Life Insurance Corporation has been a household name over the years. With the development in insurance sector, it has come up with a new single premium insurance plan called as “Jeevan Vriddhi” Plan (Table no.808). In this particular plan, you just have to pay the premium just once which would give you the benefit of five times the premium paid. If in between, the policy holder dies, only the basic sum assured is paid to him. Or else, at the end of the maturity period, you get almost double the amount of your investment.
Benefits of LIC’s Jeevan Vriddhi Policy-
Death benefit- The death benefit of Jeevan vriddhi policy is assured benefit of 5 times the premium paid by the policy holder. If the single premium paid by you is Rs. 1,00,000, den the death benefit would be Rs. 5,00,000. In case of death of the policy holder, the nominee will get the basic sum assured.
Maturity benefit- The maturity benefit varies as per the joining age of the policy holder. The maturity sum is also known as the guaranteed sum assured. The amount if paid to the policy holder after the policy gets mature as per the number of years specified as per the plan.
If a person joins at an early age, it is seen that he gets the sum assured which is almost double the premium paid by the policy holder. As the joining age increases, the sum assured decreases.
Loyalty additions- the loyalty additions are not guaranteed payments. These additions are add-on benefits which are offered to the policy holder on maturity. In this benefit, the amount paid may vary.
Eligibility for Jeevan Vriddhi Plan
- Minimum Age at Entry: 8 years.
- Maximum Age at Entry: 50 years.
- Policy payment mode: Single premium.
- Policy term: 10 years.
- Minimum single premium paid: Rs. 30,000/-
- Minimum sum assured : 5 times of Rs. 30,000/-
- Maximum sum assured: No limit
Higher Premium Incentive: there is an increase in the guaranteed sum assured. A basic 1.25% increase in the guaranteed sum assured for a basic premium of Rs. 50000 to Rs. 99000; whereas a 3% increase for a premium of Rs. 100000 and above is assured.
The example shows the guaranteed sum assured for different joining age for a single premium of Rs. 1,00,000/-
Joining age Guaranteed sum assured
8 years - Rs. 198460
10 years - Rs. 197915
15 years - Rs. 196405
25 years - Rs. 195095
30 years - Rs. 194160
40 years - Rs. 185710
50 years - Rs. 158225
LIC Jeevan Vriddhi is the close ended policy. It will be available for a limited time. Apply for Jeevan Vriddhi now.