LIC Jeevan Kiran: In the event of the death of the life assured during the term of the Jeevan Kiran policy, the family gets financial assistance while in case of survival till maturity, the total premium deposited is returned.
New Delhi. India’s largest life insurance company Life Insurance Corporation of India has launched another policy. The name of this insurance plan is Jeevan Kiran (LIC Jeevan Kiran). It is a non-linked, non-participating individual savings scheme as well as a life insurance plan.
LIC has announced this new insurance plan through the official Twitter handle. In case of death of the life assured during the term of the policy, the family gets financial support whereas in case of survival till maturity, the total premiums paid are returned. This insurance plan has different premium rates for both smokers and non-smokers.
LIC launches a brand new plan – LIC’s Jeevan Kiran.
Contact your LIC Agent/Branch or visit https://t.co/YWKhLMSAgK to know more.#JeevanKiran #LIC pic.twitter.com/y2Ixdxo31k— LIC India Forever (@LICIndiaForever) July 27, 2023
2 Types of Option Riders Included
This plan includes 2 types of option riders namely Accidental Death and Disability Benefit Rider and Accidental Benefit Rider. According to the Life Insurance Corporation of India, policyholders can opt for such riders by paying an additional premium. Significantly, a rider is such a provision, which adds benefits or amends the additional conditions in the insurance policy.
How much amount will be received in case of death of the life assured
If the life assured dies within the policy period after the date of commencement of risk but before the stated date of maturity, then the sum assured on death will be paid.
- Regular Premium Payment Policy: 7 times the annualized premium or 105% of the total premiums deposited till the date of death or Basic Sum Assured will be paid.
- Single Premium Payment Policy: 125% of the single premium or Basic Sum Assured will be paid.
