LIC Launches Jeevan Kiran Insurance Plan: Check Minimum Premium, Eligibility, Other Benefits
The LIC Jeevan Kiran plan is now available for individuals aged 18 to 65. This plan has a minimum sum assured of Rs 15 lakh. LIC has recently introduced a new life insurance plan called ‘Jeevan Kiran’. It is important to note that this plan is non-linked and non-participating, meaning it is not affected by the stock market and does not offer any profit sharing. The plan provides life cover with the return of premium, which means that if the policyholder survives until the end of the policy term, they will receive all the premiums paid. Individuals aged 18 to 65 can opt for this plan, with a minimum sum assured of Rs 15 lakh. The policy term can range from 10 to 40 years, and premiums can be paid either in single or regular installments. The Unique Identification Number (UIN) for LIC’s Jeevan Kiran plan is 512N353V01. The plan was launched on July 27, 2023.
Key Features of Jeevan Kiran:
1. Life cover with the return of premium
2. High life cover at a reasonable cost
3. Available for individuals aged 18 to 65
4. Minimum sum assured of Rs 15 lakh
5. Policy term of 10 to 40 years
6. Different premium rates for non-smokers and smokers
7. Single or regular premium payment options
8. Rebates available for sum assured above Rs 50 lakh
9. Minimum installment premium of Rs 3000 for regular premium policies and Rs 30000 for single premium policies, as per Moneycontrol.
Eligibility Requirements for Jeevan Kiran:
– Minimum age requirement: 18 years old (as of last birthday)
– Maximum entry age: 65 years old (as of last birthday)
– Minimum age for maturity: 28 years old (as of last birthday)
– Maximum age at maturity: 80 years old (as of last birthday)
– Policy term: 10 to 40 years, maximum
Optional Riders Available with Jeevan Kiran:
There are two optional riders available with LIC’s Jeevan Kiran plan: the Accidental Death and Disability Benefit Rider and the Accident Benefit Rider. Both riders can be added to the plan at the beginning, except for the Accident Benefit Rider, which is not available for single premium policies. The Accidental Death and Disability Benefit Rider provides additional coverage in case of accidental death or disability, while the Accident Benefit Rider offers a lump sum payment in the event of accidental death, according to Mintgenie.
About Life Insurance Corporation of India:
Life Insurance Corporation of India, also known as LIC, is one of India’s leading financial institutions. It was established in September 1956 after the approval of the Life Insurance of India Act by India’s Parliament in June 1956. LIC played a crucial role in the nationalization of India’s private insurance sector, pooling together 154 life insurance firms, 16 foreign companies, and 75 provident companies to create LIC of India. The corporation’s assets are valued at over 2,529,390 crores, and its corporate office is located in Mumbai, Maharashtra, as per Vedantu.
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