MUMBAI: The Life Insurance Corporation of India (LIC) has launched a new term plan ‘Jeevan Kiran’ that returns the premiums paid by policyholders at maturity.
The non-linked and non-participating plan is available for individuals from 18 years to 65 years, and offers life cover with the return of premium, said LIC in a statement. It has a minimum sum assured of Rs 15 lakh for moderate life cover.
The policy term varies from 10 years to 40 years. Premium payment can be made by way of a single premium or by way of a regular premium, which is payable for the policy term. For a sum assured of more than Rs 50 lakh, rebates are available on tabular premium.
On the life assured surviving date of maturity provided the policy is in force, this term assurance plan allows a refund of total premiums paid/single premium paid excluding any extra premium, any rider premium, and taxes paid.
Premium rates are differentiated based on smoking habits, offering competitive pricing for non-smokers. Customers can choose between single premium or regular premium payments.