LIC offers Jeevan Sugam during Budget season
26 Feb 2013 7:42 AM IST
Life Insurance Corporation of India (LIC) on Monday launched its new product — a non-linked single premium plan Jeevan Sugam. It is a conventional closed-ended plan and is available for purchase only for a limited period.
LIC's Jeevan Sugamis a conventional single premium plan, which provides for a risk cover, often times the single premium paid for a fixed term often years.
On survival, Maturity Sum Assured along with Loyalty Addition shall be paid to the policyholder. The amount of loyalty addition shall depend on Life Insurance Corporation of India’s claim experience.
The policy shall be eligible for tax benefit under section 80 C as per existing provisions of Income Tax Act. The salient features of the plan are Age Eligibility (8 to 45 years), policy term (10 years fixed), loan facility available, minimum sum assured (Rs 60,000), no upper limit for investment, for maturity sum assured of more than Rs 1,50,000, and additional maturity sum assured of 3.5 per cent provided to policyholder.
For maturity sum assured of more than Rs 4,00,000, an even higher additional maturity sum assured of 4.5 per cent is provided to the policyholder.
The benefits are maturity sum assured along with loyalty addition after 10 years of taking of policy, 10 times the single premium as claim amount for death during first five policy years, 10 times single premium as claim amount along with loyalty additions, if any, for death after first five policy years.
LIC's Jeevan Sugamis a conventional single premium plan, which provides for a risk cover, often times the single premium paid for a fixed term often years.
On survival, Maturity Sum Assured along with Loyalty Addition shall be paid to the policyholder. The amount of loyalty addition shall depend on Life Insurance Corporation of India’s claim experience.
The policy shall be eligible for tax benefit under section 80 C as per existing provisions of Income Tax Act. The salient features of the plan are Age Eligibility (8 to 45 years), policy term (10 years fixed), loan facility available, minimum sum assured (Rs 60,000), no upper limit for investment, for maturity sum assured of more than Rs 1,50,000, and additional maturity sum assured of 3.5 per cent provided to policyholder.
For maturity sum assured of more than Rs 4,00,000, an even higher additional maturity sum assured of 4.5 per cent is provided to the policyholder.
The benefits are maturity sum assured along with loyalty addition after 10 years of taking of policy, 10 times the single premium as claim amount for death during first five policy years, 10 times single premium as claim amount along with loyalty additions, if any, for death after first five policy years.
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