LIC to launch Jeevan Shikhar

LIC is introducing, a close ended plan, LIC’s  Jeevan Shikhar which would be open for sale from 11th January up to 31st March 2016.

The plan is a non-linked, with profits, single premium plan wherein the risk cover is ten times of Tabular Single Premium. Providing a combination of savings and risk cover. Under this 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 age 6 years to 45 years.

Minimum maturity sum assured is Rs 1,00,000 with maximum basic sum assured having no limit. Maturity sum assured shall be in multiple of Rs 20.00. 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 shall be payable. 

On death before commencement of risk, single premium without interest after deducting extra charged, if any, shall be refunded. 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.