LIC Jeevan Shagun Plan

The Jeevan Shagun Plan from Life Insurance Corporation of India (LIC) is a non-linked, participating, savings cum protection insurance policy. At the time of purchasing the policy, the policyholder will have to opt for a maturity sum assured and the single premium payable will be decided on the basis of this. The premium payable for this policy will vary based on several factors, such as the policy tenure, sum assured, policy buyer’s age at entry, etc. Policyholders can also avail tax benefits, post purchasing this policy.

Eligibility - Who is the LIC Jeevan Shagun Plan for?

Before the Jeevan Shagun Plan was withdrawn, this policy could be purchased by/for any individual between 8 years and 45 years.

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

Sum Assured

The sum assured is the minimum amount of money that the insurer is bound to pay to you. In addition to this amount, you may be eligible to avail other benefits and payouts.

Basic Sum Assured	10 x Single Premium
Minimum Maturity Sum Assured	Rs.60,000
Maximum Maturity Sum Assured	No limit

Premiums*

The premium is a certain amount of money that you pay to the insurer when you buy a policy.

Policy Tenure	12 years
Premium Payment Mode	Single Premium

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

Plan Coverage - What the LIC Jeevan Shagun Plan covers?

Death Benefit	If the death occurs during the first five years of the policy tenure, the basic sum assured, which will amount to 10 times the premium amount, will be paid. If the death occurs after 5 years, the basic sum assured (10 times the premium amount) and loyalty additions will be paid.
Survival Benefit	A survival benefit of 15% and 20% will be paid at the end of the 10th and 11th policy years.
Maturity Benefit	At maturity, the insurer will pay 65% of the maturity sum assured and loyalty additions to the policyholder.

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

If the policyholder commits suicide within a year of purchasing this policy, the nominee will not receive any death benefit. 90% of the premium paid will, however, be returned to the nominee.

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

Surrender Value	Policies can be surrendered any time. The insurer will pay the Special Surrender Value or the Guaranteed Surrender Value, based on whichever is higher.
Rebate	If the policy buyer opts for a maturity sum assured over Rs.1,50,000, he/she will be eligible to receive a rebate.
Free-Look Period	The policy comes with a 15-day free-look period. Policyholders can return the policy during the free-look period.
Loan	After one policy year, policyholders have the option of availing a loan against this policy.
Loyalty Additions	Loyalty additions will be paid along with the benefit, provided the policy has been active for at least 5 years.

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

Policyholders can avail tax deductions as per the prevailing tax laws, under Section 80C and Section 10(10D) of the Income Tax Act.

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

• Online Loan: LIC customers can apply for a loan online through LIC’s website. Interest payments can also be done through the website.
• Phone Helpline: The insurer has phone helpline numbers for each customer zone. Thus, you can reach the insurer with ease, in case you require any assistance.
• Range of Policies/Schemes: On LIC’s website, you will find a wide range of policies on offer, including both group and individual plans.

Why you should buy the Jeevan Shagun Plan from LIC?

The Jeevan Shagun Plan provides a range of benefits to policyholders, thus allowing them to secure their lives and the lives of their dependents. The insurer, Life Insurance Corporation of India (LIC) has been in the life insurance business for over 6 decades. The insurer has a superior claims settlement and grievances resolved ratio, thus making them a popular choice among policy buyers. LIC has also won several awards and honors in the life insurance sector.

Note: This policy has been withdrawn by LIC.