LIC was born on 1st
September, 1956 with the amalgamation of 250+ odd private insurance companies
operating at that time.
LIC
has launched a new money back plan where you have to pay just one singlepremium. The new plan is called Jeevan Shagun. Let us take a look at the
features & benefits of this policy.
Jeevan Shagun is a
participating, non-linked, savings cum protection single premium plan wherein
the risk cover is a multiple of single premium.
The
proposer will have an option to choose the Maturity Sum Assured. The single
premium payable (exclusive of service tax) shall depend on the chosen amount of
Maturity Sum Assured and age of the life assured.
A
percentage of Maturity Sum Assured shall be payable on surviving to the end of
the specified durations and on maturity.
In Simple Language :
- Jeevan Shagun is a plan where you pay a single premium.
- The risk coverage is 10 times the premium that
you pay.
- You get to choose a maturity sum assured
which is different from the normal sum assured (Risk coverage)
- So while the risk coverage is 10 times,
the maturity amount is approx. 2 times.
- The return that you get is around 6%.
Features Of LIC Jeevan Shagun Plan :
- Minimum Entry Age: 8 Years
- Maximum Entry Age: 45 Years
- Premium Payment: One Time Payment
- Minimum Maturity Sum Assured: Rs. 60,000 /-
- Maximum Maturity Sum Assured: No Limit
- Policy Term: 12 Years
Jeevan Shagun Policy Benefits –
On Death
During the first 5 Years from the date of taking Policy:
Basic Sum Assured i.e. 10 times of the single Premium Payable
Death after 5 Years from the date of taking Policy:
Basic Sum Assured i.e. 10 times of the single Premium Along with Loyalty Addition if any.
On Survival
If policyholder survives money back benefits are payable as below.
At the end of 10th Policy year: 15% of the Maturity Sum Assured.
At the end of 11th Policy year: 20% of the Maturity Sum Assured.
At end of the Policy Term 65% of Maturity Sum Assured along with Loyalty Addition is payable.
On Death
During the first 5 Years from the date of taking Policy:
Basic Sum Assured i.e. 10 times of the single Premium Payable
Death after 5 Years from the date of taking Policy:
Basic Sum Assured i.e. 10 times of the single Premium Along with Loyalty Addition if any.
On Survival
If policyholder survives money back benefits are payable as below.
At the end of 10th Policy year: 15% of the Maturity Sum Assured.
At the end of 11th Policy year: 20% of the Maturity Sum Assured.
At end of the Policy Term 65% of Maturity Sum Assured along with Loyalty Addition is payable.
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