The Jeevan Vaibhav Plan from Life Insurance Corporation of India (LIC) is a single premium, close ended, endowment life insurance policy. The key benefit of this policy is that it offers loyalty additions along with the death/maturity benefit payouts. Policyholders are also given the option to avail a loan against this policy, in the event of emergency liquidity needs. Under the Jeevan Vaibhav Plan, the minimum single premium amount payable is Rs.95,210. Customers can avail tax benefits as per the governing laws of the Income Tax Act, 1961.
Prospective policy buyers can only purchase this plan from LIC if they meet the eligibility criteria set by the insurer.
|Parameters||Criteria for eligibility|
|Minimum age at entry||8 years|
|Maximum age at entry||65 years|
|Maximum age at maturity||70 years|
The sum assured is a sum of money that is guaranteed to the policyholder at the time of purchasing the policy. In addition to this sum, the insurer may be liable to pay the policyholder guaranteed additions, bonuses, etc. based on the policy terms and conditions.
|Minimum Sum Assured||Rs.2 lakh|
|Maximum Sum Assured||No Limit|
The premium is a nominal amount of money that policy buyers pay to the insurer in order to avail the protection and benefits offered by the policy.
|Policy Tenure||10 years|
|Premium Payment Mode||Single Premium|
|Minimum Single Premium Amount||Rs.95,210|
*Premiums will vary based on age, location, plan term, GST and other factors.
|Maturity Benefit||Upon completion of the policy tenure, the policyholder will receive the sum assured and the loyalty additions as the maturity benefit.|
The Jeevan Vaibhav Plan from LIC comes with a suicide exclusion. Thus, if the policyholder passes away within a year of purchasing this policy, the insurer will return either 90% of the premium amount paid or the third-party’s bonafide interest that has been acquired by this plan. No further death benefit will be payable under such a circumstance.
|Free-Look Period||Individuals who purchase this policy are provided a free-look period of 15 days. During the free-look period, policy buyers can return the policy if they find it unsatisfactory.|
|Surrender Value||Post completion of one year of the policy tenure, the policyholder can surrender this policy to the insurer. The insurer will pay either 90% of the single premium amount as the Guaranteed Surrender Value or the Special Surrender Value, based on whichever is the higher of the two.|
|Loan||Policyholders can avail a loan against this policy after one policy year.|
|Rebate||Policy buyers who opt for a sum assured over Rs.4 lakh are eligible to receive a rebate on the sum assured amount.|
Policyholders and their nominees are eligible to claim tax deductions under Section 80C and Section 10(10D) of the Income Tax Act, 1961, up to the specified limits. Tax laws can change from time to time, without prior notice. Thus, make sure to consult with a tax advisor.
A few other benefits that you are entitled to receive/avail as a customer of LIC are:
The Jeevan Vaibhav Plan from LIC provides a comprehensive risk cover for a period of 10 years to the policy buyer. The policy buyer can avail this protection by simply paying a one-time premium. This policy also provides a maturity benefit and loyalty additions to the policyholder. LIC, a leading insurance provider in the country, has specially designed this plan to provide customers a protection cum savings instrument. The insurer has a high claim settlement ratio of 98.33% and a grievances resolved ratio of 100%, which prove the insurer’s reliability and trustworthiness. LIC has a pan-India presence with offices and branches across the country and a range of customer service channels, thus making it easy for customers to reach them.
Note: This plan has been withdrawn by LIC.