LIC Jeevan Vriddhi Plan
LIC Jeevan Vriddhi Plan is a Single Premium Endowment Plan with Guaranteed Maturity Sum Assured. Thus, this plan is a Traditional Plan without Bonus Facility.
Key Features
- Rs 50,000 to Rs 99,000 - There would an increase of 1.25% of the Maturity Sum Assured
- Rs 1,00,000 and more - There would an increase of 3% of the Maturity Sum Assured
There are No Additional Riders available:
Benefits
In case of death of the Life Insured within the policy tenure, the nominee receives the basic Sum Assured as Death Benefit
At the maturity of the policy, the Life Insured will get Sum Assured + Loyalty Additions as declared by the company as Maturity Benefit.
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).
How it works
In this plan, premium needs to be paid up front. Single Premium is the only mode available. The Sum Assured is 5 times the Basic Single Premium paid. This plan has a fixed tenure of 10 years although there is Surrender Facility and Loan Facility after 1 policy year.
If the Life Insured dies within the Policy Tenure, the Sum Assured is paid as Death Benefit. However, if the Life Insured survives till the end of the policy tenure, Guaranteed Maturity Sum Assured + Loyalty Additions would be paid as Maturity Benefit. The Guaranteed Maturity Sum Assured would be calculated as per the age of entry of the Life Insured.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 1,50,000 | No Limit |
| Policy Term (in years) | 10 | |
| Premium Payment Term (in years) | Single | |
| Entry Age of Policyholder | 8 | 50 |
| Age at Maturity | - | 60 |
| Single Premium (in Rs.) | 30,000 | No Limit |
| Payment modes | Only Single | |
FAQs
You stop paying the premiumBeing a Single Premium Plan, there is no further requirement of premium payment
You want to surrender the policyThere is a Guaranteed Surrender Value after 1 policy year
Guaranteed Surrender Value = 90% of basic Single Premium paid
There is a provision of Special Surrender Value as well.
You want a loan against your policyLoan facility is available under this policy after 1 policy year
