The Jeevan Shagun plan offered by Life Insurance Corporation (LIC) is a money back, single premium policy where high death cover is offered, in case of the policyholder's untimely demise during the term.
The maturity sum assured can be chosen by the policyholder, based on which the premium for the plan is decided. Age is also an important deciding factor for the premium amount. From the date of its launch, the policy will be open for sale for a period of 90 days.
In order to purchase this non-linked, close-ended policy from LIC, the individual will have to fulfill the following eligibility criteria:
Jeevan Shagun plan provided by LIC is a traditional plan that has a double benefit of savings and protection. Here are some key features of this policy:
Type of plan | Non-participating traditional life insurance policy that comes with guaranteed benefits |
Policy basis | Individual |
Term of the policy | 12 years |
Minimum sum assured | Rs 60,000 |
Maximum sum assured | No limit |
Premium payment mode | Single |
Look-in period | 15 days |
Jeevan Shagun insurance policy, offered by LIC, comes with a number of key benefits. A few of them have been mentioned as under:
Let us take the case of Mr. Kapoor who is a non-smoker. Aged 30, Mr Kapoor buys the Jeevan Shagun policy worth Rs 60,000 for a duration of 12 years. He pays Rs 31,275 as single premium every year. Five years after the policy has been taken, Mr. Kapoor meets with an accident and dies. The Corporation, on his death, pays his nominee Rs 3,12,750 (10 times the single premium) as death benefit.
The payment mode for this insurance plan is single premium. The premium is decided on the basis of age of the life insured, term of the policy, and chosen sum assured.
LIC Jeevan Shagun policy comes with LIC Accident Benefit Rider, on paying extra sum assured.
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