JEEVAN KIRAN

LIC's JEEVAN KIRAN

LIC's Jeevan kiran is a Non- linked, Non - Participating,Individual, Savings, Life Insurance plan which offers a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term and returns the total premiums paid* in case of survival till maturity.

This is a non-participating product under which benefits payable on death or maturity are guaranteed and fixed irrespective of actual experience. Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus. 

Key Features:

• Benefits

• Life insurance coverage in case of unfortunate death.

• Return of total premiums paid (excluding any extra premium, any rider premium and taxes) in case of survival till maturity.

• Choose from Single Premium and Regular Premium Payment.

• Choose the period for which protection is required.

• Opt for payment of benefit in installments.

• Benefit of attractive High Sum Assured Rebate.

Two categories of premium rates namely 

(1) Non-Smoker rates and (2) Smoker rates. The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable. 

• Option to enhance coverage by opting for Accident Benefit Rider / Accidental Death Disability Benefit Rider on payment of additional premium for the rider benefit.

1. ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS:

i. Minimum Age at Entry : 18 years (last birthday)

ii. Maximum Age at Entry : 65 years (last birthday)

iii. Minimum Age at Maturity: 28 years (last birthday)

iv. Maximum Age at Maturity: 80 years (last birthday)

v. Policy Term: 10 years to 40 years

vi. Premium Payment Term

•Under Regular Premium: Same as Policy Term

•Under Single Premium: Not applicable

vii. Minimum Basic Sum Assured: Rs. 15,00,000/-

viii. Maximum Basic Sum Assured: No limits, subject to underwriting decision

The maximum Basic Sum Assured allowed to each individual will be subject to underwriting decision as per the Board Approved Underwriting Policy.)

ix. Minimum Premium: The minimum installment premium will be Rs. 3,000 for Regular premium policies and Rs. 30,000 for Single premium policies.

2. BENEFITS:

Benefits payable under an in-force policy shall be as under:

A. Death Benefit: Death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity shall be “Sum Assured on Death”.Under Regular Premium Payment Policy, “Sum Assured on Death” is defined as the highest of:

• 7 times of Annualized Premium; or

• 105% of “Total Premiums Paid” upto the date of death; or 

• Basic Sum Assured.

Under Single Premium Payment Policy, “Sum Assured on Death” is defined as the higher of:

• 125% of Single Premium; or

• Basic Sum Assured.

Where, 

i. “Annualized Premium” shall be the premium amount payable in a year chosen by the policyholder, 

excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if 

any.

ii. “Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider 

premium and taxes.

B. Maturity Benefit:On Life Assured surviving the stipulated Date of Maturity, “Sum Assured on Maturity” shall be payable, where “Sum Assured on Maturity” is equal to “Total Premiums Paid” under Regular Premium Payment policy and “Single Premium Paid” under Single Premium Payment Policy. 

Where, 

i. “Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider 

premium and taxes. 

ii. “Single Premium Paid” means single premium received, excluding any extra premium, any rider premium & tax. 

OPTIONS AVAILABLE:

I. Optional Riders:Riders are available under this plan as detailed below on payment of additional premium:

•  Single Premium Payment: LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) shall 

be available under single premium payment and the policyholder can opt for this rider at the inception 

only. 

• Regular Premium Payment: The policyholder can opt between either of the LIC’s Accidental Death 

and Disability Benefit Rider (UIN: 512B209V02) OR LIC’s Accident Benefit Rider (UIN: 512B203V03) under 

regular premium payment.

Example:-

Mr. Rajesh 

SUM ASSURED - 1 CRORE

AGE - 25 

TERM - 21 YEARS

PREMIUM - 35400 Rs PER YEARLY 

- 18251 Rs PER HALF YEARLY

It provide 1 Crore risk cover the Mr. Rajesh if any mis happend in term of 21 years & if any thing not happen Rajesh get 1047900 Lac at the term complete 21 years. 

The above mentioned riders can be opted subject to the eligibility conditions as detailed below: 

a) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02):

Under a single premium policy, this rider can be opted at inception only and under an in-force regular premium 

policy, this rider can be opted at any time within the premium paying term of the Base plan provided the 

outstanding premium paying term of the Base plan as well as the Rider is atleast 5 years but before the policy 

anniversary on which the age nearer birthday of the Life Assured is 65 years. The benefit cover under this 

Rider shall be available during the outstanding Policy Term only or up to the policy anniversary on which age 

nearest birthday of the Life Assured is 70 years, whichever is earlier. If this rider is opted for, in case of 

accidental death, the Accident Benefit Sum Assured will be payable in lumpsum along with the death benefit 

under the base plan. In case of accidental disability arising due to accident (within 180 days from the date of 

accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments 

spread over 10 years and future premiums, if any, for Accident Benefit Sum Assured as well as premiums for 

the portion of Basic Sum Assured under the Base Policy which is equal to Accident Benefit Sum Assured 

under the policy, shall be waived in case of regular premium policy.

b) LIC’s Accident Benefit Rider (UIN:512B203V03): Under an in-force policy regular premium policy, this 

rider can be opted for at any time within the premium paying term of the Base plan provided the outstanding 

premium paying term of the Base plan as well as the Rider is atleast 5 years but before the policy anniversary 

on which the age nearer birthday of the Life Assured is 65 years. The benefit cover under this Rider shall be 

available only during the outstanding Policy Term only or up to the policy anniversary on which age nearest 

birthday of the Life Assured is 70 years, whichever is earlier. If this rider is opted for, in case of accidental 

death, the Accident Benefit Sum Assured will be payable in lumpsum alongwith the death benefit under the 

base plan.

The Rider Sum Assured in respect of LIC’s Accidental Death & Disability Benefit Rider/ LIC’s Accident Benefit 

Rider shall not exceed the Sum Assured on Death under the Base Product.The premium under LIC’s 

Accidental Death & Disability Benefit Rider/ LIC’s Accident Benefit Rider shall not exceed 100% of premium 

under the Base product. 

The rider premium, if any, shall be collected separately in addition to the premium payable under the Base product.

II. Settlement Option (for Maturity Benefit):

Settlement Option is an option to receive Maturity Benefit in insta;lments over a period of 5 years instead of 

lumpsum amount under an In-force as well as Paid-up policy. This option can be exercised by the Life Assured 

for full or part of Maturity proceeds payable under the policy. The amount opted for by the Life Assured (ie. 

Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted 

for subject to minimum installment amount for different modes of payments being as under:

Mode of Installment 

payment Minimum Installment amount

Monthly Rs. 5,000/-

Quarterly Rs. 15,000/-

Half-Yearly Rs. 25,000/-

Yearly Rs. 50,000/-

If the Net Claim Amount is less than the required amount to provide the minimum installment amount as per the option exercised by the Life Assured, the claim proceeds shall be paid in lumpsum only.

5. GRACE PERIOD (APPLICABLE FOR REGULAR PREMIUM PAYMENT):

A grace period of 30 days will be allowed for payment of yearly or half-yearly premiums from the date of First Unpaid Premium. During this period, the policy shall be considered inforce with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.The above grace period will also apply to Rider premiums which are payable along with premium for Base Policy.

6. POLICY LOAN:

No Loan will be available under this plan.