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LIC launches Jeevan Sugam; single premium plan
It is a close ended plan which is available for the next 45 days. The plan provides for high level of death cover during the policy term and a Maturity Sum Assured along with Loyalty Addition, if any, on maturity.
Click to know more about LIC's latest pension plan - New Jeevan Nidhi
Highlights of the plan
* Risk cover: 10 times the Single Premium Paid
* Maturity Benefits : Maturity Sum Assured + Loyalty addition if any
* Loyalty addition: as per LIC's exprerience
* Income Tax benefit u/s 80C as per existing provision of I.T. Act
* Tax Free Maturity after 10 years
* Age Eligibility: 8 to 45yrs
* Policy Term : 10 years
* Loan available
Benefits of the plan
Death Benefit
On death during first five policy years:
Basic Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged shall be payable.
On death after completion of five policy years:
Basic Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged 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 with regard to policies issued under this plan, this policy will be eligible for Loyalty Addition.
The Loyalty Addition, if any, is payable on death after completion of five policy years, on surrender during the last policy year and on maturity, at such rate and on such terms as may be declared by the Corporation.
Loan
Loan can be availed under this plan any time during the policy term. Loan shall be equal to 60% of the surrender value as on the date of sanction of loan.
Surrender Value
The policy can be surrendered for cash at any time during the policy term. The minimum Guaranteed Surrender Value allowable shall be as under:
First year: 70% of the Single premium (net of service tax) excluding all extra premiums, if any.
Thereafter: 90% of the Single premium (net of service tax) excluding all extra premiums, if any.
Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the Guaranteed Surrender Value.
Service tax
Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time. The amount of service tax as per the prevailing rates shall be payable by the policyholder on the premium.
Unique Indentification of the LIC's JEEVAN SUGAM is UIN: 512N273V01
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