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LIC Jeevan Sangam
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This plan has been withdrawn by the insurance company and is no longer available for sale.
LIC Jeevan Sangam - Table no 831
LIC’s Jeevan Sangam is a non-linked, single premium guaranteed-return plan and it participates in the profits of LIC. The risk cover will be a multiple of the single premium. The single premium payable shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.
Key Features of LIC Jeevan Sangam
Plan with guaranteed returns and bonus
Single premium plan
Large Sum Assured Rebate is available
Will be open for sale for maximum 90 days from the date of launch
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from LIC Jeevan Sangam
Death Benefit
On death during first five policy years:
Before the date of commencement of risk: Refund of single premium excluding service tax and extra premium, if any, without interest.
After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable.
On death after completion of five policy years but before the stipulated Date of Maturity:
Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.
Maturity Benefit
On survival till the end of the Policy Tenure, the policyholder will get Sum Assured + Loyalty Addition (if any).
Loyalty Addition
Depending upon the LIC’s experience, the policy shall participate in the profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be payable on death or surrender, provided the policy has run for at least five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by LIC.
Income Tax Benefit
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.
Eligibility conditions and other restrictions in LIC Jeevan Sangam
Minimum
Maximum
Sum Assured (in Rs.)
75,000
No Limit
Policy Term (in years)
12
12
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
6
50
Payment modes
Yearly, Half Yearly, Quarterly or Monthly
Other Conditions
Loan:
Loan can be availed under this plan at any time after three months from the date of policy issuance.
Surrender Value:
The policy can be surrendered at any time during the policy year. The Guaranteed Surrender Value allowable shall be as under:
First year: 70% of the Single premium paid excluding extra premiums paid and taxes, if any.
Thereafter: 90% of the Single premium paid excluding extra premiums paid and taxes, if any.
LIC shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
If the policy is surrendered after completion of five policy years Loyalty Addition, if any, based on surrender value, shall also be payable.
