LIC of India is going to launch a new endowment plan Jeevan Shikhar (Plan No. 837) from 11/01/2016. Jeevan Shikhar is a non linked, with profit, saving cum protection, single premium, Close ended Plan. In Jeevan Shikhar risk is 10 times of the tabular premium. Unique identification number (UIN) of Jeevan Shikhar plan is 512N305V01.
Death Benefit in Jeevan Shikhar (Plan No. 837)
On Death during the first 5 Policy years
Before the date of commencement of the Risk: Refund of single premium without interest. Single premium mentioned here will not include any extra amount if charged under the policy due to underwriting decision and taxes.
After date of commencement of Risk: “Sum Assured on Death” equal to 10 times of tabular single premium will be payable.
Also Read: LIC’s New Plan Jeevan Labh (Plan No. 836)
On Death after completion of 5 policy years but before the date of Maturity
“Sum Assured on Death” equal to 10 times of tabular single premium along with Loyalty addition, if any, will be payable.
Tabular single premium calculated for chosen Maturity Sum Assured (MSA), Mentioned above does not include any extra amount chargeable under the policy due to underwriting decision or taxes and is before applying any rebate
Maturity Benefit in Jeevan Shikhar (Plan No. 837)
On life assured surviving till the end of the policy term, the Maturity Sum Assured (MSA) along with Loyalty addition (LA), if any, will be payable.
The policy under this plan will be eligible for share in surplus (profits) in the form of Loyalty Addition, depending upon the experience of the LIC. The Loyalty Addition, if any, will be payable on death or surrender, provided the policy run for at least five policy year or on policy holder surviving to the maturity.
Other conditions and policy features of Jeevan Shikhar
- Policy can be surrendered at any time during the policy term: First year- 70% of Single Premium,Thereafter-90% of Single premium
- Loan facility is available under this plan, after 3 months of the issuance of the policy.
- Policy can be taken from back date upto same financial year
- Nomination and assignment in this policy is available.
- This plan is available for sale upto 31/03/2016.
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