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LIC Jeevan Shagun

LIC Jeevan Shagun Plan Details

LIC Jeevan Shagun Plan is a Single Premium Money Back Plan. It is a Participating Traditional Plan which gives you the dual benefit of protection and savings. This plan is open for sale ONLY for a period of maximum 90 days from the date of launch.

How it works – In this plan, premium is to be paid only at the onset of the plan in a Lumpsum as this is a Single Premium Plan. There is no requirement of further payment of premium while the policy continues for the entire 12 years tenure. The Premium is decided based on the Maturity Sum Assured of the policyholder as chosen at the inception.

On survival of the Life Insured:

  • 15% of the Maturity Sum Assured is paid at the end of 10th policy year
  • 20% of the Maturity Sum Assured is paid at the end of 11th policy year
  • And on Policy Maturity,  65% of the Maturity Sum Assured + Loyalty Additions, if any would be paid and the policy would be terminated

However, if the Life Insured dies within the Policy Tenure, the Sum Assured + Loyalty Additions would be paid to the nominee after completion of the first 5 policy years else only the Sum Assured is payable.

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Rebate in premium for High Maturity Sum Assured
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Single premium participating
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65% of the Maturity Sum Assured

Compare this plan with other Investment Plans

LIC Jeevan Shagun - Key Features

Single premium participating
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  • It is a single premium participating money back plan

15% of the Maturity Sum Assured
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  • On survival, 15% of the Maturity Sum Assured is paid at the end of 10th policy year

20% of the Maturity Sum Assured
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  • On survival, 20% of the Maturity Sum Assured is paid at the end of 11th policy year

Policy Maturity
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  • On Policy Maturity,  65% of the Maturity Sum Assured + Loyalty Additions would be paid

the Sum Assured + Loyalty Additions
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  • If the Life Insured dies within the Policy Tenure, the Sum Assured + Loyalty Additions would be paid to the nominee

Rebate in premium
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  • There is rebate in premium for High Maturity Sum Assured of more than Rs 1.5 Lacs

Sample premium
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The below illustration is for a healthy male:

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LIC Jeevan Shagun - Benefits

Death Benefit

In case of death of the Life Insured within the first 5 years of the Policy Tenure, the nominee gets:

  • Basic Sum Assured

...

Survival Benefit

On survival of the Life Insured:

  • 15% of the Maturity Sum Assured is paid at the end of 10th policy year
  • 20% of the Maturity S...

Maturity Benefit

On survival till the end of the policy tenure, the policyholder gets the remaining 65% of the Maturity Sum Assured +the Loyalty Additions, if any.<...

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 and the Maturity Pro...

Riders

LIC’s Accident Benefit Rider is available under the plan

Eligibility conditions and other restrictions in LIC JeevanShagun Plan

  Minimum Maximum
Basic Sum Assured (in Rs.) 10 times the Single Premium
Maturity Sum Assured (in Rs.) 60,000 No Limit
Policy Term (in years) 12
Premium Payment Term (in years) Single
Entry Age of Life Insured (in years) 8 45
Age at Maturity(in years) 20 57
Premium(in Rs.) Depends on age, term and Sum Assured chosen
Payment modes Single

LIC Jeevan Shagun - FAQs

angle right iconWhat happens if You stop paying the premium?

Being a Single Premium Plan, there is no requirement of further payment of premium

angle right iconWhat happens if Being a Single Premium Plan, there is no requirement of further payment of premium?

The Guaranteed Surrender Value is:

  • First year: 70% of the Single Premium paid excluding extra premiums and taxes, if any
  • Thereafter: 90% of the Single Premium paid excluding taxes, any extra premium paid and survival benefits, if paid earlier
angle right iconWhat happens if You want a loan against your policy?

Loan facility is available under the plan as per terms and conditions mentioned by the company but after completion of 1 policy year.