LIC Jeevan Vishwas Plan

The Jeevan Vishwas Plan from Life Insurance Corporation of India (LIC) is a endowment insurance policy that is especially catered towards handicapped dependents. The Jeevan Vishwas, being a “with-profits” plan, also provides Loyalty Additions and Guaranteed Additions. The premiums for this plan will vary as per one’s age at the time of purchasing the policy, sum assured, add-ons purchased, etc. Customers who purchase this plan are also eligible to claim tax deductions, annually.

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

Sum Assured

The sum assured is a monetary figure that a policy buyer opts for before the inception of the risk cover. Thus, in case of an eventuality, this is the minimum amount of money the insurer will pay you or your nominee.

Premiums*

When you purchase any insurance plan, you are expected to pay a certain amount of money, called the premium, to the insurer. The premium has to be paid according to premium payment mode that you selected at the time of purchasing the policy.

Policy Tenure	As per policy brochure
Premium Payment Mode	Single Premium Annual Bi-Annual Quarterly

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

Plan Coverage - What the LIC Jeevan Vishwas Plan covers?

Death Benefit	Upon the death of the life assured, the sum assured, Guaranteed Additions, and Loyalty Additions will be paid as the death benefit. 20% of this sum will be paid as a lump sum amount and the remaining will be paid as annuity to the handicapped dependent.
Maturity Benefit	At the end of the policy tenure, the life assured will receive the maturity benefit from the insurer. Maturity benefit will include the guaranteed sum assured, Loyalty Additions, and the Guaranteed Additions.

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

Supplementary benefits or add-ons can be purchased for an additional premium, in order to customise one’s policy.

Other Key Features

Surrender Value	The Jeevan Vishwas Plan can be surrendered after 3 years of purchasing it. The insurer will pay you the Guaranteed Surrender Value or the Special Surrender Value, based on whichever is the higher amount.
Guaranteed Additions	Guaranteed Additions, at the rate of Rs.60 per thousand of the sum assured amount, is paid for each policy year.
Loyalty Additions	Loyalty additions/the terminal bonus may be declared by LIC from the fifth policy year onwards.

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

Tax benefits, in accordance with the Income Tax Act, 1961, can be availed by the policyholder/nominee for total premiums paid and benefits received, respectively.

Other Features of LIC

• Customer Portal: If you are a registered customer, you can view policy details, the premium payment schedule, loan status, claim status, etc. on LIC’s Customer Portal.
• Online Premium Payment: Premiums can be paid online through debit card, credit card, or net banking.
• Customer Service: Customers can choose to contact LIC through the phone helpline number listed on the website, as per their customer zone. You can also email the insurer or send an SMS enquiry.

Why you should buy the Jeevan Vishwas Plan from Life Insurance Corporation of India (LIC)?

The Jeevan Vishwas Plan from LIC provides security to your dependent by way of their lump sum and annuity payments, thus ensuring that they have a regular source of income, even in your absence. LIC is one of the most preferred insurance companies in the country, due to their strong product portfolio, high claim settlement ratio, and pan-India presence. The insurer also has decades of product-management and customer relationship experience in this field, thus making them an attractive choice, to prospective policy buyers.

Note: This policy has been withdrawn by LIC.