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LIC Jeevan Vriddhi Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

LIC Jeevan Vriddhi Plan

LIC Jeevan Vriddhi LogoLIC Jeevan Vriddhi Plan is a Single Premium Endowment Plan with Guaranteed Maturity Sum Assured. Thus, this plan is a Traditional Plan without Bonus Facility.

How it works – In this plan, premium needs to be paid up front. Single Premium is the only mode available. The Sum Assured is 5 times the Basic Single Premium paid. This plan has a fixed tenure of 10 years although there is Surrender Facility and Loan Facility after 1 policy year.

If the Life Insured dies within the Policy Tenure, the Sum Assured is paid as Death Benefit. However, if the Life Insured survives till the end of the policy tenure, Guaranteed Maturity Sum Assured + Loyalty Additions would be paid as Maturity Benefit. The Guaranteed Maturity Sum Assured would be calculated as per the age of entry of the Life Insured.

 

Key Features of LIC Jeevan Vriddhi Policy

  • This is a Traditional Plan without Bonus Facility and both Death and Maturity Benefit
  • This is a single premium plan
  • The Sum Assured is paid as Death Benefit
  • Guaranteed Maturity Sum Assured + Loyalty Additions would be paid as Maturity Benefit
  • This plan provides incentive for High Premium of
    • Rs 50,000 to Rs 99,000 - There would an increase of 1.25% of the Maturity Sum Assured
    • Rs 1,00,000 and more - There would an increase of 3% of the Maturity Sum Assured
  • The Guaranteed Maturity Sum Assured would be calculated as per the age of entry of the Life Insured.

 

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from LIC Jeevan Vriddhi Plan

Death Benefit – In case of death of the Life Insured within the policy tenure, the nominee receives the basic Sum Assured as Death Benefit

Maturity Benefit – At the maturity of the policy, the Life Insured will get Sum Assured + Loyalty Additions as declared by the company 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 Vriddhi Policy

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,50,000

No Limit

Policy Term (in years)

10

Premium Payment Term (in years)

Single

Entry Age of Policyholder

8

50

Age at Maturity

-

60

Single Premium (in Rs.)

30,000

No Limit

Payment modes

Only Single

 

Sample illustration of Guaranteed Maturity Sum Assured of LIC Jeevan Vriddhi Plan

The below illustration is for a healthy Male (non-tobacco user) opting for

Premium = Rs 1,00,000  

Basic Sum Assured = Rs 5,00,000

Policy Term = 10 years

 

LIC Jeevan Vriddhi Plan Sample Benefit Illustration

 

Additional Features and Benefits of LIC Jeevan Vriddhi Plan

Riders – There are No Additional Riders available:

 

What happens if?

You stop paying the premium – Being a Single Premium Plan, there is no further requirement of premium payment

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

There is a provision of Special Surrender Value as well.

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

 

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