LIC Jeevan Shikhar Plan

LIC Jeevan Shikhar Plan 837

LIC Jeevan Shikhar Plan (lic table no 837) is a high risk cover Endowment Plan introduced by LIC of India. LIC Jeevan Shikhar plan is a traditional, with Profit, Saving cum Protection Single Premium Endowment Assurance plan.

LIC Jeevan Shikhar Plan 837
LIC Jeevan Shikhar Plan 837

The Insured can avail a Death Benefit of ‘Sum Assured equal to 10 times‘ the Tabular Single Premium, which is payable after the commencement of the risk.This plan is opened for Limited Period of 120 days only till 31st march 2016.

Key Features

  • High Risk Cover in case of death of policy holder
  • Option to select Maturity Sum Assured (MSA)
  • Guaranteed Return (MSA) + Loyalty addition (if any) on maturity
  • Any time surrender option & higher surrender value
  • Premium paid is eligible for rebate under 80-(C)
  • Maturity amount will be tax free under 10(10D)

Eligibility

Entry Age:·         Min.: 6 years (completed).

 

·         Max.: 45 years (nearer birthday).

Minimum Maturity Sum Assured:·         Rs. 100,000/-.
Maximum Maturity Sum Assured:·         No Limit.
Policy term:·         15 years.
Premium Payment Mode:·         Single Premium only.
Maturity Sum Assured: ·         Multiple of Rs. 20,000/-.
Documents required for a new policy:Application form/Proposal form along with a photo.

Address proof


Age proof.


Medical reports (if required).

LIC Jeevan Shikhar Plan Benefits

Maturity Benefits:

On survival of the Life Assured to the end of policy term,

Maturity benefit (Benefits payable on maturity) = Maturity Sum Assured + Loyalty Additions if any.

Death Benefits:

Two types of Death Benefits are covered in this New Jeevan Shikhar 837 Plan.

 On Death during the first 5 years of the policy

  • Before the date of Commencement of Risk: Single Premium without interest would be refunded to the nominee in the case of Life Assured expire before the date of commencement of the risk.
  • After the date of Commencement of Risk: A Death Benefit of Sum Assured equal to 10 times the Single Premium is payable in a case of Life Assured expire after the date of commencement of the risk.

   On Death after first 5 years of the Policy but before the Maturity Date

Sum Assured equal to 10 times the Single Premium along with Loyalty Additions( if any), is payable to the nominee in a case of the Life assured expires after first five years of the policy.

Loyalty Addition:

Policy holder will be eligible for Loyalty Addition. The Loyalty Addition, if any, will be payable on death or surrender. It is provided the policy has continue for at least five policy years or on policyholder surviving till the maturity.

Jeevan Shikhar Lic Plan Policy Rebates

The rebates for the basic Lic Jeevan Shikhar Plan are given below.

  • High Maturity Sum Assured Rebate.

High Basic Sum Assured Rebate

Maturity Sum assuredReduction in Tabular Premium as per Rs.1000 M.S.A 
Below Rs. 2,00,000/-NIL.
Rs. 2,00,000/- to Rs. 4,80,000/-Rs. 15.00/-
Rs. 5,00,000/- to Rs. 9,80,000/-Rs. 20.00/-
Rs. 10,00,000/- and aboveRs. 25.00/-

Jeevan Shikhar Plan with an Example

Suppose SUNIL is purchasing Jeevan Shikhar Plan with following details.
Maturity Sum Assured: Rs. 5,00,000
Policy Term: 15 Years
Policy Purchase Year: 2016
Age: 25 Years.
As per above details, Single Premium: will be Rs. 2, 04,659 (with Service tax)

and maturity will be =600000/-

Year-wise Death Claims

YearAgeRisk Cover NormalPremiumTax SavedNet PremiumAmount Received
2016251975000204659450001596590
20172619750000000
20182719750000000
20192819750000000
20202919750000000
20213020750000000
20223120750000000
20233220750000000
20243320750000000
20253420750000000
20263520750000000
20273620750000000
20283720750000000
20293820750000000
20303920750000000
2031400000600000

Additional Information of LIC Jeevan Shikhar Plan

Loan facility

Loan facility is available under this plan, after payment of premiums for at least 3 month subject to the policy conditions.

Surrender Value

LIC of India Jeevan Shikhar policy can be surrendered at any time during the policy term. The surrender options are given below.

  • Guaranteed surrender value.
  • Special surrender value.

Date of Vesting

It is applicable only if the age of the Assured is below 18 years on the date of commencement of the policy.

Free Look Period

If the Insured person is not satisfied with the terms and conditions in the policy, he will be provided with a free look period of 15 days. The Policyholder have to state the reasons and should submit the policy to the LIC of India with the given free look period.

Suicide clause

If the policy holder commits suicide before 1 years from the date of commencement of risk,nominee would be returned with 90% of premiums paid excluding any taxes and extra premium, if any.

Income Tax Benefit – Income Tax Benefits available on Paid Life Insurance Premium U/Sec 80C and Maturity Benefit will also be tax free under section 10(10)D

Services that I offer

  • New LIC Policy Quotes and Completion
  • Complete guidance
  • Doorstep Premium Collection Service
  • Personalized Policy Recommendations
  • Renewal / Revival of Lapsed Policies
  • Human Life Value Calculation
  • Life Time Services

FOR MORE INFORMATION PLEASE CONTACT -:

BASPA NAND PANCHOLI

CON.9891009400

 Email-basupancholi@gmail.com

Office Address:-25,KG,Marg,Jeevan Prakash Building.

LIC of India,Branch Unit-117.

3rd floor,C.P. New Delhi-110001.

SINGLE PREMIUM PLAN

LIC Single Premium Endowment

LIC New Bima Bachat

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