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Important features of LIC Jeevan Kiran life cover

January 8, 2024
in Business
Important features of LIC Jeevan Kiran life cover
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In order to provide financial support to the family in the event of the life-assured’s untimely death during the policy term and to return all premiums paid, Life Insurance Corporation of India (LIC) had earlier introduced Jeevan Kiran, a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan.

Who should buy a term insurance

Term insurance plans are most suited for working people who have dependents (children, parents) and want to protect themselves against life’s uncertainties (death) at a reasonable cost.

Term insurance plans achieve the essential purpose of every life insurance policy by providing financial security to the applicant and his family.

Also read: LIC Jeevan Utsav: New life insurance plan launched with lifetime guaranteed returns

Death benefits under LIC’s Jeevan Kiran

Death benefits can be paid as per given below as per choice of policyholder,

1.Lumpsum- Amount will be paid in lumpsum to nominee.
2.In Installments-This is an option to receive Death Benefit in installments over the chosen period of 5 years instead of lump sum amount under an inforce policy. The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for.

This option can be exercised by the Life Assured during his/her life time; for full or part of Death benefits payable under the policy.

Also read: 5 new products launched by Life Insurance Corporation in 2023

What are the options available under the base plan?

Settlement option for maturity benefit
Under an active and paid-up policy, the Settlement Option allows you to receive the Maturity Benefit in payments over a five-year period rather than in one lump sum.
The payments must be paid in advance at quarterly, monthly, half-yearly, or annual intervals, depending on the option selected. The minimum installment amount is as follows:

Mode of Installment paymentMinimum installment amountMonthlyRs 5,000/-QuarterlyRs 15,000/-Half-YearlyRs 25,000/-YearlyRs 50,000/-

Option to take death benefit in installments

This is an option to receive the Death Benefit under an active and fully paid-up insurance in payments over a period of five years as opposed to a lump sum amount.
The payments must be paid in advance at quarterly, monthly, half-yearly, or annual intervals, depending on the option selected. The minimum installment amount is as follows:

Mode of Installment paymentMinimum installment amountMonthlyRs 5,000/-QuarterlyRs 15,000/-Half-YearlyRs 25,000/-YearlyRs 50,000/-

Is there any option for death claim payment?

Death benefits will be paid as per given below as per choice of policyholder;

1.Lumpsum
Amount will be paid in lump sum to the nominee.

2.In Installments
This is an option to receive the death benefit in installments rather than a lump sum payment under an active policy for a selected term of five years. Depending on the chosen frequency, the payments must be paid in advance at annual, half-yearly, quarterly, or monthly intervals.

The life assured may use this option at any point in their lifetime to receive all or a portion of the death benefits that are available under the terms of the policy.

(Your legal guide on estate planning, inheritance, will and more.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : The Economic Times of India – https://economictimes.indiatimes.com/wealth/insure/life-insurance/lic-jeevan-kiran-life-insurance-cover-base-plan-options-death-benefits-premium-payment/articleshow/106630143.cms

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