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  • LIC Jeevan Aastha Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility – Who is the LIC’s Jeevan Astha Plan for?

    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 and Premium Range - What you get and what it costs

    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.

    Parameters Details
    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
    50 180.85 175.90
    40 176.10 167.95
    30 174.70 165.40
    20 174.50 165.00

    *Disclaimer: Premiums may vary depending on factors like term of the plan, age, location and applicable taxes/GST.

    Plan coverage - What the LIC Jeevan Astha Plan covers

    The LIC Jeevan Astha Plan comes with a few important coverage features for the policyholders. Here’s what they are:

    Parameters Details
    Death Benefit There are three different death benefit payouts under this policy, depending on when the death occurs:
    • If the person insured dies within the first policy year, the nominees will be paid the basic sum assured with any applicable guaranteed additions.
    • If the person insured dies after the first policy year but before the last policy year, an amount equal to 1/3rd the basic sum assured will be paid along with guaranteed additions.
    • If the person insured dies during the last year of the policy, 1/3rd of the sum assured and guaranteed additions will be paid along with any applicable loyalty additions.
    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.

    Other Key Features

    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.

    Tax Benefits - How you can save with the LIC Jeevan Astha Plan

    The LIC Jeevan Astha Plan comes with the following tax benefits:

    • Deductions on premiums paid based on Section 80C of the Income Tax Act.
    • Deductions on death benefit and survival benefit based on Section 10 (10D) of the Income Tax Act.

    How you can save with LIC Jeevan Astha Plan?

    There are several ways through which the Jeevan Astha Plan allows you to save. Here’s a few of them:

    • Calculators and tools: The Canara HSBC Oriental Bank of Commerce Life Insurance company website has a number of calculators and tools a policyholder can make use of. These tools help a prospective policy buyer to assess their current situation and determine the kind of insurance coverage they need. For instance, there are four different life stages to choose from: Youth, Newly Married, Family, and Ageing. If you choose any of these options, the tools will give you a representation of how much premiums you will need to pay for a coverage you are looking for. This way you would only be spending on an insurance cover that works best for you.
    • Get a call back: The Canara HSBC Oriental Bank of Commerce site has a call back feature, which a policyholder can use to get all their plan-related queries solved within a matter of minutes.
    • Online access: Instead of having to walk into an office for every query, LIC has an online presence where customers can have their grievance resolved.

    Why you should buy the Jeevan Astha Plan from Life Insurance Corporation of India?

    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:

    • Highest claim settlement figures: As of writing this page, LIC has the highest claim settlement ratios of all the life insurance companies in India. The company has settled over 98.33%, which is a two percentage point more than its closest competitor. So, if you are planning to buy the ULIP from LIC but are worried about claim settlement, you can put those worries away.
    • Biggest life insurer in India: Based on recent date, LIC has assets totaling $310 billion, which is the total worth of the company’s next few competitors put together. The company is valued so high because it has a lion’s share of the market when it comes to acquiring customers.
    • Online services: Despite the company being the oldest in India, it still has kept up with the changing times and offers a variety of online services including - but not limited to - premium payments, grievance redressal and several aspects of customer relations. The company’s website also provides access to online calculators which help prospective customers calculate the premiums for the plan they are looking to buy.