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  • LIC Jeevan Sugam 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

    LIC’s Jeevan Sugam Plan is a single premium insurance plan that is non-linked in nature. The risk cover for this plan will be a particular multiple of the premium that is paid by you to the company. It is valid for sale for a period of 45 days after the plan is introduced.

    Eligibility – Who is the LIC Jeevan Sugam Plan for?

    Every insurance company has certain eligibility criteria that need to be followed mandatorily. In order to secure the LIC Jeevan Sugam Plan, you will need to meet the criteria given by the company to enjoy the plan’s exclusive benefits.

    Minimum entry age 8 years (as on last birthday)
    Maximum entry age 45 years (as on last birthday)
    Maturity age Information not provided

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

    With the LIC Jeevan Sugam Plan, you will receive an excellent basic sum assured. The premiums for this plan are fixed after proper research according to the benefits offered by this plan. You can pay your premiums for this plan very easily as they are very affordable.

    Minimum basic sum assured 10 times the single premium that has been paid (this does not include additional premium)
    Maximum basic sum assured Information not provided
    Policy period 10 years
    Minimum maturity sum assured Rs.60,000
    Maximum maturity sum assured There is no limit for this. The maturity sum assured will be offered in multiples of Rs.5,000.
    Premium payment mode Single premium payment mode

    Incentives for high maturity sum assured

    When you go for higher maturity sum assured, there will be a rise in the maturity sum assured. Therefore, when your policy matures, your maturity sum assured amount will be this new increased maturity sum assured and a loyalty addition (if any).

    Maturity sum assured Rise in maturity sum assured
    Lesser than Rs.1,50,000 -
    Rs.1,50,000 to Rs.3,99,999 3.50%
    Rs.4,00,000 and above 4.50%

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

    Plan coverage – What the LIC Jeevan Sugam Plan covers

    The LIC Jeevan Sugam Plan provides marvellous benefits to policyholders and their family members. You will be required to pay your premium only once and you will get to enjoy top-class benefits. This plan offers both death benefit and maturity benefit.

    Type of benefit Features of the benefit
    Death benefit When the policyholder dies, a death benefit will be offered to the nominee chosen by the policyholder. If the policyholder dies in the first 5 policy years, then basic sum assured will be paid. It is 10 times the single premium that has been paid till the date of death. This does not include any additional premium. If the policyholder dies after a period of 5 years, then the basic sum assured will be paid. This will include 10 times the single premium that has been paid till when the policyholder dies and also a loyalty addition.
    Maturity benefit When the policy matures, then a maturity benefit will be paid. This will include maturity sum assured with a loyalty addition (if any)
    Loyalty addition You will receive a loyalty addition with this plan if the policyholder dies after a period of 5 policy years or if the policy is surrendered or when the policy matures.

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

    Certain life insurance plans offer riders that are optional in nature. You will receive extra benefits with this plan. The LIC Jeevan Sugam Plan does not offer any rider or add-on plan currently.

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

    The LIC Jeevan Sugam Plan is provided with a suicide exclusion. When the policyholder commits suicide and dies within 1 year after the policy period commences, then the nominee will get the third party’s bonafide beneficial interest that is obtained in the policy for consideration OR 90% of the single premium that has been paid till the date of the death.

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

    With the LIC Jeevan Sugam Plan, you will receive a bouquet of significant features that will be beneficial to you and your family.

    Cooling-off period You will get a cooling-off period with this plan during which you can review your policy conditions and then you can return your plan by giving valid reasons to the company.
    Surrender value You can surrender the LIC Jeevan Sugam Plan at any point of time. You will receive a minimum guaranteed surrender value. For the first year, it will be 70% of the premium and this does not include any additional premium. After the first year, you will receive 90% of the single premium and this does not include any additional premium.
    Policy loan With the LIC Jeevan Sugam Plan, you can apply for a policy loan anytime during your policy period. The loan amount will be 60% of the surrender value as on the date when the loan is offered.
    Special surrender value This is a discounted value of the maturity sum assured as on when the policy is surrendered. If you surrender your plan during the last policy year, you will receive a loyalty addition.

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

    With the LIC Jeevan Sugam Plan, you can receive tax benefits as per the Income Tax Act, 1961, Section 80C and Section 10(10D). Whenever you pay your premiums for this plan, you will receive tax deductions.

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

    • You can use the online premium calculator which is available on the official website of the company.
    • You can make your premium payments with this plan.
    • You can manage and monitor the NAV of your plan on the official website of the company.
    • You can make an enquiry through SMS for this plan.
    • You can file your claim online by filling the claim form available on the company’s website.

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

    Life Insurance Corporation of India is a well-respected insurance provider among all age groups of people in India. The company has earned customers’ trust by offering first-class insurance services for several years. You can rely on LIC to give you excellent claim settlements in a timely manner. With the Jeevan Sugam Plan from Life Insurance Corporation of India, you will be able to procure superior protection and also develop high amounts of wealth in order to have a secure and bright future.