LIC Jeevan Bharthi 1 Policy
LIC Jeevan Bharathi – 1 Plan is an amazing plan as it is a Life Insurance Policy for women only. It is basically a Money Back Plan which can be utilized to purchase an Annuity on maturity of the plan.
In this plan, premium needs to be paid for the entire policy term of 15 or 20 years, but Survival Benefits of 20% of the Sum Assured are paid every 5 policy years. The remaining amount of the Sum Assured along with accrued Reversionary Bonus and Final Addition Bonus is payable as Maturity Benefit. However, the policyholder may choose to withdraw the Survival Benefit at a later date than its due date and she would also get interest for that period as well. Hence she gets an opportunity to customize this plan according to her needs.
Moreover, the Maturity Benefit may be utilized to purchase an annuity instead of withdrawing the same in a lumpsum. In this plan, there are 3 additional riders that can be opted for where most female concerns are taken care of including common female diseases, childbirth complications, etc.
Hence this plan is a plan with varied options which caters to the needs of large number of women policyholders and is the answer to the needs of many.
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LIC Jeevan Bharthi 1 Policy - Key Features
There are 3 Additional Riders available:
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LIC Jeevan Bharthi 1 Policy - Benefits
In case of death of the Life Insured, the nominee receives
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20% of the Sum Assured is payable every 5 years, i.e. At the maturity of the policy, the insured will get the remaining Sum Assured + accrued Reversionary Bonus + Final Addition Bonus, Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10 If you stop paying the premiums after 2 policy years, the policy continues for the full Sum Assured for a period of 3 years from the first unpaid premium date. This period is commonly known as Premium Holiday. If at least 3 years’ premiums have been paid, the policy acquires a Paid Up Value after 3 years of Premium Holiday else the policy lapses and all benefits cease. However, the policy can be revived within a period of 5 years from the date of first unpaid premium. There is a Guaranteed Surrender Value after 3 policy years Loan facility is available under this policy
... Eligibility conditions and other restrictions in LIC Jeevan Bharathi-I Plan
Minimum
Maximum
Sum Assured (in Rs.)
50,000
25,00,000
Policy Term (in years)
15
20
Premium Payment Term (in years)
15
50
Entry Age of Policyholder
18
55
Age at Maturity
-
70
Single Premium (in Rs.)
NA
NA
Payment modes
Yearly
LIC Jeevan Bharthi 1 Policy - FAQs
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
