Jeevan Kiran: life insurance new policy; Pay Rs 3000 get Rs 15 lakh

The Life Insurance Corporation of India (LIC) has announced the launch of Jeevan Kiran, a new non-linked, non-participating life insurance policy that ‘returns’ the premiums paid by policyholders at maturity. Jeevan Kiran: life insurance new policy; Pay Rs 3000 get Rs 15 lakh

In simple terms, policyholders will, if they survive the term, get back the total premium they paid under the policy, not including any extra premium, rider premium or taxes paid. In case of death during the policy tenure, the basic sum assured, an amount equal to seven times the annual premium or 105 percent of total premiums paid until then, whichever is higher, will be handed out to the policyholders’ dependents.

In the case of single premium plans, nominees will receive the basic sum assured or 125 percent of the single premium, whichever is higher. Policyholders have the option to receive the maturity benefit over a period of five years, in a staggered manner. They can choose this option for the death benefit payable to their nominees as well.

The minimum sum assured under the policy, which comes with tenures of 10-40 years, is Rs 15 lakh. The minimum instalment will be Rs 3,000 under the regular premium option and Rs 30,000 under the single premium variant. Premiums for smokers and non-smokers will vary, with the former having to pay higher premiums.

Those who refuse to undergo medical check-ups will be charged the premiums applicable to smokers. The policy can be purchased by individuals in the age group of 18-65 years. The policy comes with two optional covers that bolster the basic protection provided by the base policy – Accidental Death & Disability Benefit Rider and Accident Benefit Rider.

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