Hello friends, Are you looking for a term insurance plan where the premium amount is returned at the time of maturity? LIC has launched a similar plan. Whose name is LIC Jeevan Kiran. The special feature of this plan is that if there is no accident with the policy holder during the policy term, then whatever the premium amount, it is returned at the time of maturity. In today’s post, we will learn about the upcoming LIC Jeevan Kiran Plan 870 by LIC, in which we will define whatever basic information we have about this plan.
What is LIC Jeevan Kiran Plan 870?
LIC Jeevan Kiran Plan 870 is a Term Insurance plan offered by the Life Insurance Corporation of India (LIC). This plan is a non-linked, non-participating savings life insurance plan in which the policyholder gets guaranteed returns. This insurance offers life insurance as well as the benefits of savings. Whatever premium was paid under this plan, at the end of the policy term, if the policyholder survives, this premium amount is returned to him.
LIC Jeevan Kiran Launch Date
Talking about the launch date of LIC Jeevan Kiran Plan 870, this plan has been launched on 27 July 2023.
Let us know about whatever basic details of LIC Jeevan Kiran have been found.
Also Read: LIC Jeevan Kiran vs LIC Jeevan Amar Which One is Better
LIC Jeevan Kiran Plan 870 Basic Details List
| Plan Name | LIC Jeevan Kiran |
|---|---|
| Table Number | 870 |
| Launch Date | 27 July 2023 |
| Plan Type | Non-Linked, Non-Participating Saving Life Insurance Plan |
| Minimum Entry Age | 18 Years |
| Maximum Entry Age | 65 Years |
| Minimum Maturity Age | 28 Years |
| Maximum Maturity Age | 80 Years |
| Policy Term | 10 To 40 Years |
| Premium Paying Term | Single Premium & Regular Premium |
| Single Premium Mode | One Time |
| Regular Premium Mode | Same as policy term (Half-yearly and Yearly) |
| Minimum Premium Amount | Single Premium Rs. 30,000/- Regular Premium Rs. 3,000/- |
| Maximum Premium Amount | No limit |
| Minimum Sum Assured | Rs. 15,00,000/- |
| Maximum Sum Assured | No limits |
| Form Required | 300, 340 |
| Assignment & Nomination | Available |
| Maturity & Death Settlement Option | 5 Years |
| Maturity Benefits | Purchase Price – GST – Additional Rider Premium |
| Death Benefit on a Regular Premium Policy | Basic Sum Assured, 7 Times of Annualized Premium, 105% of the Total Premiums Paid till the date of death |
| Death Benefit on Single Premium Policy | 125% of Single Premium, Basic Sum Assured. |
| Additional Riders Available (On Extra Premium) | 1. Accidental Benefit Rider 2. Accidental Death & Disability Benefit Rider |
| Surrender & Loan Facility | Available After 2 Years |
| Revival Of Policy | Within 5 Years |
| Grace Period | 30 Days |
| Tax Benefits | Premium – Under Section 80C Death Claim – u/s 10(10D) |
Regular Premium: High SA Rebate as a %age of Tabular Annual Premium Rate
| Age Band (LBD) | <50 Lac | 50 Lac to <1 Cr | 1Cr to <2 Cr | 2 Cr to <5 Cr | > = 5 Cr |
|---|---|---|---|---|---|
| Up to 30 | 0 | 24% | 32% | 43% | 50% |
| 31 to 50 | 0 | 12% | 17% | 25% | 30% |
| >51 | 0 | 9% | 13% | 18% | 20% |
Single Premium: High SA Rebate as a %age of Tabular Annual Premium Rate
| Age Band (LBD) | <50 Lac | 50 Lac to <1 Cr | 1Cr to <2 Cr | 2 Cr to <5 Cr | > = 5 Cr |
|---|---|---|---|---|---|
| Up to 30 | 0 | 20% | 28% | 35% | 40% |
| 31 to 50 | 0 | 10% | 15% | 20% | 24% |
| >51 | 0 | 8% | 12% | 15% | 18% |
Key Features and Benefits of LIC Jeevan Kiran Plan 870
Life Coverage: This LIC Jeevan Kiran plan 870 offers guaranteed returns along with life cover for the policyholder.
