LIC Jeevan Kiran (Plan 870)

74°
Deal Hunter
BVR9

LIC’s Jeevan Kiran is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan which

offers a combination of protection and savings. This plan provides financial support to the family in case

of unfortunate death of the life assured during the policy term and returns the total premiums paid* in

case of survival till maturity.

This is a non-participating product under which benefits payable on death or maturity are guaranteed

and fixed irrespective of actual experience. Hence the policy is not entitled to any discretionary benefits

like bonus etc. or share in Surplus.

This Plan can be purchased Offline through agents / other intermediaries as well as Online directly

through website www.licin...in.

Key Features:

 Benefits

o Life insurance coverage in case of unfortunate death.

o Return of total premiums paid (excluding any extra premium, any rider premium and

taxes) in case of survival till maturity.

 Flexibility to

o Choose from Single Premium and Regular Premium Payment.

o Choose the period for which protection is required.

o Opt for payment of benefit in instalments.

 Benefit of attractive High Sum Assured Rebate.

 Two categories of premium rates namely (1) Non-Smoker rates and (2) Smoker rates. The

application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test.

In all other cases, the Smoker rates will be applicable.

 Option to enhance coverage by opting for Accident Benefit Rider / Accidental Death Disability

Benefit Rider on payment of additional premium for the rider benefit.

1. ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS:

i. Minimum Age at Entry : 18 years (last birthday)

ii. Maximum Age at Entry : 65 years (last birthday)

iii. Minimum Age at Maturity : 28 years (last birthday)

iv. Maximum Age at Maturity : 80 years (last birthday)

v. Policy Term : 10 years to 40 years

vi. Premium Payment Term

- Under Regular Premium : Same as Policy Term

- Under Single Premium : Not applicable

vii. Minimum Basic Sum Assured : Rs. 15,00,000/-

Sales Literature- LIC’s Jeevan Kiran 2

viii. Maximum Basic Sum Assured : No limits, subject to underwriting decision

(*The maximum Basic Sum Assured allowed to each individual will be subject to underwriting

decision as per the Board Approved Underwriting Policy.)

The Basic Sum Assured shall be in the multiple of amounts specified below:

Basic Sum Assured Range Sum Assured Multiple (Rs.)

From Rs. 15,00,000/- to Rs. 37,00,000/- 1,00,000/-

above Rs. 37,00,000 to Rs. 50,00,000/- 25,00,000/-

above Rs. 50,00,000/- to Rs.80,00,000/- 10,00,000/-

above Rs. 80,00,000/- to Rs. 1,00,00,000/- 20,00,000/-

above Rs. 1,00,00,000/- to Rs. 1,50,00,000/- 25,00,000/-

above Rs. 1,50,00,000/- to Rs. 4,00,00,000/- 50,00,000/-

above Rs. 4,00,00,000/- 1,00,00,000/-

ix. Minimum Premium : The minimum instalment premium will be

Rs. [3,000] for Regular premium policies and

Rs. [30,000] for Single premium policies

2. BENEFITS:

Benefits payable under an in-force policy shall be as under:

A. Death Benefit:

Death benefit payable on death of the life assured during the policy term after the date of

commencement of risk but before the date of maturity shall be “Sum Assured on Death”.

Under Regular Premium Payment Policy, “Sum Assured on Death” is defined as the highest of:

 7 times of Annualized Premium; or

 105% of “Total Premiums Paid” upto the date of death; or

 Basic Sum Assured.

Under Single Premium Payment Policy, “Sum Assured on Death” is defined as the higher of:

 125% of Single Premium; or

 Basic Sum Assured.

Where,

i. “Annualized Premium” shall be the premium amount payable in a year chosen by the

policyholder, excluding the taxes, rider premiums, underwriting extra premiums and

loadings for modal premiums, if any.

ii. “Total Premiums Paid” means total of all the premiums received, excluding any extra

premium, any rider premium and taxes.

B. Maturity Benefit:

On Life Assured surviving the stipulated Date of Maturity, “Sum Assured on Maturity” shall be

payable, where “Sum Assured on Maturity” is equal to “Total Premiums Paid” under Regular

Premium Payment policy and “Single Premium Paid” under Single Premium Payment Policy.

Where,

i. “Total Premiums Paid” means total of all the premiums received, excluding any extra

premium, any rider premium and taxes.

Sales Literature- LIC’s Jeevan Kiran 3

ii. “Single Premium Paid” means single premium received, excluding any extra premium,

any rider premium and taxes.

3. OPTIONS AVAILABLE:

I. Optional Riders:

Riders are available under this plan as detailed below on payment of additional premium:

 Single Premium Payment: LIC’s Accidental Death and Disability Benefit Rider (UIN:

512B209V02) shall be available under single premium payment and the policyholder can opt

for this rider at the inception only.

