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.
Before the Jeevan Shagun Plan was withdrawn, this policy could be purchased by/for any individual between 8 years and 45 years.
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|
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.
|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.|
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.
|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.|
Policyholders can avail tax deductions as per the prevailing tax laws, under Section 80C and Section 10(10D) of the Income Tax Act.
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.