Flexible Policy Term: The policyholder can opt for a single premium or a regular premium, depending on his or her financial goals and requirements.
Maturity or Death Benefit: There is a 5-year payment settlement option accessible upon maturity or death.
Women Benefit: discounted prices for women
Rebate Benefit: benefit of an attractive, high-sum assured rebate
Loan Facility: LIC Jeevan Kiran Plan 870 offers a loan facility, which is available to policyholders after 2 years of their policy term.
Also Read: How to Check Unclaimed Amount in LIC and How to Withdraw This Amount in 2023
Eligibility Criteria for LIC Jeevan Kiran Plan 870
Minimum Entry Age: The minimum entry age for taking this Plan has been kept at 18 years; That is, any person who is 18 years or older can take this Jeevan Kiran LIC Plan.
Maximum entry age: The maximum entry age for taking this Plan has been kept at 65 years; That is, any person of 65 years of age or less can take this Jeevan Kiran LIC Plan.
Minimum Age at Maturity: The minimum maturity age in this Plan has been kept at 28 years. This means that if you take a policy term of 10 years at the age of 18, then you can take advantage of maturity when you are 28 years of age.
Maximum Age at Maturity: The maximum maturity age in this Plan has been kept at 80 years. This means that you cannot take advantage of maturity beyond the age of 80.
Policy Term: Talking about the policy term, for how many years can you take this plan? This plan can be taken for a minimum of 10 years and for a maximum of 40 years.
Premium Paying Term: Talking about the premium paying term, it means for how many years you will have to pay the premium. Here, LIC has given you two options: one is for single premium and the other is for regular premium.
- Single premium: Talking about the single premium option, whatever your premium amount becomes at the time of taking the policy, All that amount will have to be paid in one go at the time of taking the policy.
- Regular premium: Talking about the regular premium option, you get two options in this: half-yearly and yearly, in which you can choose any of these to pay the amount of your premium.
What is the annual premium to be paid for the policy term for a sum assured of Rs 20 lakh in the non-smoker category under the regular premium option? See the table below.
| Age (Last Birthday) | 10 Policy Term | 20 Policy Term | 30 Policy Term | 40 Policy Term |
|---|---|---|---|---|
| 20 | 20,060 | 9,440 | 8,000 | 8,280 |
| 30 | 22,500 | 12,080 | 11,600 | 12,320 |
| 40 | 35,140 | 21,820 | 20,520 | 21,300 |
| 50 | 72,700 | 42,400 | 38,160 | – |
| 60 | 1,27,220 | 75,000 | – | – |
Minimum premium amount: Talking about the minimum premium amount, you will have to pay Rs 30,000 for single premium and Rs 3,000 for regular premium.
Maximum Premium Amount: Talking about the maximum premium amount, there is No Limit to it; you can apply as much as you want.
Minimum Sum Assured: Minimum Sum Assured means the minimum amount of insurance cover you can take out under this plan. This does not mean at all that you will have to pay this amount; it is the amount of insurance coverage. So minimum sum assured in this plan has been kept at Rs 15,00,000.
Maximum Sum Assured: Talk about the maximum sum insured. It has no limits; It depends on your income that what is the maximum sum assured you want to take.
Also Read:- LIC New Jeevan Shanti Plan 858 Details
Form Required: Form numbers 300 and 340 are required to take this policy.
Assignment and Nomination: If you want to assign this policy to someone’s name or want to do a nomination, then the option is available inside it.
Maturity and death settlement option: The maturity and death settlement option in this plan is only for 5 years; the regular options of 10 and 15 years are not available in it.
Benefits of LIC Jeevan Kiran Plan
Maturity Benefit: If we talk about maturity benefit in this plan, then you get this benefit if you survive after the end of the policy term, i.e., if you survive to maturity. So in this case, whatever amount you get after deducting GST from your purchase price, and if you have taken any additional rider, then after deducting the premium, the remaining amount is returned to the policyholder after maturity.
