LIC’s Jeevan Shikhar is a participating, non-linked, saving cum protection single premium plan wherein the risk cover is ten times of Tabular Single Premium.
The proposer will have an option to choose the Maturity Sum Assured. The premium payable shall depend on the chosen amount of Maturity Sum Assured and age at entry of the life assured. This plan also takes care of liquidity need through its loan facility.
The plan will be open for sale for a maximum period of 120 days from the date of launch, i.e March 31, 2016.
1. BENEFITS :
a) Death Benefit:
On death during first five policy years:
Before the date of commencement of risk : Refund of Single Premium without interest.
Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes.
After the date of commencement of risk : “Sum Assured on Death” equal to 10 times the tabular single premium shall be payable.
On death after completion of five policy years but before the stipulated Date of Maturity:
“Sum Assured on Death “equal to 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.
b) Maturity Benefit:
On maturity, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.
c) Loyalty Addition:
Depending upon the Corporation’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 atleast five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by the Corporation.
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