LIC of India launches Jeevan Vriddhi policy
This is a single premium non linked insurance plan where the risk cover is 5 times of premium chosen by the customer and offers excellent Guaranteed returns at Maturity. The plan, which is an ideal combination of Insurance and Returns, would be available for a limited period only up to a maximum of 120 days.
A major highlight of this plan is that it offers multiple benefits to the customer, these being:
Security
–
Five
times
of
the
single
premium
is
being
offered
as
the
risk
cover
Growth
–
There
is
attractive
Guaranteed
Maturity
Sum
Assured
along
with
Loyalty
additions,
if
any
(
based
on
Corporation’s
experience).
Convenience
–
One
time
payment
only.
Freedom
–
There
is
no
upper
limit
on
investment
for
eligible
lives.
Liquidity
–
Policy
Loan
is
available
after
just
one
year.
In the event of the unfortunate death of the Life assured during the currency of the policy, the Basic Sum Assured shall be payable which is 5 times the Single Premium excluding extra premium, if any. On Maturity, the Guaranteed Maturity Sum is Assured (which will depend on the single premium payable and the age at entry of the life to be assured) along with Loyalty Addition, if any shall be payable.
Eligibility for Loyalty Addition would be considered during the last year of the policy depending upon the Corporation’s experience and the rates and terms would be as declared by the Corporation.
The Minimum Age at entry for the plan is 8 years (completed) while the maximum is 50 years (nearer birthday). The term under the policy is fixed at 10 years. The minimum Sum Assured is Rs. 1.50 lakhs while there is no upper limit. The minimum premium under the policy is Rs 30,000/- and shall increase in multiples of Rs 1000/-
This is an ideal plan for all groups of people, be it youngsters who want to save a nest-egg for following their passion after putting in some years of hard work and gaining experience, or parents who want to save money for funding their young child’s higher education or for financing other needs of self or children who have grown up.
The
Customer
shall
be
eligible
for
tax
benefits
on
the
premium
under
section
80C
as
per
prevailing
rules.
The
policy
offers
high
liquidity
through
policy
loan
after
just
one
year.
Visit
us
at:
www.licindia.in