LIC Jeevan Kiran

Here is a list of some of the main features and benefits of the plan:

Flexibility:

The plan provides flexibility to choose between single and regular premiums, the period of time for which the protection is necessary, and payment of benefits in installments.

Death Benefit:

“Sum Assured on Death” or death benefit will be paid out if the life assured passes away within the policy’s term after the beginning of the risk but before the maturity date.

Under the regular premium payment option, the “Sum Assured on Death” will be the highest of:

• 7 times of annualized premium
• 105% of “Total Premiums Paid” up to the date of death, or
• Basic Sum Assured

Under the single premium payment option, the “Sum Assured on Death” will be:

• 125% of single premium, or
• Basic Sum Assured

Maturity Benefit:

The “Sum Assured on Maturity” will be paid if the life assured survives the designated date of maturity and is equal to the “Total Premiums Paid” under a Regular Premium Payment policy and the “Single Premium Paid” under a Single Premium Payment Policy.

Rider Benefits:

The policyholder can enhance the policy by selecting various optional riders available under the plan with an extra payment. They are as follows:

• LIC’s Accidental Death and Disability Benefit Rider
• LIC’s Accident Benefit Rider

Settlement Option:

If the policyholder chooses the settlement option, he can choose to receive his maturity benefit from a paid-up or in-force policy in 5 annual installments rather than a lump sum. The amount selected by the life assured (i.e., Net Claim Amount) may be calculated either as a percentage of the total claim funds payable or as an absolute sum.

Option To Take Death Benefit In Installments:

This is an option to receive the death benefit under an in-force as well as paid-up policy in five-year installments rather than a lump sum. The life assured may use this option at any moment during his or her lifetime to receive all or a portion of the death benefits provided by the policy.

Grace Period:

From the date of the first unpaid premium, a grace period of 30 days will be given for the payment of yearly or half-yearly premiums. The policy will be regarded as continuing to provide risk coverage throughout this time, in accordance with the provisions of the policy, without interruption. The policy will expire if the premium is not paid before the days of grace have passed.

Free Look Period:

If the policyholder has any objections to the “terms and conditions” of the policy, they may return the policy to the corporation within 30 days of the day they received the physical or electronic version of the policy document, whichever comes first, along with a statement of their complaints.

High Rebates:

The plan offers the following rebates:

Under Regular Premium Payment: