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LIC JEEVAN SUGAM | Features | Benefits | Premium

LIC Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity this plan offers a Maturity Sum Assured chosen by you.

The plan will be open for sale for a maximum period of 45 days from the date of launch.

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BENEFITS of LIC Jeevan Sugam:

  •  Death Benefit:  (i) On death during first five policy years:

Basic Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged shall be payable.

(ii) On death after completion of five policy years:
Basic Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged along with loyalty addition, if any, shall be payable.

  • Maturity Benefit: On maturity, the  Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.
  • Loyalty Addition: Depending upon the Corporation’s experience with regard to policies issued under this plan, this policy will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of  five policy years, on surrender during the last policy year and on maturity, at such rate and on such terms as may be declared by the Corporation.

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

  1. Minimum Entry Age                                         : 8 years (completed)
  2. Maximum Entry Age                                         : 45 years (nearest birthday)
  3. Minimum/Maximum Basic Sum Assured        : 10 times of single premium paid (excluding

extra premium, if any)

  1. Minimum Maturity Sum Assured                      : Rs. 60,000/-
  2. Maximum Maturity Sum Assured                      : No Limit

Maturity Sum Assured shall be available in multiples of Rs. 5,000/-.

  1. Policy Term                                                        : 10 years
  2. Premium payment mode                                   : Single premium only

 

Sample Premium Rates:

Specimen Single Premium rates (exclusive of Service Tax) for some of the ages per Rs.1000/- Maturity Sum Assured are as under:

    Age at entry
 (Nearest Birthday)
Single Premium Rates (Rs.)

10

537.75

20

552.90

30

562.65

40

629.35

 

INCENTIVE FOR HIGH MATURITY SUM ASSURED:

Incentive for higher Maturity Sum Assured by way of increase in the Maturity Sum Assured is as under:

 Maturity Sum Assured

Increase in  Maturity Sum Assured

Below Rs.150,000

Nil

Rs.150,000 to Rs. 399,999

3.50%

Rs.400,000 and above

4.50%

If the policy holder opts for Maturity Sum Assured Rs. 150000/- or above, the Maturity Sum Assured shall be automatically increased by the percentage corresponding to opted Maturity Sum Assured as shown above. This Increased Maturity Sum Assured shall be the Maturity Sum Assured payable at the time of maturity along with Loyalty Addition, if any.

For e.g. if opted Maturity Sum Assured by the Proposer is Rs. 150,000/-. Maturity Sum Assured payable at Maturity is Rs. 150,000 * (1+3.5%) i.e. Rs. 155,250/-

LOAN

Loan can be availed under this plan any time during the policy term. Loan shall be equal to 60% of the surrender value as on the date of sanction of loan.

SURRENDER VALUE

The policy can be surrendered for cash at any time during the policy term.  The minimum Guaranteed Surrender Value allowable shall be as under:

    1. First year: 70% of the Single premium (net of service tax) excluding all extra premiums, if any.
    2. Thereafter: 90% of the Single premium (net of service tax) excluding all extra premiums, if any.

 P.S. – This plan of LIC is no more available for fresh purchase.

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