Has life insurance corporation introduced a new Jeevan Kiran policy?

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.

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 premium
Flexibility in choosing the policy term and premium payment mode
Differential premium rates for smokers and non-smokers
Rebates 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.

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