LIC Jeevan Kiran - Features, Benefits and Review.pdf

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LIC Jeevan Kiran (Plan 870) – Features, Benefits, Eligibility, and Review
July 28, 2023 | Suresh KP | 3 comments
LIC Jeevan Kiran is a return of premium term insurance plan introduced by LIC of India now. It offers a
range of features and benefits to ensure financial security for policyholders and their loved ones. Let’s
explore the key aspects of LIC Jeevan Kiran Plan No 870, including its notable features, benefits,
eligibility criteria, and a comprehensive review of this plan UIN: 512N353V01.
Also Read: Should you opt for LIC Jeevan Azad Plan No 868?
Key Features of LIC Jeevan Kiran
LIC’s Jeevan Kiran is an Individual, Non-Linked, Non-Participating, Savings, Life Insurance plan that
offers a unique blend of protection and savings. This comprehensive plan ensures financial support for the
family in the event of the life assured’s untimely demise during the policy term. Moreover, it also
guarantees the return of total premiums* paid if the policyholder survives until the maturity of the policy.
Here are the key features in this plan.
1. Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the sum
assured is paid to the nominee, providing crucial financial stability to the family.
2. Settlement Option: Jeevan Kiran offers a unique settlement option, allowing the nominee to receive
the death benefit in installments over a chosen period, instead of a lump sum. This provides flexibility
in managing funds wisely.
3. Flexible Policy Term: Policyholders can select the duration of coverage according to their specific
needs and financial goals, making it a customizable and versatile insurance option.
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Table of Contents
1. Key Features of LIC Jeevan Kiran
2. Eligibility Criteria to take this LIC Term Plan
3. Options available in this plan
4. Benefits in LIC Jeevan Kiran
5. LIC Jeevan Kiran Sample Premium
6. Surrender of LIC Jeevan Kiran Policies
7. Positive Factors of Considering LIC Jeevan Kiran
8. Negative or Hidden Factors of LIC Jeevan Kiran
9. How to purchase LIC Jeevan Kiran Policy?
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2. 4. Option to Add Riders: To enhance the policy’s coverage, LIC Jeevan Kiran allows policyholders to
opt for various riders, such as accidental death benefit rider, critical illness rider, or disability rider.
Eligibility Criteria to take this LIC Term Plan
i. Minimum Age at Entry : 18 years (last birthday)
ii. Maximum Age at Entry : 65 years (last birthday)
iii. Minimum Age at Maturity : 28 years (last birthday)
iv. Maximum Age at Maturity : 80 years (last birthday)
v. Policy Term : 10 years to 40 years
vi. Premium Payment Term
– Under Regular Premium : Same as Policy Term
– Under Single Premium : Not applicable
vii. Minimum Basic Sum Assured : Rs. 15,00,000/-
Options available in this plan
I. Optional Riders:
Riders are available for this plan, and additional premium payments allow the policyholder to opt for the
following options:
A. Single Premium Payment:
LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) is available only at the policy’s
inception for single premium payment policies.
B. Regular Premium Payment:
For regular premium payment policies, the policyholder can choose between LIC’s Accidental Death
and Disability Benefit Rider (UIN: 512B209V02) or LIC’s Accident Benefit Rider (UIN: 512B203V03).
Eligibility for Riders:
For LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02):
For LIC’s Accident Benefit Rider (UIN: 512B203V03):
For more details on these riders, refer to the rider brochure or contact the nearest Branch Office of
LIC.
II. Settlement Option (for Maturity Benefit):
The Settlement Option provides the option to receive the Maturity Benefit in installments over 5 years
instead of a lump sum amount. This applies to both In-force and Paid-up policies. The Life Assured can
choose to receive the Maturity proceeds in instalments, either in absolute value or as a percentage of the
total claim proceeds payable. The instalments are paid in advance at yearly, half-yearly, quarterly, or
monthly intervals, as per the policyholder’s preference, subject to minimum installment amounts for
different payment modes.
