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.
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| 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)