Jeevan Vriddhi-LIC’s latest single premium plan
Posted Date: 14-Mar-2012
This article introduces Jeevan Vriddhi , LIC’s latest single premium plan in detail. It contains all the necessary information of this new scheme such as its benefits, premium, policy terms and conditions, charges etc .
Jeevan vriddhi-single premium with multiple benefits
Jeevan Vriddhi is the latest scheme of Life insurance co-operation of India. It is available at the market from 2012 March onwards. Jeevan Vriddhi is a single premium policy which provides high insurance coverage along with income tax benefits. Observers remarked that this non linked life insurance policy is meant for those who had made a tremendous income in this financial year. Onetime payment is the main specialty of
LIC's Jeevan Vriddhi
. There is no doubt in the fact that convenience for onetime payment will attract the policy holders easily. There is no necessity of further premium payment in this scheme.
Specialties of Jeevan Vriddhi
Jeevan Vriddhi provides security of 5 times of single premium as risk cover. Thus tax benefits will get for the whole insurance amount. Despite all these another main specialty is the higher claim rate given to the nominee in case of the death of the policy holder. Policy term of Jeevan Vriddhi is 10 years. If the policy holder needs certain amount as emergency this scheme provides liquidity. Loan facility is available after just one year. Instead of Liquidity there may facility for surrender also. Policy holder can surrender the plan whenever he needs. Company assures of 90% of the guaranteed surrender value at the initial year itself. Surrender charge will rise after the initial year. Jeevan Vriddhi also provides income tax benefits. Income tax benefits under section 80C and 10 D are available for this scheme.
- A sum of guaranteed maturity sum assured and loyalty addition will get at policy maturity.
- Insurance amount will get in the case of the death of the policy holder. 5 times of single premium is the insurance amount. Infact, 25 lakh rupees will get in the case of the death of the policy holder with premium payment of 5 lakhs rupees.
- Profit of this scheme will get as loyalty addition at the tenth year.
Terms and conditions
The age at entry is 8 years up to 50 years. Premium term is 10 years. The minimum insurance amount is 1, 50,000 rupees. There no limits for the maximum insurance amount. 30000 rupees is the minimum premium amount. After that minimum premium amount will be the multiples of 10. Loan facility is available just after one year. Surrender facility is also available after one year. 90% of the premium is the minimum surrender value of Jeevan vriddhi. Service tax should be given to premium. 1.25% to 3 % is the rebate for higher amount.
Did you like this resource? Share it with your friends and show your love!
Responses to "Jeevan Vriddhi-LIC’s latest single premium plan"
No responses found. Be the first to respond...
Notify me by email when others post comments to this article.
Do not include your name, "with regards" etc in the comment. Write detailed comment, relevant to the topic.
No HTML formatting and links to other web sites are allowed.
This is a strictly moderated site. Absolutely no spam allowed.
to fill automatically.
(Will not be published, but
to validate comment)
Type the numbers and letters shown on the left.
Subscribe to Email
Get Jobs by Email
Forum posts by Email
Articles by Email
Awards & Gifts
Last 7 Days
ISC Technologies, Kochi - India. Copyright © All Rights Reserved.