Life Insurance Corporation (LIC) on Thursday introduced a new plan 'Jeevan Kiran', a non-linked and non-participating policy. The plan includes two types of optional riders- accidental death and disability benefit rider and accident benefit rider. Policyholders can opt for such riders by paying an additional premium, LIC said in a press note.

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Besides, a settlement option is available to receive the maturity/death benefit over 5 years, it said.

Benefits of the plan

On maturity

On life assured surviving date of maturity provided policy is in force, this term assurance plan allows refund of total premiums paid/single premium paid excluding any extra premium, any rider premium and taxes paid.

On death

In case of death during the policy term, provided the policy is in force ‘Sum Assured on Death’ shall be payable which will be:-

(a) For regular premium payment policies:- Highest of 7 times of annualised premium or 105 percent of “total premium paid” up to the date of death or basic sum assured.

(b) For single premium policies:- Higher of 125 percent of single premium or basic sum assured.

Key features

This plan offers life cover with return of premium.

Plan is available for young people starting age of 18 and till the age of 65.

Plan has a minimum sum assured of Rs 15 lakh for moderate life cover.

The policy term varies from 10 years to 40 years.

The premium rates are different for non-smokers and smokers.

Premium payment can be made by way of single premium or by way of regular premium which is payable for the policy term.

For sum assured more than Rs 50 lakh, rebates are available on tabular premium.

The minimum instalment premium will be Rs 3,000 for regular premium policies and Rs 30,000 for single premium policies.

How to purchase

The plan is available for sale online at LIC's official website. It can be purchased offline through agents, corporate agents, brokers and Insurance Marketing Firms (IMF).

(Edited by : Anshul)