The Life Insurance Corporation of India (LIC) has introduced Jeevan Kiran, a new plan that offers life cover with return of premium.
A non-linked, non-participating, individual, savings, life insurance plan, it is for those aged 18-65 and desiring high life cover at reasonable cost, the insurer said on Thursday in a release on launch of the product.
On maturity, the plan allows refund of total premiums/single premium paid, excluding any extra premium, any rider premium and taxes paid, if the insured person is surviving on the date of maturity and the policy is in force.
The plan has a minimum sum assured of ₹15 lakh for moderate life cover and the policy term ranges from 10-40 years. The minimum instalment premium will be ₹3,000 for regular premium policies and ₹30,000 for single premium policies. The premium rates are different for non-smokers and smokers, LIC said on Thursday. For sum assured more than ₹50 lakh, rebates are available, the insurer said.
In case of death of the insured person during the policy term, with the policy in force, the sum assured on death that will be paid will be: for regular premium payment policies – highest of seven times of annualised premium or 105% of total premium paid up to the date of death or basic sum assured; while for single premium policies it will be higher of 125% of single premium or basic sum assured.
Accidental death and disability benefit rider; and accident benefit rider are the two types of optional riders available by paying additional premium. LIC said the plan is available for sale online at www.licindia.in and can also be purchased offline through agents, corporate agents, brokers and insurance marketing firms (IMF).
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