LIC Jeevan Kiran Plan 870: Eligibility, Features, Benefits, Maturity full details.
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LIC Jeevan Kiran Plan 870 – is a new term insurance plan by LIC OF INDIA. LIC Jeevan Kiran Plan 870 is a non-linked, non-participating, saving life insurance term insurance plan with return of all premium paid back to the policy holder at the end of the policy term.
Under this plan the policy holder receives back all the premium paid in case he/she survives the entire policy term, provide all the premiums of the plan are duly paid. LIC of India has launched this scheme on 27th, July 2023. This is a LIC offline term insurance plan. This plan can only be bought from LIC agent.
Key features LIC Jeevan Kiran Plan 870
Flexibility to choose from two benefit options: Single Premium and
|Age at Entry||18 years (Last Birthday)||65 years (Last Birthday)|
|Maturity Age||28 years (Last Birthday)||80 years (Last Birthday)|
|Policy Term||10 years||40 years|
|Basic Sum Assured||Rs. 15 Lakhs||No Limit|
|Premium Payment Options||Regular Premium : Same as policy term
Single Premium : Single Payment
|Minimum Premium||Regular Premium – Rs. 3,000/-
Single Premium – Rs. 30,000/-
|Premium payment mode||Single/half yearly/yearly only|
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Benefits payable under an in-force policy shall be as under:
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
provided the policy is in force and claim is admissible shall be “Sum Assured on Death”.
For 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” up to the date of death
For Single premium policy, “Sum Assured on Death” is defined as the higher of:
• 125% of Single Premium; or
• Basic Sum Assured on Death
On Maturity– survival of the life assured to the end of the policy term, maturity sum assured equal to Total Regular/ single premium OR 105% Total premium paid.
How Does LIC Term insurance Policy 870 with Return of Premium Work? With example
Let’s understand how LIC Jeevan kiran policy 870 with return of premium works:
Mr. Ram is a 35 years old man buy this plan to secure their family. Ram is healthy, and active without any history of medical problems or smoking habits. He buys LIC’s term insurance plan 870 with return of premium and chooses a sum assured amount of Rs. 50 Lakhs.
The yearly premium that is payable for the plan is Rs. 10000 for a tenure of 25 years. If Mr. Ram died within the policy term, the individual within the policy term, the beneficiary/nominee will receive the sum assured amount of Rs. 50 Lakhs.
But if Mr, Ram survives the policy tenure, he will be eligible for a maturity payout under the ‘LIC term insurance plan 870‘ with return of premium. He will get (Rs. 10000 X 25) i.e., 2,50,000 upon maturity of the plan.
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LIC Jeevan Kiran Plan 870 Premium Chart
Tax Benefits – This plan will have benefits under Section 80C and Section 10 (10D).
Surrender Value – surrender value and paid up value available after 2 years premium paid.
Policy revival– within 5 years of FUP.
Free look Period – if the policyholder is not convinced with the terms and conditions of the policy, she/he can cancel the policy within 15 days from the receipt of the policy document.
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