LIC is planning to launch its new endowment plan “Jeevan Shikhar Plan No.837” on 11th January, 2016. Jeevan Shikhar is a participating, non-linked, with profit, savings cum protection plan which will be open for a period of 120 days from the date of launch i.e. from 11th January, 2016 to 31st March, 2016.
Jeevan Shikhar is a single premium plan wherein life assured will have an option to choose the amount of Sum Assured and the premium payable shall depend on the chosen amount and entry age of life assured.
LICs Jeevan Shikhar Plan 837 Features
- Minimum Entry Age of Life Assured : 6 years (completed)
- Maximum Entry Age of Life Assured : 45 years (nearer birthday)
- Sum Assured on Death : 10 times of tabular single premium
- Minimum Maturity Sum Assured : Rs.1,00,000/-
- Maximum Maturity Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs.20,000/- only)
- Policy Term : 15 years
- Premium payment mode : Single premium only
Death Benefits of Jeevan Shikhar
On Death during the First 5 years of Policy
Before the Commencement of Risk: In case life assured dies before the commencement of the risk, single premium amount without any interest will be refunded to the nominee.
After the Commencement of Risk: In case life assured dies after the risk is commenced, an amount equal to 10 times of tabular single premium will be payable to the nominee.
On Death After first 5 but before maturity of the Policy
In case life assured dies after first 5 years of policy but before maturity of the policy, an amount equal to 10 times of tabular single premium along with Loyalty Additions, if any, will be payable to the nominee.
Maturity Benefits of Jeevan Shikhar
On life assured survives throughout the policy term, than Sum Assured on Maturity along with Loyalty Additions, if any, shall be paid.
More Details including Premium Calculations of Jeevan Shikhar Plan is still awaited. This post will be updated once the details are out.