There are over 25 life insurance companies in the country all of which have over 10 or more policies in their portfolio. When you have so many options, choosing one among them gets a little tricky, especially considering there are so many other obligations to meet. This is where the Jeevan Astha plan comes into play. The Jeevan Astha Plan is basically a single premium plan, which offers guaranteed benefits in case a policyholder dies of if he/she survives till the maturity date of the policy.
For a prospective policyholder to be eligible for the LIC’s Jeevan Astha Plan, he/she needs to meet a certain eligibility criteria set by the insurance company. These conditions are as mentioned below:
|Parameters||Criteria for Eligibility|
|Minimum age at entry||13 years|
|Maximum age at entry||60 years|
|Maximum age at maturity||70 years|
|Minimum term of the policy||5 years|
|Maximum term of the policy||10 years|
Sum Assured: This is the amount a policyholder will receive if he/she survives till the policy’s maturity date or meets with an untimely death.
|Minimum Sum Assured||Rs 1.5 lakh|
|Maximum Sum Assured||No limit. Note: The basic sum assured will always be a multiple of Rs.30,000|
Premiums: This is the amount a policyholder will pay in order to keep the policy up and running. In the case of the Jeevan Astha Plan, only single payment mode is available for the customers. Here’s what the premiums look like of Rs.1,000 sum assured.
|Entry Age||5-year Policy Term||10-year Policy Term|
*Disclaimer: Premiums may vary depending on factors like term of the plan, age, location and applicable taxes/GST.
The LIC Jeevan Astha Plan comes with a few important coverage features for the policyholders. Here’s what they are:
There are three different death benefit payouts under this policy, depending on when the death occurs:
|Maturity Benefit||Upon maturity, the maturity sum assured will be paid along with guaranteed additions and any applicable loyalty additions. In this case maturity sum assured is equal to 1/6th of the basic sum assured.|
|Guaranteed Additions||A Rs.100 per Rs.1,000 maturity sum assured will be added in the case of a 10-year policy. A Rs.90 per Rs.1,000 maturity sum assured will be added in the case of a 5-year policy.|
|Loyalty Addition||Loyalty addition is basically a percentage of the basic sum assured, which the insurer pays depending on how well it is performing in the market.|
|Cooling-off period||If the policyholder is not satisfied with the terms and conditions offered to them, they can return the policy within a period of 30 days. When returning the policy, the policyholder needs to provide the exact reason for doing the same.|
|Grace period||A grace period of 30 days can be availed for payment of premiums. The benefits under the premiums are not affected during this period. Policy will lapse if premiums are not paid during this period.|
|Revival||The Jeevan Astha Plan can be revived within a period of 2 years from the date of the first unpaid premium.|
|Loan||Loan facility is available under this policy after the completion of one policy year.|
|Surrender Value||The policy can be surrendered after the completion of one policy year. Upon doing so, a Guaranteed Surrender Value of 90% of the single premium paid will be returned to the policyholder.|
The LIC Jeevan Astha Plan comes with the following tax benefits:
There are several ways through which the Jeevan Astha Plan allows you to save. Here’s a few of them:
Besides the fact that LIC is the oldest insurer the country, there are several reasons why you should buy the unit-linked plans offered by the company. Here’s a few of them mentioned below: