micro insurance premiums up to Rs. 1,00,000 are allowed as a deduction under Section 80C of the Income Tax Act 1961. Maturity benefit of the policy also enjoy tax deductions under Section 10(10D).
    • On death of the policyholder during the term, excluding the final policy year, sum assured will be paid. In case of death during the last year of policy, the nominee will be paid the sum assured and loyalty addition, if any.
    • If the policyholder is alive on the policy’s maturity date, he will be pay the basic sum assured plus the accrued guaranteed and loyalty additions.
    • A guaranteed addition of Rs 20 for every Rs 1000 sum assured is provided by the policy’s term every year.
    • Loyalty addition is availed during the policy’s last year, based on the policy. The terms for this benefit are however decided by the Corporation.

    How LIC Jeevan Deep Works

    Mr Shyam, aged 30, takes a policy with sum assured of Rs 1000. He pays a single premium of Rs 923.70 every year. A guaranteed addition of Rs 20 per Rs 1000 is paid by the Corporation every year. At the end of the policy’s term, Mr Shyam will receive the basic sum assured along with the loyalty and guaranteed additions.

    Premium Payment

    The premium for this insurance scheme offered by LIC can be paid on a monthly, quarterly, half-yearly or yearly basis. The life insured can also choose single premium payment mode, depending on his convenience.


    The policy comes with Accident Benefit Rider Option that is available by paying additional premium under the plan. This additional benefit can be only availed under regular premium policies.

    If the policyholder dies in an accident, the accident benefit sum assured is paid as a lump sum, that also includes death benefit under the policy. In case of disability, the accident benefit sum assured will paid in instalments, every month, for over 10 years. The amount will be paid up to the maturity of the policy or death of the policyholder. In such an instance, the policy’s future premiums will be waived off.

    When the policy is converted into a claim, either by the life insured’s death or maturity of the policy before the given 10 years, then the instalment disability benefits and claim will be paid together.

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