LIC starts Jeevan Shikhar, open for sale till March 31
LIC has introduced, a close ended plan, Jeevan Shikhar, which is open for sale up to March 31, 2016. The plan is a non-linked-with-profits, single-premium plan wherein the risk cover is 10 times the tabular single premium, providing a combination of savings and risk cover.
Under the plan, the proposer/life assured will have an option to choose the maturity sum assured and the single premium payable will depend on the chosen amount of Maturity Sum Assured and the age of the assured. The plan is available from ages six years to 45 years.
The minimum maturity sum assured is Rs 100,000, with maximum basic sum assured having no limit. Maturity Sum Assured shall be in multiple of Rs 20,000 only. The Policy term will be for 15 years.
On the policy holder surviving to the end of the policy term, the maturity sum assured along with loyalty addition , if any, shall be payable. In case of death of the Life Assured during first five policy years and after commencement of risk “Sum Assured on Death” equal to 10 times the tabular single premium would be payable.
On death before commencement of risk, single premium without interest after deducting extra charged, if any, shall be refunded.