LIC New Plan – Jeevan Shagun

LIC launched new plan called Jeevan Shagun on September 1^st 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.