LIC introduces the “Jeevan Kiran” insurance plan
LIC introduces the “Jeevan Kiran” insurance programme. The insurance term ranges from 10 to 40 years, and premium payments can be made in the form of a single premium or a recurring premium that is due for the duration of the policy term.
MUMBAI: The Life Insurance Corporation of India (LIC) has introduced a new term plan called “Jeevan Kiran” that will reimburse subscribers for their premium payments when the plan matures.
According to a statement from LIC, the non-linked and non-participating plan is accessible to people between the ages of 18 and 65 and gives life insurance with a return of premium. For moderate life cover, it has a minimum sum assured of Rs 15 lakh.
The period of the insurance policy ranges from 10 to 40 years. A single premium or a regular premium that is due for the duration of the policy term may be used to pay the premium. Rebates on the tabular premium are available for sums assured of more over Rs 50 lakh.
This term assurance plan permits a refund of the total premiums paid/single premium paid excluding any extra premium, any rider premium, and taxes paid on the life assured surviving day of maturity providing the policy is in place.
According to smoking behaviours, premium rates vary, providing non-smokers with competitive pricing. Customers have the option of making a single premium payment or ongoing premium payments.
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