Are you looking for a life insurance plan that not only provides financial security for your family but also helps you save for the future? Look no further than LIC’s Jeevan Kiran, a comprehensive life insurance policy that combines protection and savings to meet your financial needs. In this blog post, we will explore the key features, eligibility conditions, benefits, and other essential aspects of this plan.
What is Jeevan Kiran New Policy of LIC ? and what are the terms and conditions associated with this policy is all what we have tried to explain you in this article .
What is LIC Jeevan Kiran Insurance Policy 2023 ?
LIC’s Jeevan Kiran is designed to offer both protection and savings to policyholders. In the unfortunate event of the life assured’s death during the policy term, the plan provides financial support to the family. On the other hand, if the policyholder survives till maturity, the total premiums paid (excluding any extra premium, rider premium, and taxes) are returned.
Jeevan Kiran is a non-participating plan, meaning that the benefits payable on death or maturity are guaranteed and fixed, regardless of the actual experience. The policy does not receive any discretionary benefits like bonuses or a share in surplus.
You have the flexibility to purchase this plan offline through agents or other intermediaries, or you can buy it online directly through LIC’s official website, www.licindia.in.
Features of LIC Jeevan Kiran Policy for Middle Class
- Life Insurance Coverage: In the unfortunate event of the policyholder’s death, the plan provides a life insurance cover to safeguard the family’s financial future.
- Premium Payment Options: You can choose between Single Premium and Regular Premium Payment options, depending on your financial preferences.
- Protection Period: The plan allows you to select the protection period that suits your needs.
- Instalment Option: If you opt for this feature, the benefits can be paid in instalments.
- High Sum Assured Rebate: Enjoy an attractive High Sum Assured Rebate with this plan.
- Different Premium Rates: Non-Smokers and Smokers have different premium rates based on the Urinary Cotinine test findings.
- Optional Riders: You can enhance the coverage by adding optional riders like LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider for an additional premium.
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Who is eligible for application under the LIC Jeevan Kiran Policy Plan ?
To be eligible for LIC’s Jeevan Kiran, the policyholder must meet the following conditions:
- Minimum Age at Entry: 18 years (last birthday)
- Maximum Age at Entry: 65 years (last birthday)
- Minimum Age at Maturity: 28 years (last birthday)
- Maximum Age at Maturity: 80 years (last birthday)
- Policy Term: 10 years to 40 years
- Premium Payment Term: Same as Policy Term for Regular Premium; Not applicable for Single Premium
- Minimum Basic Sum Assured: Rs. 15,00,000/-
- Maximum Basic Sum Assured: Subject to underwriting decision (as per the Board Approved Underwriting Policy).
Benefits under the LIC Jeevan Kiran Insurance Plan
LIC’s Jeevan Kiran offers the following benefits:
- Death Benefit: In the event of the life assured’s demise during the policy term, the death benefit is payable to the nominee. The amount is determined based on different factors, depending on the premium payment mode (Regular or Single).
- Maturity Benefit: If the life assured survives till the maturity date, the Maturity Benefit is equal to the total premiums paid (Regular Premium Payment) or single premium paid (Single Premium Payment).
Policyholders have the option to enhance their coverage by adding additional riders, such as LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider, for an extra premium. Each rider comes with specific conditions and terms that provide additional benefits as per the policyholder’s needs.
Terms and Conditions of LIC Jeevan Kiran Policy 2023
Termination of Policy: The policy will terminate under various circumstances, including payment of death benefit, surrender benefit settlement, maturity date without exercising settlement option, expiry of revival period, free look cancellation, or forfeiture as specified in Para 13.
Forfeiture in Certain Events: If any untrue or incorrect information is found in the proposal or connected documents, or material information is withheld, the policy will be void, and claims will be subject to Section 45 of the Insurance Act, 1938.
Taxes: Applicable statutory taxes on insurance plans are as per government regulations, and the policyholder is responsible for paying the taxes separately over and above the premium.
Free Look Period: Policyholders have 30 days from the receipt of the policy document to return the policy if dissatisfied, and the corporation will refund the premium after deductions.
Suicide Exclusion: In case of suicide within 12 months from the commencement of risk, the nominee will receive 80% of total premiums paid (Regular Premium) or single premium (Single Premium).
Sample Benefit Illustration: The plan provides two illustrations showing the benefit summary for Regular and Single Premium policies with different scenarios, helping you understand the potential outcomes.
