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  • LIC Jeevan Shikhar 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

    The LIC Jeevan Shikhar Plan is a participating insurance plan that will provide you with dividends according to the performance of the company. It is a non-linked plan that offers outstanding protection and also help you make great savings for a financially secure future.

    For this plan, you will have to make your premium payment only once. Here, the risk cover is 10 times of tabular single premium.

    Eligibility – Who is the LIC Jeevan Shikhar Plan for?

    Every insurance company lays certain eligibility criteria that need to be followed by an individual who wants to apply for a particular insurance policy offered by the company.

    Minimum entry age 6 years (completed)
    Maximum entry age 45 years (as on nearer to his or her birthday)
    Minimum maturity age 21 years
    Maximum maturity age 60 years

    Sum Assured and Premium Range – What you get and what it costs

    Under this plan, if the policyholder’s entry age is below 8 years old, then the risk will begin from one day before the policy anniversary date or right after the age of 8 years. If the entry age of a life insured is 8 years or above, then the risk will begin right after the policy is issued.

    Minimum maturity sum assured Rs.100,000
    Maximum maturity sum assured No limit
    Sum assured on death 10 times the tabular single premium
    Policy period 15 years
    Premium payment mode Single premium payment only

    Under this plan, the maturity sum assured will be in multiples of Rs.20,000 only.

    Rebates on high maturity sum assured

    When you choose a high maturity sum assured (MSA), you can enjoy amazing rebates. The rebate will be determined by the maturity sum assured that you choose.

    Maturity sum assured (MSA) Decrease in tabular premium for each Rs.1,000 maturity sum assured
    Lesser than Rs.2 lakh -
    Rs.2 lakh to Rs.4.8 lakh Rs.15
    Rs.5 lakh and Rs.9.8 lakh Rs.20
    Rs.10 lakh and above Rs.25

    The premiums for this plan are affordable and fairly priced. Your premium will be determined by your entry age. Your tabular single premium will not include any additional amount.

    Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.

    Plan coverage – What the LIC Jeevan Shikhar Plan covers

    The LIC Jeevan Shikhar Plan extends excellent benefits to each policyholder. You can select the maturity sum assured according to your preferences. Your premium payable will be determined according to the maturity sum assured amount that you select and your entry age.

    Type of benefit Features of the benefit
    Death benefit If the policyholder dies during the first 5 policy years, then the single premium will be refunded without any interest. This is applicable if the date of risk has not begun. If the death occurs after the date of risk begins, then the sum assured on death will be 10 times the tabular single premium. If the policyholder dies after a period of 5 policy years, the sum assured on death will be 10 times the tabular single premium along with the loyalty addition. The death benefit will be paid to the nominee.
    Loyalty addition Under this plan, a loyalty addition will be paid on death or surrender of policy if the policy has functioned for a period of at least 5 policy years or until the insured survives till the policy matures.
    Maturity benefit When the policy matures, you will receive maturity sum assured with the loyalty addition.

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

    Insurance plans generally offer riders or add-on plans in order to offer additional coverage to the policyholder. This additional coverage will be provided if an additional premium is paid. The LIC Jeevan Shikhar Plan does not offer any rider as of now.

    Exclusions – What the LIC Jeevan Shikhar Plan doesn’t cover

    Under the LIC Jeevan Shikhar Plan, there are certain exclusions, just like most other insurance plans. If the life insured commits suicide in 12 months from when the policy risk starts, then the surrender value or 90% of the single premium, whichever is higher, will be paid to the nominee. This particular clause cannot be applied if the entry age of the life insured is lesser than 8 years.

    Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

    When you take the LIC Jeevan Shikhar Plan, you can enjoy a bouquet of many other key features which will be very helpful to you and your family members as well.

    Policy loan Under this plan, you can take a policy loan at any point once you complete a policy period of 3 months from when the policy is issued or once your free-look period expires, whichever occurs later. The loan amount will be determined by the surrender value.
    Free-look period You will get a free-look period with this plan during which you can check your policy terms and conditions. If you are not satisfied with the features of the plan, you can return them within this period.
    Surrender value You can surrender this policy anytime during your policy year. You will get a guaranteed surrender value which will be: First year: 70% of the single premium Thereafter: 90% of the single premium

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

    When you take the LIC Jeevan Shikhar Plan, you will be entitled to fabulous tax benefits according to the Income Tax Act, 1960 under Section 80C and Section 10(10D). You can check with your tax advisor and insurance advisor for reliable support regarding these tax deductions. You will need to note that these tax laws keep changing on a regular basis.

    Other benefits – How you can save with the LIC Jeevan Shikhar Plan

    With this plan, you can save quite a lot of money by making use of their advanced online features:

    • You can buy this plan online.
    • You can make use of the premium calculator to get a clear idea about the premiums that you will need to pay.
    • You can pay your premiums online by using the official website of LIC.
    • You can make use of the phone helpline option provided by LIC for convenience.
    • You can download forms from the official website of LIC to for your insurance policy online.
    • You can organise and monitor the NAV of your plan by checking out the ‘Plan NAV’ option on the company’s website.

    Why should you buy the Jeevan Shikhar Plan from Life Insurance Corporation?

    Life Insurance Corporation is one of the most popular life insurance companies that has been providing top-notch insurance solutions to people across different parts of the country. The company incorporates new and modern technologies and ideas in order to extend innovative and convenient services.

    With the Jeevan Shikhar Plan from LIC, you can be assured that you and your family members will have a strong financial foundation for meeting all your needs. You can save efficiently with this plan and attain your dreams one by one.