LIC Jeevan Kiran Policy (Plan 870)

1. The minimum age limit to apply for the plan is 18 years.
2. The maximum age limit to apply for the plan is 65 years.

1. The minimum and maximum age at maturity is 28 years and 80 years, respectively.
2. The policy tenure ranges from ten years to 40 years.

Features of LIC Jeevan Kiran Plan 870

The following are the features of LIC Jeevan Kiran Plan 870:

Dual Benefits

LIC Jeevan Kiran provides dual benefits of savings as well as financial protection. The plan offers death benefits to the nominee if the policyholder dies during the policy term which ensures the financial security of the family. On the other hand, in case the policyholder survives till the end of the policy term, they will receive the maturity benefits.

Flexibility

LIC’s Jeevan Kiran Plan offers flexibility to the policyholders to opt between regular and single premiums, the tenure for which the protection is required and payment of benefits in installments.

Participating in Profits

The plan also participates in the profits of the LIC. This means that the policyholders will receive bonuses declared by LIC. This feature helps the policy to grow and improves the overall returns.

Guaranteed Surrender Value

The policyholder can surrender the policy once it acquires a surrender value and in return, they will get a guaranteed surrender value which is subject to specific terms and conditions.

Loan Facility

The plan provides a loan facility to the policyholder which helps them to borrow funds against the surrender value of the policy by offering them liquidity in case of financial need.

Benefits of LIC Jeevan Kiran Plan

Given below are the benefits of LIC Jeevan Kiran Plan:

Maturity Benefit

Under this policy, the sum assured on maturity will be paid to the policyholders if they survive till the maturity date. It is equal to the ‘Single Premium Paid’ under a Single Premium Payment policy and ‘Total Premiums Paid’ under a Regular Premium Payment policy.

1. For Regular Premium Payment Policy: The ‘Sum Assured on Maturity’ is equal to the ‘Total Premium Paid’ over the policy tenure. This means the total premium paid by the policyholder over the policy period will be returned in the form of maturity benefit in case the policyholder survives till the maturity date.

1.  For Single Premium Payment Policy: The ‘Sum Assured on Maturity is the ‘Single Premium Paid’. When it comes to the single premium payment policy, the maturity benefit amount will be same as the premium paid by the insured.

Death Benefit

In case of the event of death of the policyholder within the policy term, the insurer will pay the death benefit to their family members. In case of the death of the policyholder during the policy tenure, the nominee will get the sum assured on death along with the additional bonuses which provides financial protection to the family members of the insured. Under the LIC Jeevan Kiran Policy, the death benefit payable on the death of the policyholder after the commencement of risk.

In case of the Regular Premium Payment Policy, the sum assured on death is explained as the following:

1. Seven times the annualized premium.

1. Basic sum assured.

1. 105 percent of the total premiums paid up to the date of death of the policyholder.

In case of the Single Premium Payment Policy, the sum assured on death is explained as the following:

1.  Basic sum assured.

1. 125 percent of the single premium.

Settlement Option

In case the policyholder selects the settlement option, they can opt to get their maturity benefit from an in-force or paid-up policy in five annual installments instead of a lump sum. The net claim amount selected by the policyholder can be calculated either as a percentage of the total funds claimed or as an absolute sum.

Rider Benefits

The insured can improve their insurance policy by choosing different optional riders available under this plan with an extra payment. The following are two types of riders available under this plan:

1.  LIC’s Accidental Benefit Rider: The accidental benefit is paid to the nominee along with the death benefit.

1. LIC’s Accidental Death and Disability Benefit Rider: In case of the accidental death or disability of the policyholder, this rider offers an extra sum assured to the insured.

Grace Period

The insurer will provide 30 days grace period in case the policyholder fails to pay the first premium on the due date. The policy will be considered as continuing to provide risk protection without interruption over this time as per the requirements of policy. If the policyholder fails to pay the premium within the grace period, the policy will expire.

Option to Take Death Benefit in Installments

The policy comes with an option to get the death benefit under a paid-up and in-force policy in five-year installments instead of lumpsum. The policyholder can use this option at any point of time to obtain the complete or a portion of death benefits offered by the policy.

Free Look Period

In case the policyholder has any sort of objections to the terms and conditions mentioned in the policy, they can return the policy to the company within 30 days of receiving the policy document along with a letter stating their complaints.

Tax Benefit

Under Section 80C of the Income Tax Act, 1961, the premiums paid for the LIC Jeevan Kiran policy are eligible for tax deduction which is subject to a maximum limit of Rs.1.5 lakh in every financial year.

High Rebates

The following table explains the rebates offered by the plan:

Rebate Under Online Sale

Under Regular Premium Payment

Under Single Premium Payment

Exclusions Under LIC Jeevan Kiran Policy

Given below are the conditions related to the exclusions of the policy:

Under Single Premium Payment

1. The beneficiary or the nominee of the life assured will get 80 percent of the single premium paid in case the policyholder dies by committing suicide at any point of time during a year from the date of commencement of risk. Apart from this, additional funds and taxes charged under the insurance due to an underwriting decision are not added under single premium payment.

Under Regular Premium Payment

1.  The beneficiary or the nominee of the policyholder will receive 80 percent of the total premiums paid until the death, in case the insured commits suicide at any point of time within 12 months from the date of the beginning of risk.

1. Apart from this, nominee or the beneficiary is not eligible to get any other benefits.

How to Purchase LIC’s Jeevan Kiran Plan?

Given below are the steps to purchase LIC’s Jeevan Kiran Plan:

1. Visit the official website of LIC.

1. Go to the ‘How may we help you today?’ section and click on ‘Buy Online’.

1. You will get to see a list of plans offered by LIC which can be purchased online.

1. Choose ‘LIC Jeevan Kiran, Plan 870’.

1. Next, click on ‘Click to Buy Online’ button.

1. You are required to have all your documents ready, which should be uploaded online.

1. Choose the ‘Proceed’ button.

1. Type in the COVID-19 data and click on ‘Proceed’.

1. Enter all the required information such as name, mobile number, and date or birth.

1. Then, click on the ‘Proceed’ button.

1. Once your access ID has been generated, you need to enter the One Time Password (OTP) that was sent to you at your registered mobile number.

1. Click on ‘Proceed’.

1. Now, enter all your personal data as well as product details, and click on ‘Calculate Premium’ button.

1.  On the next screen, you will be able to view premium information.

1. Click on ‘Confirm & Proceed’.

1. The website will request you to add more information like your permanent address.

1. You will be redirected to the payment page.

1. Finally make the payment using your preferred payment mode to complete the procedure.

LIC Jeevan Kiran Calculator

LIC Jeevan Kiran calculator is an online tool which helps the users to calculate different aspects of the policy. The tool enables the policyholders and the buyers to estimate maturity benefits, premium payments, and other information.

How to Use LIC Jeevan Kiran Calculator?

The following are the steps to use LIC Jeevan Kiran Policy Calculator:

1.  Visit the official website of LIC and click on the Jeevan Kiran maturity calculator.

1. Enter relevant details such as premium payment tenure, age, sum assured, as well as accrued bonuses.

1. Next, click on the ‘Calculate’ button to obtain the expected premium payable as well as maturity benefits.

1. The tool will provide you with a detailed breakdown of the sum assured and bonuses.

1.  Make use of the insights received from the tool and make an informed decision before investing.