LIC introduced a new Jeevan Kiran policy on July 27, 2023. It is a non-linked, non-participating, individual, savings, life insurance plan. The plan offers life cover with return of premium. The minimum sum assured is Rs. 15 lakh and the policy term ranges from 10 to 40 years. The premium can be paid in regular or single installments.
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| LIC introduced a new Jeevan Kiran policy |
The key features of the LIC Jeevan Kiran policy are
- Life cover with return of premium
- Minimum sum assured of Rs. 15 lakh
- Policy term of 10 to 40 years
- Premium can be paid in regular or single installments
- Differential premium rates for smokers and non-smokers
- Rebates available for sum assured more than Rs. 50 lakh
If the life assured survives till the maturity date, the total premiums paid will be refunded. In case of death during the policy term, the sum assured will be paid to the nominee.
The LIC Jeevan Kiran policy is a good option for those who want life cover with the option of getting back the premiums paid in case they survive till the maturity date. The plan is also a good option for those who want to save money for their retirement.
Here are some of the benefits of the LIC Jeevan Kiran policy
Life cover with return of premiumFlexibility in choosing the policy term and premium payment modeDifferential premium rates for smokers and non-smokersRebates available for sum assured more than Rs. 50 lakh
Here are some of the drawbacks of the LIC Jeevan Kiran policy
The premium rates are higher than some other life insurance plans
The plan does not offer any investment benefits
The death benefit is not paid out in a lump sum
Overall, the LIC Jeevan Kiran policy is a good option for those who want life cover with the option of getting back the premiums paid in case they survive till the maturity date. The plan is also a good option for those who want to save money for their retirement. However, it is important to compare the plan with other life insurance plans before making a decision.