Life Insurance Corporation (LIC) of India has launched one more new guaranteed single premium plan called Jeevan Nischay. This plan is very much in line with last year’s Jeevan Aastha. This new policy will be sold to ‘existing‘ customers of LIC and will be sold for a limited period until end of March 2010. Yes, you got it right – this plan will be sold to only those who have an existing insurance policy with LIC.
Just as in the case of Jeevan Aashta, Jeevan Nischay is a single premium bond, as the protection it offers is only involving the basic cover. It will be a good instrument for guaranteed returns if not the efficient insurance, given the turbulent market conditions in the current economy. The specimen Maturity Sum Assured per Rs. 1000/- single premium is given below for some ages and terms:
|Age at Entry||Jeevan Nischay Policy Term|
|5 years||7 years||10 years|
As you can infer from the above table, an investment of Rs 1 lakh would mature into Rs 1.7 lakh after 10 years for those below 40 years at the time of availing policy. Other salient features of this policy include:
- Minimum age at entry should be 18 years with 50 years being the upper limit.
- The policy terms are five, seven and 10 years (See the table above).
- The Minimum Single Premium is priced Rs.10,000 with Maximum Single Premium being Rs.10,00,000.
- If premium amount is Rs. 25,000 or higher, the policyholder would receive a higher maturity sum assured due to available incentive.
- Loan facility available under this policy.
- Policy can be surrendered after one year of commencement of the policy.
- If the policyholder is not satisfied with the terms and conditions of the policy, can opt for refund within 15 days from the policy purchase date.
- On death during the first policy year, five times the single premium is payable.
For more detailed information on the policy visit this illustration or refer to lic’s policy home. You may also be interested in knowing about the previous policies by LIC such as Jeevan Varsha and Jeevan Aastha.
Disclaimer : This information is based on the details as available on LIC site at the time of writing this article. Please contact LIC agent / Development officer/ Regional office for official and accurate details.