Benefits in LIC Jeevan Kiran
A. Death Benefit: In the unfortunate event of the life assured’s death during the policy term after the
commencement of risk but before the maturity date, the “Sum Assured on Death” will be payable. For
Regular Premium Payment Policy, the “Sum Assured on Death” is defined as the highest of the following:
7 times the Annualized Premium
105% of “Total Premiums Paid” up to the date of death
Basic Sum Assured
For Single Premium Payment Policy, the “Sum Assured on Death” is defined as the higher of:
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3. 125% of the Single Premium
Basic Sum Assured
B. Maturity Benefit: If the Life Assured survives until the stipulated Date of Maturity, the “Sum Assured
on Maturity” will be payable. For Regular Premium Payment Policy, the “Sum Assured on Maturity” is
equal to the “Total Premiums Paid.” For Single Premium Payment Policy, it is equal to the “Single
Premium Paid.”
LIC Jeevan Kiran Sample Premium
The sample illustrative premiums for Basic Sum Assured of Rs. 20 Lakh for Non-Smoker, Standard
lives under Single and Regular Premium Payment options for Offline sales are as under:
Surrender of LIC Jeevan Kiran Policies
If policyholders wish to surrender the policy before the completion of the policy term, they can do so by
following the surrender guidelines provided by LIC. However, it’s essential to be aware that surrendering a
term insurance policy like LIC Jeevan Kiran may lead to the forfeiture of all benefits, and the surrender
value may be nominal.
LIC Jeevan Kiran – Benefit Illustration
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4. (Note: The benefit illustration aims to help clients understand the product’s features and tangible benefits.
It takes into account factors such as medical history, lifestyle, and occupation.)
Positive Factors of Considering LIC Jeevan Kiran
1. Return of Premiums: LIC Jeevan Kiran offers life coverage + return of premium at the end of the
term.
2. Comprehensive Coverage: The ability to add riders allows policyholders to customize their coverage,
ensuring they are protected against a wide range of life’s uncertainties.
3. Settlement Option: The option to choose a settlement benefit provides added flexibility to the
nominee, allowing them to manage the funds judiciously.
Negative or Hidden Factors of LIC Jeevan Kiran
1. Suicide Clause: Like most life insurance policies, the death benefit is not applicable if the policyholder
commits suicide within 12 months from the policy inception. Only a percentage of premiums paid may
be returned in such cases.
Also Read: LIC claims to pay Rs 7.5% in Dhan Varsha – How far this is true?
How to purchase LIC Jeevan Kiran Policy?
1. Online Purchase: You can buy this plan directly through LIC’s website.
2. Offline Purchase: Alternatively, you can also purchase LIC Jeevan Kiran through LIC’s agents and
other intermediaries
Conclusion: LIC Jeevan Kiran (Plan 870) is a simple and straightforward term insurance plan offered by
LIC. It provides essential features like death benefits and offers flexibility in policy terms. The unique
return of premium feature sets it apart from regular term plans, making it an attractive option for those
looking to secure their family’s future and save on premiums.
On the other side, the premiums are very high compared to other private life insurance companies.
One can compare the return of premium term plans offered by private life insurance companies with this
plan before taking a decision.
Suresh KP
Founder at Myinvestmentideas.com
Suresh KP is the Founder of Myinvestmentideas. He is NISM Certified - Investment Adviser and
NISM Certified - Research Analyst. He has been analyzing financial markets in the last 20 years.He
can be reached at suresh@myinvestmentideas.com
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5. Subir nag says:
July 28, 2023 at 3:11 pm
Suresh KP says:
July 29, 2023 at 12:41 pm
Sunny.V.J. says:
July 28, 2023 at 11:25 am
3 comments
I have read most of the economic topics specially issues related to IPO and all other current economical
information related to market. Many many thanks.
Reply
Thank you Subir.
Reply
Age 62.10year insurance. Yearly premium.please reply.
Reply
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