LIC Jeevan Kiran (Plan 870): The Life Insurance Corporation of India (LIC) has launched a new plan named Jeevan Kiran. This is a term insurance plan best suited for working individuals who have dependents (Children, parents) and are looking for a considerable sum of protection against uncertainties of life (death) at fairly low prices.

“LIC launches a brand new plan – LIC’s Jeevan Kiran. A non-linked, non-participating, individual, savings, life insurance plan,” LIC tweeted today (July 27).

As per information on the insurer’s website, LIC’s Jeevan Kiran is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan.

“This plan provides financial support to the family in case of unfortunate demise of the life-assured during the policy term and returns the total premiums paid (excluding any extra premium, any rider premium and taxes etc.). in case of survival till maturity,” the website says.

How to purchase LIC Jeevan Kiran

This plan can be purchased online directly through LIC website as well as Offline through LIC’s agents and other intermediaries.

LIC Jeevan Kiran Maturity Benefits

As per information on LIC’s website, when the policy is in force, the Sum Assured on Maturity payable will be equal to “Total Premiums received by LIC” (excluding any extra premium, any rider premium and taxes etc.) under Regular Premium or under Single Premium Payment Policy. The life insurance coverage will get terminated automatically after the maturity date.

LIC Jeevan Kiran: Benefits in case of death

In case of unfortunate death of the Life Assured during the policy term after the date of commencement of risk but before the stipulated Date of Maturity, the Sum Assured on Death (if policy is in force) will be as follows:

(1) For Regular Premium Payment policy, ‘Sum Assured on Death’ will be the highest of

• 7 times of Annualized Premium; or
• 105% of “Total Premium Paid” upto the date of death; or
• Basic Sum Assured.

(2) For Single Premium Payment policy, Sum Assured on Death will be the higher of:

• 125% of Single Premium; or
• Basic Sum Assured.

LIC Jeevan Kiran: Eligibility, Policy term

The minimum entry age is 18 years and the maximum entry age is 65 years. The minimum age and maturity is 28 years and the maximum age at maturity should be 80 years.

The policy term available is of 10 years to 40 years.

LIC Jeevan Kiran: Minimum Basic Sum Assured, Premium

The Minimum Basic Sum Assured is Rs 15 lakh. There is no maximum limit. Also, the minimum premium is Rs 3000 for regular premium policies and Rs 30,000 for single premium policies. The premiums can be paid either yearly or half-yearly basis.