LIC's Jeevan Shikhar Plan No. 837

Jeevan Shikhar from LIC is a non linked endowment insurance plan which would be opened only for 4 months. Generally LIC launches insurance plans during tax season January 11 up to March 31. In this season this is the second insurance plan from LIC in 2016. It is a non-linked, with profits, single premium plan, wherein the risk cover is 10 times of tabular single premium providing a combination of savings and risk cover.

Lic Jeevan Shikhar Plan

Lic New Jeevan Shikhar Plan 837 provides Death Benefit by the payment of additional premium. Under LIC Jeevan Shikhar Plan 837 the insured can avail Maturity Sum Assured along with Loyalty Addition if any shall be payable. New Jeevan Shikhar Plan also takes care of Liquidity needs through its loan facility. This plan offers a combination of protection and saving features.

Key Features of LIC Jeevan Shikhar (Plan no 837)

Sum Assured on Death : 10 times of tabular single premium

Minimum Maturity Sum Assured : Rs. 100,000/-

Maximum Maturity Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs. 20,000/- only)

Policy Term : 15 years

Minimum Entry Age : 6 years (completed)

Maximum Entry Age : 45 years (nearer birthday)

Premium payment mode : Single premium only

Maturity benefit:

On survival of policy holder i.e. completion of 15 year term, Maturity Sum Assured (MSA) + Loyalty Addition shall be paid.

Death benefits:

On death during first five policy years:

If Death happens before 8 years of age, then single premium paid less service tax will be returned.

If Death happens after 8 years of age, 10 times of premium paid (excluding service tax) will be paid as death benefit.

On death after 5 year of policy and before maturity:

10 times of single premium paid (excluding service tax & rebate) + loyalty addition will be paid as death benefit.

Note: 8 Year is minimum age of risk commencement under this policy and Loyalty Addition is applicable only after 5 years of successful policy term.

Loyalty Addition : The Loyalty Addition shall be  payable on death of the policy holder or on surrender of the policy, provided the policy has run for atleast  five policy years, or on policyholder surviving till policy maturity.

Surrender option & Surrender value : The policy can be surrendered at any time during the policy year.  The Guaranteed Surrender Value allowable shall be as under:

First year : 70% of the Single premium (excluding extra premiums paid and taxes).

Thereafter : 90% of the Single premium paid (excluding extra premiums paid and taxes. If policy is surrendered after completion of 5 years, Loyalty addition (if any) will also be paid)

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Ravindra Yadav