Death Benefit on a Regular Premium Policy: In such a situation, whoever is the nominee of this policy will get the sum assured on death. Here are 3 options to know how much this amount will be.
- Basic Sum Assured
- 7 times the annualized premium
- 105% of the total premiums paid till the date of death
Out of these three calculations, whatever amount comes out higher, your nominee gets it.
Death Benefit on a Single Premium Policy: If you have opted for a single premium policy, you will have to do two calculations.
- 125% of the single premium
- Basic Sum Assured
Whichever amount is greater out of these two, that amount will be given to your nominee.
Tax Benefits: LIC Jeevan Kiran Plan 870 offers tax benefits under the prevailing tax laws. The premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The maturity benefits and death benefits are also tax-exempt under Section 10(10D) of the Income Tax Act, subject to certain conditions.
Additional Riders Benefit: LIC Jeevan Kiran Plan 870 offers additional riders for enhanced coverage. These riders can be added to the base policy by paying an additional premium. Some popular riders include the Accidental Benefit Rider and the Accidental Death and Disability Benefit Rider.
Surrender Value and Loan Facility
LIC Jeevan Kiran Plan 870 receives surrender value after the completion of Two Policy Years. The policyholder can surrender the policy and receive the surrender value, which is a percentage of the total premiums paid, excluding the first year’s premium. Additionally, a loan can be obtained against the policy after obtaining the surrender value.
Policy Revival
If the policy lapses due to non-payment of premium, the policyholders have an opportunity to revive the policy within the 5-year revival period specified by LIC. The revival process involves the payment of outstanding premiums and meeting necessary requirements.
LIC Jeevan Kiran 870 Premium Calculator
The LIC Jeevan Kiran 870 Premium Calculator is a user-friendly online tool provided by LIC to help policyholders estimate their premium amount. The tool relies on various factors for premium calculation, such as the age of the policyholder, sum assured, policy term, premium-paying term, premium-paying frequency, etc.
LIC provides a premium calculator for every plan on its official website, but no premium calculator tool for LIC Jeevan Kiran 870 has yet been published, even after this plan has been published. But as soon as LIC publishes this tool, we will update this article. You can join our WhatsApp group to get updates related to LIC.
How to Apply for LIC Jeevan Kiran Plan 870
To apply for LIC Jeevan Kiran Plan 870, individuals can follow these steps:
- Visit the official website (www.licindia.in) of the LIC or contact the nearest LIC branch.
- Get the application forms (300, 340) for LIC Jeevan Kiran Plan 870.
- Fill out the required details correctly.
- Submit the application form along with the required documents.
- Pay the premium amount as per the payment mode chosen.
Conclusion
LIC Jeevan Kiran Plan 870 is a reliable and flexible life insurance plan that offers financial security and savings benefits. With its comprehensive coverage, customizable premium payment options, and additional rider benefits, it offers individuals an opportunity to protect their loved ones and secure their future. By considering the features, eligibility criteria, and benefits of the LIC 870 Plan mentioned in this article, you can make an informed decision about availing of the LIC Jeevan Kiran Plan 870.
Also Read: LIC Dhan Vriddhi Plan 869 Details
FAQs About Jeevan Kiran LIC Policy
Q1. Can I surrender my LIC Jeevan Kiran Plan 870 before the completion of the policy term?
Yes, you can surrender the policy after the completion of two policy years and receive the surrender value.
Q2. What happens if I stop paying the premiums?
If you stop paying the premiums after the grace period, the policy will lapse, and the benefits associated with it will cease.
Q3. Can I avail a loan against my LIC Jeevan Kiran Plan 870?
Yes, you can avail a loan against the policy after it acquires a surrender value.
Q4. Are the premiums paid towards LIC Jeevan Kiran Plan 870 tax-deductible?
Yes, the premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.
Q5. Can I add riders to my LIC Jeevan Kiran Plan 870?
Yes, LIC Jeevan Kiran Plan 870 offers additional riders that can be added to the base policy by paying an additional premium.
I am waiting for this Plan
I am also waiting for such a saving cum risk cover plan
Beautiful attractive Plan in life Insurance