LIC introduces new plan Jeevan Kiran (Plan No. 870)

Mumbai: Life Insurance Corporation of India (LIC) has recently introduced a new plan called LIC's Jeevan Kiran (Plan No. 870), effective from July 27, 2023. This individual, savings-oriented life insurance plan offers life cover with a return of premium, making it an attractive option for those seeking high life coverage at a reasonable cost. The plan is available for individuals aged 18 to 65 years, with a minimum sum assured of Rs. 15 lakhs for moderate life cover. Policyholders can choose a policy term ranging from 10 to 40 years, and the premium rates differ for smokers and non-smokers. Premium payment options include single premium or regular premium payable for the policy term. Rebates on tabular premium are available for sum assured amounts exceeding Rs. 50 lakhs. The minimum installment premium is set at Rs. 3000 for regular premium policies and Rs. 30,000 for single premium policies. On maturity, if the policyholder survives till the maturity date and the policy is in force, the plan allows for a refund of total premiums paid (excluding any extra premium, rider premium, and taxes paid). In the event of the policyholder's death during the policy term, the “Sum Assured on Death” will be payable, which will be the higher of 7 times the annualized premium or 105% of the total premium paid up to the date of death or the basic sum assured for regular premium payment policies. For single premium policies, it will be the higher of 125% of the single premium or the basic sum assured. Optional riders, such as the Accidental Death & Disability Benefit Rider and Accident Benefit Rider, are available for an additional premium. The plan also offers a settlement option, allowing the maturity or death benefit to be received over a period of 5 years. LIC's Jeevan Kiran plan can be purchased online through the LIC website (www.licindia.in) or offline through agents, corporate agents, brokers, and Insurance Marketing Firms (IMF). It is a non-linked and non-participating plan, providing policyholders with a comprehensive and flexible life insurance solution.