LIC Jeevan Madhur Plan

The Jeevan Madhur Plan from Life Insurance Corporation of India (LIC) is a life insurance policy that offers customers both savings and protection features. Under this policy, the policyholder may choose to pay the due premium in weekly, fortnightly, monthly, quarterly, half-yearly, or yearly instalments. The exact amount that one will have to pay as the premium will vary according to the sum assured chosen, age at entry, policy term, etc. Tax benefits can also be availed every fiscal year provided the policy is in force.

Eligibility - Who is the LIC Jeevan Madhur Plan for?

Insurance firms usually set eligibility criteria, i.e., age limits, which the policy buyer needs to meet in order to be able to purchase the policy. Prior to being withdrawn, individuals between the ages of 18 years to 60 years could purchase the Jeevan Madhur Plan.

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured

The minimum amount of money that the insurer guarantees to pay to the life assured or his/her nominee, as per the eventuality, is called the sum assured. Any individual purchasing a life insurance policy will have to opt for this amount at the inception of the policy.

Minimum Sum Assured	Rs.5,000
Maximum Sum Assured	Rs.30,000

Premiums*

The premium is what is paid by the policyholder to the insurer in order to enjoy the protection provided by the policy.

Minimum term of the policy	5 years
Maximum term of the policy	15 years
Premium Payment Mode	Weekly Fortnightly Monthly Quarterly Half-Yearly Yearly
Minimum Premium Amount	Weekly: Rs.25 Fortnightly: Rs:50 Monthly: Rs.100 Quarterly: Rs.250 Half-Yearly: Rs.250 Yearly: Rs.250

* Premiums vary based on age, location, plan term, and other factors.

Plan Coverage - What the LIC Jeevan Madhur Plan covers?

Death Benefit	Upon the policyholder’s death, vested bonuses and the total premiums paid during the policy tenure will be paid to the nominee.
Maturity Benefit	At completion of the policy term, the maturity sum assured and bonuses will be paid to the policyholder.

Riders/Add-On Plans – Additional coverage under the LIC Jeevan Madhur Plan

The policyholder can purchase the Accidental Death and Disability Benefit Rider along with the base policy, for an additional premium. Thus, in case the policyholder suffers from an untimely, accidental death, the rider benefit will be paid in addition to the base policy’s benefit. If the life assured suffers from a severe disability due to the accident, the rider benefit will be paid in instalments for a period of 10 years.

Exclusions - What the LIC Jeevan Madhur Plan doesn’t cover?

This policy comes with a one-year suicide exclusion. Thus, if the life assured commits suicide within a year of purchasing the plan, the insurer will not pay any death benefit. However, the bonafide beneficial interest may be paid to the nominee.

Any injuries resulting from a civil commotion, rebellion, riots, war, snake biting, invasion, mountaineering, hunting, racing, etc. will also not be covered. If the death occurred while the life assured was committing an act against the law, no payout will be paid by LIC.

Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

Free-Look Period	The free-look period for this policy is 15 days.
Policy Revival	Lapsed policies can be revived within 5 years of the last unpaid premium, provided the policyholder pays the arrears with interest, to the insurer.
Auto Cover Facility	If the life assured has paid premiums for two policy years and has not paid the subsequent premium, the risk cover will continue as is for 3 years from the date of the first unpaid premium.
Bonus	The Simple Reversionary Bonus will be declared by LIC at the end of every fiscal year.
Surrender Value	Policies that have been running for 2 years can be surrendered. The insurer will pay the Guaranteed Surrender Value or the Special Surrender Value, based on whichever of the two amounts is greater.
Grace Period	A 30-day grace period is allowed for yearly, half-yearly, and quarterly modes of premium payment. A 15-day grace period is allowed for monthly, fortnightly, and weekly modes.
Paid-Up Policy	If at least 2 years’ premiums have been paid within the due date and the subsequent premium was left unpaid, the policy shall be converted into a paid-up policy, instead of being terminated.

Tax Benefits – How you can save with the LIC Jeevan Madhur Plan?

Individuals who have purchased the Jeevan Madhur Plan from LIC can avail tax returns under Section 80C of the Income Tax Act, 1961, for every policy year. Similarly, any benefit that is paid to you is also tax-free, as per Section 10(10D) of the Income Tax Act.

Other Benefits – How you can save with the LIC Jeevan Madhur Plan?

• Varied Product Portfolio: The insurer has a varied product mix. Life insurance policies are offered for both groups and the retail segment. In addition, the insurer also has health insurance plans, as part of the offering.
• Fund NAV: Performance of various funds can be tracked through LIC’s website.
• Customer Service: The insurer has a range of customer service channels that include a phone helpline service, SMS-based enquiry channel, and email ID.

Why you should buy the Jeevan Madhur Plan from Life Insurance Corporation of India (LIC)?

The Jeevan Madhur Plan from LIC offers policyholders a comprehensive life cover, in addition to bonuses and optional rider benefits that are payable along with the plan benefits. LIC, which is one of the stalwarts of the industry, is one of the most preferred life insurance companies within the company. The company has received several awards over the years, for their service and contribution to the life insurance industry in India. The company also has a grievance solved ratio of 100% for FY16-17, in addition to the high claim settlement ratio.

Note: This policy has been withdrawn by LIC.