LIC of India has launched a unique plan, Jeevan Shagun, a participating, non-linked, savings cum protection single premium plan wherein the risk cover is a multiple of single premium. The plan will be available for a limited period only.
Prospects between the age of 8 years (completed) and 45 years (near birthday) can be insured
The proposer will have an option to choose the Maturity Sum Assured. The single premium payable (exclusive of service tax) shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.
A percentage of Maturity Sum Assured shall be payable on surviving to the end of the specified durations and on maturity. This plan also takes care of liquidity need through its loan facility. The plan will be open for sale for a maximum period of 90 days from the date of launch.
The main features of this plan:-
- 100% income tax exemption on Maturity Proceeds under Sec. 10(10)(D)
- 100% income tax exemption on Premium Paid under Sec.80C.
- 10 times insurance coverage on premium paid
- 100% guarantee on Maturity Amount.
- 12 year policy period
- Money Back facility at the end of 10th and 11th year @ 15% and 20% respectively of Maturity Amount.
- 65% of Maturity amount with Loyalty Addition accrued during the entire policy period is paid at the time of maturity.
- On death during first five policy years, 10 times of the single premium shall be payable.
- On death after the fifth policy year, 10 times of single premium with Loyalty Addition accrued as on date of death shall be payable.
For more details please contact:-