Term Plan with Return of Premium

This is a premium back term assurance plan that provides financial protection against death throughout the term of plan together with a return of premiums paid at maturity.

Return of Premium *paid, on Maturity

Return of Premium *paid, on Maturity

High risk cover at affordable cost​

High risk cover at affordable cost​

Tax deduction under Section 80C​

Tax deduction under Section 80C​

Attractive High sum assured rebates​

Attractive High sum assured rebates​

Table of Contents

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Insurance Planpro

Jeevan Kiran​

LIC’s Jeevan Kiran is a Non-Linked, Non-Participating,
Individual, Savings, Life Insurance plan which offers a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term and returns the total premiums paid* in case of survival till maturity.

This is a non-participating product under which benefits
payable on death or maturity are guaranteed and fixed
irrespective of actual experience. Hence the policy is not
entitled to any discretionary benefits like bonus etc. or share
in Surplus.

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Eligibility Conditions and Other Restrictions:

Particulars Details
Minimum Entry Age18 Years
Maximum Entry Age 65 Years
Minimum Age At Maturity 65 years (last birthday)
Maximum Age at Maturity: 80 years (last birthday)
Policy Term 10 years to 40 years
Premium Payment Term Under Regular Premium: Same As Policy Term
Under Single Premium: Not Applicable
Premium payment mode Single/ yearly only/ half yearly

Benefits

Benefits payable under an in-force policy shall be as under

A. Death Benefit:

Death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity shall be “Sum Assured on Death”. Under Regular Premium Payment Policy, “Sum Assured on Death” is defined as the highest of:

  • 7 times of Annualized Premium; or
  • 105% of “Total Premiums Paid” upto the date of death; or
  • Basic Sum Assured. Under Single Premium Payment Policy, “Sum Assured on Death” is defined as the higher of:
  • 125% of Single Premium; or
  • Basic Sum Assured

B. Maturity Benefit:

On Life Assured surviving the stipulated Date of Maturity, “Sum Assured on Maturity” shall be payable, where “Sum Assured on Maturity” is equal to “Total Premiums Paid” under Regular Premium Payment policy and “Single Premium Paid” under Single Premium Payment Policy. 

OPTIONS AVAILABLE:

A. Tax Benefits

This plan will have benefits under Section 80C and Section 10 (10D).

B.Policy revival

If the premium is not paid within the grace period, then the policy lapses. A lapsed policy can be revived during the lifetime of the Life Assured, but within a period of 5 consecutive years from the date of First Unpaid Premium and before the date of maturity as the case may be. The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half-yearly) at such rate as may be decided by the Corporation from time to time and on satisfaction of Continued Insurability of the Life assured on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Life Assured.
The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of a discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation.

The rate of interest applicable for revival under this product for every 12 months’ period from 1st May to 30th April shall not exceed 10 year G-Sec rate p.a. compounding half yearly as at the last trading day of previous financial year plus 3% or the yield earned on the Corporation’s Non-Linked NonParticipating fund plus 1%, whichever is higher. For the 12 month period commencing from 1st May, 2023 to 30th April, 2024, the applicable interest rate shall be 9.50% p.a. compounding half yearly. The basis for determination of interest rate for policy revival is subject to change.
Revival of Rider, if any, will only be considered along with the revival of the Base policy and not in isolation.

C. Free look Period

if the policyholder is not convinced with the terms and conditions of the policy, she/he can cancel the policy within 15 days from the receipt of the policy document.

D.Grace Period (APPLICABLE FOR REGULAR PREMIUM PAYMENT):

A grace period of 30 days will be allowed for payment of yearly or half-yearly premiums from the date of First Unpaid Premium. During this period, the policy shall be considered inforce with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.
The above grace period will also apply to Rider premiums which are payable along with premium for Base Policy

E. Surrender:

Under Regular Premium payment, the policy can be surrendered by the Policyholder at any time during the policy term provided two full years’ premiums have been paid. Under Single Premium payment, the policy can be surrendered by the policyholder at any time during the policy term.

The Surrender Value payable shall be higher of Guaranteed Surrender value (GSV) and Special Surrender Value (SSV).

F.POLICY LOAN:

No Loan will be available under this plan.

REBATES/LOADINGS:

(i) High Sum Assured Rebate
The High Sum Assured rebates are as under:

(ii) Modal Loading (applicable for Regular Premiumpayment):

ModeLoading as a % of Tabular annual premium
Yearly Nil
Half-Yearly 2%

Let's understand how LIC Jeevan kiran policy 870 with return of premium works:

Mr. Anil is a 25 years old man buy this plan to secure their family, Anil is healthy, and active without any history of medical problems or smoking habits. He buys LIC’s Term insurance plan 870 with return of premium and chooses a sum assured amount of Rs.50 Lakhs. The yearly premium that is payable for the plan is Rs.20332 for a tenure of 20 years. If Mr. Anil died within the policy term, the individual within the policy term, the beneficiary/nominee will receive the sum assured amount of Rs.50 Lakhs.
But if Mr, Sachin survives the policy tenure, he will be eligible for a maturity payout under the ‘LIC term insurance plan 870‘ with return of premium. He will get (Rs. 20332 X 20)  i.e. 389,120 upon maturity of the plan.