LIC Jeevan Vaibhav

 

LIC Jeevan Vaibhav Plan 

LIC Jeevan Vaibhav Plan is a single premium endowment plan. It offers guaranteed benefits on death and maturity along with loyalty additions. This is a non-participating plan and therefore there is no bonus facility in this policy.

How it works – In this plan, premium needs to be paid in a lumpsum as single premium. At the end of the policy tenure, the Sum Assured along with Loyalty Additions would be paid as Maturity Benefit.

However, if the Life Insured dies within the policy tenure but before the last Policy Year, only the basic Sum Assured would be paid as Death Benefit and the policy would be terminated.

If the Life Insured dies in the last Policy Year, then the Sum Assured + Loyalty Additions would be paid as Death Benefit and the policy would be terminated.

 

Key Features of LIC Jeevan Vaibhav Plan

§         Single Premium Endowment plan

§         Loyalty Additions in the last policy year

§         Sum assured + Loyalty Additions is paid on Maturity or Death in the last policy year

§         Sum assured would be paid as Death Benefit if the life insured dies within the policy tenure, but before the last policy year

§         High Sum Assured Rebate

 

 

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Benefits you get from LIC Jeevan Vaibhav Plan

Death Benefit – In case of death of the Life Insured within the policy tenure but in the last policy year, the nominee receives Sum Assured + Loyalty Additions as Death Benefit and the policy is terminated.

In case of death of the Life Insured within the policy tenure but before the last policy year, then the nominee receives only the Sum Assured as Death Benefit and the policy is terminated.

Maturity Benefit – At the policy maturity the Life Insured would get Sum Assured + Loyalty Additions as Maturity Benefit.

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

 

 Eligibility conditions and other restrictions in LIC Jeevan Vaibhav Plan

	Minimum	Maximum
Sum Assured (in Rs.)	2,00,000	No Limit
Policy Term (in years)	10
Premium Payment Term (in years)	Single
Entry Age of Life Insured (in years)	8	65
Age at Maturity (in years)	-	75
Single Premium (in Rs.)	95,210/-	No Limit
Payment modes	Only Single

 

Sample illustration of premium of LIC Jeevan Vaibhav Plan

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000

 

 

Additional Features and Benefits of LIC Jeevan Vaibhav Plan

Riders – There are No Additional Riders in this plan

 

What happens if?

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy lapses and all benefits cease to exist.

You want to surrender the policy – There is a Guaranteed Surrender Value after 1 policy year
Guaranteed Surrender Value = 90% of the Single Premium paid

There is Special Surrender Value also in this plan.

You want a loan against your policy – Loan facility is available under this policy after completion of 1 policy year.

 

Some Endowment Plans from different insurance companies

Reliance Endowment Plan
DLF Pramerica Tatkal Suraksha Gold
Kotak Endowment Plan
 

Other Endowment Plans from Life Insurance Corporation of India

LIC Jeevan Anand
LIC Jeevan Amrit
LIC New Janaraksha Plan
LIC Endowment Assurance
LIC Endowment Assurance (Limited payment)
LIC Jeevan Mitra
LIC Jeevan Sugam - Single Premium Plan

Let us understand the working of this plan diagrammatically with an example of a 35 year old man opting for Basic Sum Assured of Rs 2,00,000.