LIC Jeevan Kiran: Check details of death claim option, premium amount, qualifying criteria and more

Jeevan Kiran insurance plan from LIC is a non-linked, non-participating, individual, savings, and life insurance plan. In the tragic event that the life-assured passes away during the policy term, this plan offers financial help to the family and, in the event that the life-assured survives until maturity, pays back all premiums paid (less any additional premiums, rider premiums, taxes, etc.).

Minimum entry age: 18 years (Last Birthday).

Maximum entry age: 65 years (Last Birthday)

Minimum Age at Maturity: 28 years (last birthday).

Maximum Age at Maturity: 80 years (last birthday)

Policy Term : 10 years to 40 years (maximum)

Premium Payment Term :
Under Regular Premium : Same as Policy Term
Under Single Premium : Not applicable

Minimum Basic Sum Assured : Rs. 15,00,000/-

Maximum Basic Sum Assured : No limit

Cannot propose for anyone other than self.

The customer should have earned income. Pension income/ Rent income/Interest income is not considered as earned income.

? Minimum Policy Term: 10 years

? Maximum Policy Term: 40 years

All kinds of death including accidental deaths are covered under this plan except suicide during first year.

Death benefits can be paid as per given below as per choice of policyholder:

1.Lumpsum- Amount will be paid in lumpsum to nominee.
2.In Installments-This is an option to receive death benefit in installments over the chosen period of 5 years instead of lump sum amount under an inforce policy. The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for.
This option can be exercised by the Life Assured during his/her life time; for full or part of Death benefits payable under the policy.

Once the policy is issued, premiums will remain the same for the entire tenure of the policy if premiums are paid regularly within due date. The Premiums can be paid Yearly, Half-Yearly or Single Premium.

Minimum premium is Rs. 3,000/- for regular premium policies and Rs. 30,000/- for single premium policies.

According to the LIC Jeevan Kiran Plan, “If you do not pay your installment premium within the due-date/grace-period, then the policy will get lapsed and policy benefits may cease/forfeit depending on policy conditions. If your life insurance cover lapses due to some unavoidable circumstances, you have an option of reviving the lapsed policy within a specific time frame. However, the revival-process may be more expensive and involve another medical check-up and/or a penalty amount etc.”