LIC Jeevan Shikhar Plan 837 – Brief, Benefits, Features
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..
LIC Jeevan Shikhar Plan 837
Brief of the Scheme:
- 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
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 –
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.