LIC Jeevan Shagun
LIC Jeevan Shagun Plan Details
LIC Jeevan Shagun Plan is a Single Premium Money Back Plan. It is a Participating Traditional Plan which gives you the dual benefit of protection and savings. This plan is open for sale ONLY for a period of maximum 90 days from the date of launch.
How it works – In this plan, premium is to be paid only at the onset of the plan in a Lumpsum as this is a Single Premium Plan. There is no requirement of further payment of premium while the policy continues for the entire 12 years tenure. The Premium is decided based on the Maturity Sum Assured of the policyholder as chosen at the inception.
On survival of the Life Insured:
- 15% of the Maturity Sum Assured is paid at the end of 10th policy year
- 20% of the Maturity Sum Assured is paid at the end of 11th policy year
- And on Policy Maturity, 65% of the Maturity Sum Assured + Loyalty Additions, if any would be paid and the policy would be terminated
However, if the Life Insured dies within the Policy Tenure, the Sum Assured + Loyalty Additions would be paid to the nominee after completion of the first 5 policy years else only the Sum Assured is payable.
Key Features
- It is a single premium participating money back plan
- On survival, 15% of the Maturity Sum Assured is paid at the end of 10th policy year
- On survival, 20% of the Maturity Sum Assured is paid at the end of 11th policy year
- On Policy Maturity, 65% of the Maturity Sum Assured + Loyalty Additions would be paid
- If the Life Insured dies within the Policy Tenure, the Sum Assured + Loyalty Additions would be paid to the nominee
- There is rebate in premium for High Maturity Sum Assured of more than Rs 1.5 Lacs
The below illustration is for a healthy male:
Benefits
In case of death of the Life Insured within the first 5 years of the Policy Tenure, the nominee gets:
- Basic Sum Assured
And the policy terminates
In case of death of the Life Insured after the first 5 years of the Policy Tenure, the nominee gets:
- Basic Sum Assured
- Loyalty Additions (if any) if death occurs after 5 completed policy years
And the policy terminates
On survival of the Life Insured:
- 15% of the Maturity Sum Assured is paid at the end of 10th policy year
- 20% of the Maturity Sum Assured is paid at the end of 11th policy year
On survival till the end of the policy tenure, the policyholder gets the remaining 65% of the Maturity Sum Assured +the Loyalty Additions, if any.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
LIC’s Accident Benefit Rider is available under the plan
Eligibility
| Minimum | Maximum | |
| Basic Sum Assured (in Rs.) | 10 times the Single Premium | |
| Maturity Sum Assured (in Rs.) | 60,000 | No Limit |
| Policy Term (in years) | 12 | |
| Premium Payment Term (in years) | Single | |
| Entry Age of Life Insured (in years) | 8 | 45 |
| Age at Maturity(in years) | 20 | 57 |
| Premium(in Rs.) | Depends on age, term and Sum Assured chosen | |
| Payment modes | Single | |
FAQs
What happens if You stop paying the premium?Being a Single Premium Plan, there is no requirement of further payment of premium
What happens if Being a Single Premium Plan, there is no requirement of further payment of premium?The Guaranteed Surrender Value is:
- First year: 70% of the Single Premium paid excluding extra premiums and taxes, if any
- Thereafter: 90% of the Single Premium paid excluding taxes, any extra premium paid and survival benefits, if paid earlier
What happens if You want a loan against your policy?Loan facility is available under the plan as per terms and conditions mentioned by the company but after completion of 1 policy year.
