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.
In order to take Jeevan Deep's insurance policy, the individual should fulfill the following eligibility criteria:
Among the many key features of LIC's Jeevan Deep, a few prominent ones are listed as under:
Some of the benefits that come with availing LIC Jeevan Deep are mentioned as under:
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.
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.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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