Section 45 of Insurance Act, 1938: This section explains the provisions and limitations regarding questioning policies on certain grounds, including fraud, misstatements, and suppression of facts.
Prohibition of Rebates (Section 41 of Insurance Act, 1938): This section states that no person shall offer rebates or inducements to take out or renew insurance policies, and any default may lead to penalties up to ten lakh rupees.
Whether to invest in LIC Jeevan Kiran Policy or Not ?
LIC’s Jeevan Kiran is a well-rounded life insurance plan that offers financial protection and opportunities for savings. With its flexible premium payment options, high sum assured rebate, and optional riders, policyholders can tailor the plan to their specific needs. Remember to consider the eligibility conditions, benefits, and other essential aspects before making your decision. Secure your family’s future today with LIC’s Jeevan Kiran!
FAQ
What is LIC Jeevan Kiran ?
LIC Jeevan Kiran is a life insurance plan offered by LIC (Life Insurance Corporation of India). It is a comprehensive insurance policy that combines protection and savings. The plan provides financial support to the policyholder’s family in case of unfortunate death during the policy term. If the policyholder survives till maturity, the plan returns the total premiums paid (excluding any extra premium, rider premium, and taxes).
Is it safe to invest in LIC Jeevan Kiran Policy ?
Yes, investing in LIC Jeevan Kiran Policy is considered safe. LIC is a government-owned insurance company and is one of the most reputable and trusted insurance providers in India. LIC has a long-standing history of providing reliable and secure insurance products to millions of policyholders. Moreover, Jeevan Kiran is a non-participating plan, which means that the benefits on death or maturity are guaranteed and fixed, ensuring that you receive the promised benefits.
What benefits you can raise from LIC Jeevan Kiran Insurance Policy ?
Under LIC Jeevan Kiran Insurance Policy, you can raise the following benefits:
- Death Benefit: Payable to the nominee in the event of the life assured’s demise during the policy term.
- Maturity Benefit: Payable if the life assured survives till the stipulated Date of Maturity. The maturity benefit is equal to the total premiums paid (Regular Premium Payment) or single premium paid (Single Premium Payment).
- Optional Riders: You can enhance coverage by adding optional riders like LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider for an additional premium, providing specific additional benefits as per the terms and conditions.
Is it a term insurance or a health Insurance plan under LIC Jeevan Kiran by LIC ?
LIC Jeevan Kiran is a life insurance plan, not a health insurance plan or a term insurance plan. It provides life insurance coverage for the policyholder, offering financial protection to the family in case of the life assured’s unfortunate death during the policy term. Unlike term insurance plans, which offer pure life cover for a specific term, Jeevan Kiran also has a savings component, providing a return of premiums paid on maturity if the policyholder survives the term.
Why LIC Jeevan Kiran Policy is better for Middle class ?
LIC Jeevan Kiran Policy is beneficial for the middle class due to its affordability and attractive features. The plan offers flexibility in premium payment options, allowing policyholders to choose between Single Premium and Regular Premium Payment. Additionally, the plan provides an attractive High Sum Assured Rebate, which can be beneficial for those looking for higher coverage at an affordable premium. Moreover, it offers the option to add riders for enhanced coverage, tailoring the policy to individual needs. The guaranteed benefits on death or maturity provide a sense of financial security, making it a suitable option for middle-class individuals seeking comprehensive life insurance protection.
The premium amount for LIC Jeevan Kiran Insurance policy plan varies based on several factors, including the policyholder’s age, sum assured, premium payment mode (Single or Regular), and additional riders (if opted for). To get the exact premium amount, individuals should contact LIC directly or consult an LIC agent to get a personalized quote based on their specific requirements.
Can I change my existing Insurance plan from LIC with LIC Jeevan Kiran ?
No , you cannot change your existing plan with LIC Jeevan Kiran , rather you can start a new LIC Jeevan Kiran policy with LIC.
Is accidental death covered under the LIC Jeevan Kiran for Single Premium or Regular Premium ?
Yes, accidental death is covered under LIC Jeevan Kiran for both Single Premium and Regular Premium payment options. Additionally, policyholders have the option to enhance coverage by adding optional riders, such as LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider, which provide specific benefits in case of accidental events, subject to the terms and conditions of the respective rider.
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Note : We do not promote any sales of any plan or complete reliance of this information . Consult your LIC Policy agent before purchasing any LIC Insurance Policy.