LIC Life Endowment Plans Info : LIC's Jeevan Sangam - InsuranceRise

Monday, 11 January 2016

LIC Life Endowment Plans Info : LIC's Jeevan Sangam



LIC’s Jeevan Sangam is a participating, non-linked, savings cum protection single premium plan wherein the risk cover is a multiple of single premium. The proposer will have an option to choose the Maturity Sum Assured. The single premium payable (exclusive of service tax) shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.

LIC Life Endowment Plans Info : LIC's Jeevan Sangam

The plan will be open for sale for a maximum period of 90 days from the date of launch.                                                                      

BENEFITS:

Death Benefit:

  On death during first five policy years:
Before the date of commencement of risk: Refund of single premium excluding service tax and extra premium, if any, without interest.

 After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity:
  Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.

 Maturity Benefit:

On maturity, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

Loyalty Addition:

Depending upon the Corporation’s experience, the policy shall participate in the profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be  payable on death or surrender, provided the policy has run for atleast  five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by the Corporation.

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:

    1. Minimum Entry Age                                         : 6 years (completed)
    2. Maximum Entry Age                                         : 50 years (nearest birthday)
    3. Minimum/Maximum Basic Sum Assured       : 10 times of tabular single premium                                                                                  
    4. Minimum Maturity Sum Assured                    : Rs. 75,000/-
    5. Maximum Maturity Sum Assured                   : No Limit
    (Except for minimum Maturity Sum Assured of Rs.75000/-, higher Maturity Sum Assured than    this amount shall be in multiple of Rs. 10000/- only.)
    1. Policy Term                                                        :   12 years
    2. Premium payment mode                                   : Single premium only
    Date of commencement of risk: In case the age at entry of the Life assured is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the age of 8 years.
    For those aged 8 years or more, risk will commence immediately.

    more info please visit licindia


    Policy Document
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