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LIC Jeevan Madhur: Benefits & illustration

 

LIC Jeevan Madhur
It is a Micro insurance plan which is ideal for those business persons who wish to insure life of their employees.


In India when a worker dies, it is the moral responsibility of the employer to offer some money to the family of the deceased. If such situation arises, this plan will come in handy.

This plan will benefit both employee and the employer as:

  • Employee will gain insurance cover which could be utilized as a financial assistance in the case of his unfortunate demise.
  • Employer will gain tax benefits.
  • The money could be used as gratuity or retirement benefit.

It is a simple savings plan which requires minimal premium as listed below:

Weekly

Rs. 25/-

Fortnightly

Rs. 50/-

Monthly

Rs. 100/-

Quarterly/ Half-yearly/ Yearly

Rs. 250/-

This plan provides a sum assured between the range of Rs. 5,000/- to Rs. 30,000/- payable under death and maturity under this plan.

Eligibility

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

Minimum age at entry 18 years (completed)
Maximum age at entry 60 years (nearest birthday)
Maximum age at maturity 65 years (nearest birthday)
Term 5 to 15 years.
Minimum Sum Assured Rs. 5,000
Maximum Sum Assured Rs. 30,000

Benefit

  1. Maturity: Sum Assured + Bonuses
  2. Death Benefit: Refund of entire premium paid during the term.
  3. Accidental Death and Disability Benefit: an additional amount, equal to Death Benefit Sum Assured shall be paid. In case, the disability arises due to an accident, this benefit is paid in installments.
  4. Auto-cover Facility: If you miss any premium payment after 2 policy years, the death cover continues for 2 years or end of policy term, whichever is earlier.

 

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

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