 Regular Premium Payment: The policyholder can opt between either of the LIC’s

Accidental Death and Disability Benefit Rider (UIN: 512B209V02) OR LIC’s Accident Benefit

Rider (UIN: 512B203V03) under regular premium payment.

The above mentioned riders can be opted subject to the eligibility conditions as detailed below:

a) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02):

Under a single premium policy, this rider can be opted at inception only and under an in-force

regular premium policy, this rider can be opted at any time within the premium paying term of

the Base plan provided the outstanding premium paying term of the Base plan as well as the

Rider is atleast 5 years but before the policy anniversary on which the age nearer birthday of

the Life Assured is 65 years. The benefit cover under this Rider shall be available during the

outstanding Policy Term only or up to the policy anniversary on which age nearest birthday of

the Life Assured is 70 years, whichever is earlier. If this rider is opted for, in case of accidental

death, the Accident Benefit Sum Assured will be payable in lumpsum along with the death

benefit under the base plan. In case of accidental disability arising due to accident (within 180

days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be

paid in equal monthly instalments spread over 10 years and future premiums, if any, for

Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured under

the Base Policy which is equal to Accident Benefit Sum Assured under the policy, shall be

waived in case of regular premium policy.

b) LIC’s Accident Benefit Rider (UIN:512B203V03):

Under an in-force policy regular premium policy, this rider can be opted for at any time within

the premium paying term of the Base plan provided the outstanding premium paying term of the

Base plan as well as the Rider is atleast 5 years but before the policy anniversary on which the

age nearer birthday of the Life Assured is 65 years. The benefit cover under this Rider shall be

available only during the outstanding Policy Term only or up to the policy anniversary on which

age nearest birthday of the Life Assured is 70 years, whichever is earlier. If this rider is opted

for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum

along with the death benefit under the base plan.

The Rider Sum Assured in respect of LIC’s Accidental Death & Disability Benefit Rider/ LIC’s

Accident Benefit Rider shall not exceed the Sum Assured on Death under the Base Product.

The premium under LIC’s Accidental Death & Disability Benefit Rider/ LIC’s Accident Benefit Rider

shall not exceed 100% of premium under the Base product.

Sales Literature- LIC’s Jeevan Kiran 4

The rider premium, if any, shall be collected separately in addition to the premium payable under

the Base product.

For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch

Office.

II. Settlement Option (for Maturity Benefit):

Settlement Option is an option to receive Maturity Benefit in instalments over a period of 5 years

instead of lumpsum amount under an In-force as well as Paid-up policy. This option can be

exercised by the Life Assured for full or part of Maturity proceeds payable under the policy. The

amount opted for by the Life Assured (ie. Net Claim Amount) can be either in absolute value or as

a percentage of the total claim proceeds payable.

The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals,

as opted for subject to minimum instalment amount for different modes of payments being as

under:

Mode of Instalment payment Minimum Instalment amount

Monthly Rs. 5,000/-

Quarterly Rs. 15,000/-

Half-Yearly Rs. 25,000/-

Yearly Rs. 50,000/-

If the Net Claim Amount is less than the required amount to provide the minimum instalment

amount as per the option exercised by the Life Assured, the claim proceeds shall be paid in

lumpsum only.

For all the instalment payment options commencing during the 12 months’ period from 1st May to

30th April, the interest rate used to arrive at the amount of each instalment shall be annual effective

rate not lower than 5 year semi-annual G-Sec rate minus 2%; where, the 5 year semi-annual GSec rate shall be as at last trading day of previous financial year.

Accordingly, for the 12 months’ period commencing from 1st May, 2023 to 30th April, 2024, the

applicable interest rate for the calculation of the instalment amount shall be 5.17% p.a. effective.

For exercising the Settlement Option against Maturity Benefit, the Policyholder/Life Assured shall

be required to exercise option for payment of net claim amount in instalments at least 3 months

before the due date of maturity claim.

The first payment will be made on the date of maturity and thereafter, based on the mode of

instalment payment opted for by the policyholder, every month or three months or six months or

annually from the date of maturity, as the case may be.

After the commencement of Instalment payments under Settlement Option:

i. If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to

withdraw this option and commute the outstanding instalments, the same shall be allowed on

receipt of written request from the Life Assured. In such case, the lump sum amount which is

higher of the following shall be paid and policy shall terminate,

 discounted value of all the future instalments due; or

 (the original amount for which Settlement Option was exercised) less (sum of total

instalments already paid).

Sales Literature- LIC’s Jeevan Kiran 5

ii. The applicable interest rate that will be used to discount the future instalment payments shall

be annual effective rate not exceeding 5 year semi-annual G-Sec rate; where, the 5 year semiannual G-Sec rate shall be as at last trading day of previous financial year during which

settlement option was commenced.

