LIC Jeevan Kiran policy premium return option: In LIC Jeevan Kiran Life Insurance policy, the total premium deposited is returned on survival till maturity, while in case of death, up to 125% of the premium is paid to the investor’s family.
New Delhi: LIC’s new policy Jeevan Kiran Life Insurance is giving double benefit to the investors. The holders of this policy get the benefit of saving and secondly they get the benefit of life insurance. In case of untimely death of the insured during the policy tenure, up to 125% of the premium is paid to the family. Wherein, in case of survival till maturity, the total premium deposited is returned to the investor. Are being given. At the same time, the premium rates for smokers are also different.
What is LIC’s Jeevan Kiran policy?
LIC launched Jeevan Kiran Life Insurance Policy in the last week of July last month. It is a non-linked, non-participating individual savings scheme as well as life insurance scheme. ALIC has prescribed different premium rates for smokers and non-smokers in this policy.
Maturity Benefits of Jeevan Kiran Policy
The biggest benefit of LIC Jeevan Kiran Life Insurance policy is that the total accumulated premium amount is paid to the policy holder on maturity. If the policy is in force, the Sum Assured on maturity will be equal to the total premium received by LIC under regular premium or single premium payment.
How much amount will the relatives get on the death of the policy holder
If the policyholder dies within the policy term after the date of commencement of risk but before the stated date of maturity, the sum assured will be paid. This payment will be on the basis of regular and single premium. The scheme covers all types of deaths including accidental deaths except suicide during the first year.
- Under Regular Premium Payment Policy, in the event of death, 7 times of the Annualized Premium or 105% of the total premiums deposited till the date of death, or Basic Sum Assured will be paid.
- Under Single Premium Payment Policy, 125% of Single Premium will be paid on death. Apart from this, the basic sum assured will be paid.
