LIC Jeevan Shikhar Plan 837 – Brief, Benefits, Features, LIC New Plan 2016. My this article is totally on a different topic, i.e. on Insurance Sector. This article will give you knowledge about the LIC plan which has been launched recently and whether this plan is successful or whether the benefits are more than any other plan or not. LIC is coming up with many such plans and so it necessary for every individual to look on to every plan and select such plan which beneficial according to its need. This scheme has been launched on 11th January 2016. Now check more details for “LIC Jeevan Shikhar Plan 837 – Brief, Benefits, Features” from below…
LIC Jeevan Shikhar Plan 837
Brief of the Scheme:
LIC Jeevan Shikhar Plan is a single time premium paid up scheme which is decided on the basis of the option chosen for the Maturity benefits and the age at which such plan is taken. The brief details or the qualifications or the criteria of the scheme are mentioned here:
- Minimum age at which scheme can be taken – 6 years
- Maximum age at which the scheme expires – 45 years
- Policy term or the Maturity Period – 15 years
- Sum Insured on Maturity – Rs. 1,00,000 (Minimum)
- Sum Insured on Death – 10 times the premium paid
There are various benefits attached to the scheme which may be maturity benefit or the addition in the savings benefit, it may be in any form. The detailed benefits are explained here.
1. On the Death Benefit –
There may be two possibilities where the death of the person is the base. They are:
- When the death happens during first 5 years of Policy Term – If the death occurs after the commencement of the risk than the premium paid by the person would be refunded to the person without any interest. But if the death occurs after the commencement of the policy and within 5 years than the legal heirs of the concerned person would get the amount equal to 10 times the premium paid by the deceased person.
- When the death happens after 5 years of Policy Term – If the death happens after the policy term has crossed 5 years than the legal heirs would get the amount equal to 10 times the premium paid by the deceased person along with the loyalty additions made by LIC.
2. On the Maturity Benefit –
The concerned person would get the Maturity amount along with the loyalty additions if is hold for more than 5 years
3. Refund Paid –
This plan can be surrendered at any time during the tenure of the plan. If the plan is surrendered during the first year of the plan taken than 70% of the premium paid would be refunded. If the plan has been exceeded for more than 1 year than the refund amount would be 90% of the premium paid.
4. Loan Benefit –
The loan can be availed on the basis of the policy if the policy has crossed 3 months from the time of purchase. The loan amount that can be availed differs from case to case but at max you can get 85%.
Features of the Plan:
- Tax benefit u/s 80C for the premium paid.
- Various options to select the Maturity Sum Insured
- Maturity sum insured will be exempt in income tax under section 10(10D)
- Risk cover is very high in case of death.
- Can be surrendered at any time, and refund of the premium paid also.
Must Read –