Accordingly, in respect of all the Settlement Options commenced during the 12 months’ period

beginning from 1st May, 2023 to 30th April, 2024, the maximum applicable interest rate used for

discounting the future instalments shall be 7.17% p.a. effective.

iii. After the Date of Maturity, in case of death of the Life Assured, who has exercised Settlement

Option, the outstanding instalments will continue to be paid to the nominee as per the option

exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the

nominee.

III. Option to take Death Benefit in Instalment:

This is an option to receive Death Benefit in instalments over a period of 5 years instead of lump

sum amount under an In-force as well as Paid-up policy. This option can be exercised by the Life

Assured during his/her life time; for full or part of Death benefits payable under the policy. The

amount opted for by the Life Assured (ie. Net Claim Amount) can be either in absolute value or as

a percentage of the total claim proceeds payable.

The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals,

as opted for, subject to minimum installment amount for different modes of payments being as

under:

Mode of Instalment payment Minimum Instalment amount

Monthly Rs. 5,000/-

Quarterly Rs. 15,000/-

Half-Yearly Rs. 25,000/-

Yearly Rs. 50,000/-

If the Net Claim Amount is less than the required amount to provide the minimum instalment

amount as per the option exercised by the Life Assured, the claim proceeds shall be paid in lump

sum only.

For all the instalment payment options commencing during the 12 months’ period from 1st May to

30th April, the interest rate used to arrive at the amount of each instalment shall be annual effective

rate not lower than the 5 year semi-annual G-Sec rate minus 2%; where, the 5 year semi-annual

G-Sec rate shall be as at last trading day of previous financial year.

Accordingly, for the 12 months’ period commencing from 1st May, 2023 to 30th April, 2024, the

applicable interest rate for the calculation of the instalment amount shall be 5.17% p.a. effective.

For exercising option to take Death Benefit in instalments, the Life Assured, can exercise this

option during his/her lifetime while in currency of the policy, specifying the net claim amount for

which the option is to be exercised. The death claim amount shall then be paid to the nominee as

per the option exercised by the Policyholder/Life Assured and no alteration whatsoever shall be

allowed to be made by the nominee.

4. PAYMENT OF PREMIUMS:

Regular premium or Single premium payment options are available under this plan. In case of

Regular Premiums payment, the premium can be paid regularly with mode of premium payment as

yearly or half-yearly only.

Sales Literature- LIC’s Jeevan Kiran 6

The premium payable will depend on the age at entry of the life to be assured, smoking status, policy

term and Sum Assured chosen. Under Single Premium, minimum premium shall be Rs 30,000/-.

Under Regular Premium mode, the minimum premium shall be Rs 3,000/-. If calculated instalment

premium is less than the minimum premium amount, any of the proposed policy parameters shall be

modified in such a way that the revised instalment premium shall be greater than or equal to

minimum instalment premium.

5. GRACE PERIOD (APPLICABLE FOR REGULAR PREMIUM PAYMENT):

A grace period of 30 days will be allowed for payment of yearly or half-yearly premiums from the date

of First Unpaid Premium. During this period, the policy shall be considered inforce with the risk cover

without any interruption as per the terms of the policy. If the premium is not paid before the expiry of

the days of grace, the Policy lapses.

The above grace period will also apply to Rider premiums which are payable along with premium for

Base Policy.

Expired
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
5 Comments  |  
5 Dimers
  • Sort By
Benevolent Benevolent
Link Copied

Every day LIC comes with one or the other Jeevan XXXX where XXXX being a Sanskrit word.

All these policies neither give you enough life coverage nor an investment. Once you mix insurance and investment it is the worst combination ever. During covid days I have seen people getting a meager sum of 10 to 20 Lakhs for the deceased which is not adequate for the dependents.

Get a proper term insurance of the order 1.5 to 2 Cr (the premium will be 10k to 20k depending on your age) and invest the rest in your choice.

Talk-Of-The-Town Talk-Of-The-Town
Link Copied

Ghante ka kiran....Buy term insurance and invest rest money in mutual funds SIP.

Benevolent Benevolent
Link Copied

Insurance and investment are diametrically opposite objectives. The so called mix of the two is the biggest fraud in history.
The second of course are the multipurpose dam projects that claims to protect from flood (dam should be 100% empty to absorb flood water) and provide irrigation (dam should be 100% full to ensure adequate water).

Take pure term insurance and invest the rest of the money in proper investment instruments. 

Benevolent Benevolent
Link Copied

Bhai ye kya khichdi pakayi hai post me ? Sahi se formatting kiya hota to padh bhi leta :3

replyuser
Click here to reply
Reply