LIC launched new plan called Jeevan Shagun
on September 1st 2014, and it is a
close ended plan. Single premium money back
plan.
It is non-linked, with profit, single
premium and money back policy. In this plan you have option to choose a
maturity sum assured. Based on this MSA and age of proposer single premium will
be payable.
Who are eligible?
Minimum Age at entry 8 Yrs.
Maximum Age at entry 45 Yrs.
Mode of Premium Payment only Single.
Minimum Maturity Sum Assured (MSA) is
Rs.60,000.
No maximum MSA limit.
Policy Term is 12 Years only.
Mode of Payment is Single.
What are death benefits of this plan?
If death occurs during first 5 years of
policy period then you will receive Basic Sum Assured (which will be around 10
times of your single premium you paid).
If death occurs after 5th year but before
12th year then you will receive Basic Sum Assured (which will be around 10
times of your single premium paid) along with Loyalty Addition.
Please note that the premium to arrive at
Basic Sum Assured will not include the taxes you paid, any extra premium and is
before applying rebate.
What are survival benefits of this plan?
At the end of 10th policy period you will
receive 15% of Maturity Sum Assured you opted.
At the end of 11th policy period you will
receive 20% of Maturity Sum Assured you opted.
What will be maturity benefit?
On maturity you will receive remaining 65%
of Maturity Sum Assured along with Loyalty Addition.
What is Surrender Value of this
policy?
If you planned to surrender in first year
then 70% of your single premium will be payable (excluding extra premium and
taxes).
After that 90% of single premium (excluding
survival benefits any paid, extra premium and taxes).
Along with this you can avail special
surrender value which will be discounted factor of Maturity Sum Assured less of
any survival benefits paid.
Whether you can avail loan?
Yes you are eligible for loan under this
plan but the values are as below.
If within 2nd to 3rd year then you will get
50% of Surrender Value.
If within 4th to 6th year then you will get
60% of Surrender Value.
If within 7th to 9th year then you will get
70% of Surrender Value.
If within 10th to 12 year then you will get
90% of Surrender Value.
