LIC Jeevan Pramukh Policy
LIC Jeevan Pramukh Plan is a special category plan as it is a Life Insurance Policy especially for the Very High Net Worth Individuals. It is basically an Endowment Plan with Limited premium Paying Term which caters to the requirements of very high net worth individuals.
In this plan, premium needs to be paid for a 3, 4 or 5 years but the life cover continues for the entire policy term of a maximum of 25 years. The Sum Assured + accrued Reversionary Bonus + Guaranteed Additions + Terminal Bonus, if any, would be paid to the Life Insured on the policy maturity or to his nominee on earlier death of the Life Insured.
Hence this plan is a very simple Endowment Plan along with Bonus and Guaranteed Additions and Terminal Bonus, if any. This plan caters to the very high net worth individuals because the minimum Sum Assured is Rs 10,00,000.
Key Features
There are no Additional Riders available:
Benefits
In case of death of the Life Insured, the nominee receives Sum Assured + Guaranteed Additions + Accrued Reversionary Bonus + Terminal Bonus, if any.
At the maturity of the policy, the insured will get the remaining Sum Assured + accrued Reversionary Bonus + Guaranteed Additions + Terminal Bonus, if any.
Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 10,00,000 | No Limit |
| Policy Term (in years) | 5 | 25 |
| Premium Payment Term (in years) | 3,4 | 5 |
| Entry Age of Policyholder | 18 | 65 |
| Age at Maturity | - | 75 |
| Single Premium (in Rs.) | NA | NA |
| Payment modes | Single, Yearly, Half-Yearly, Quarterly, Monthly and SSS | |
FAQs
You stop paying the premiumIf you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
You want to surrender the policyThere is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
You want a loan against your policyLoan facility is available under this policy
