LIC launches single premium Jeevan Vriddhi policy

Life Insurance Corporation of India (LIC) today launched a new plan ‘Jeevan Vriddhi’, a single premium non-linked insurance plan. The plans offers risk cover of five times the premium chosen by the customer and guaranteed returns at maturity.

According to an official statement, the plan offers a combination of insurance and returns, and would be available for a limited period of up to a maximum of 120 days.

Among the multiple benefits offered to the customer are: Five times the single premium being offered as the risk cover, guaranteed maturity sum assured along with loyalty additions, if any, one-time payment and no upper limit on investment for eligible lives. The policy also offers liquidity – a policy loan will become available after one year.

In the event of the death of the life assured during the currency of the policy, the basic sum assured would be payable, which is five times the single premium, excluding extra premium, if any. On maturity, the guaranteed maturity sum assured (which will depend on the single premium payable and the age at entry of the life to be assured) along with loyalty addition if any, would be payable. Eligibility for loyalty addition would be considered during the last year of the policy.

The minimum age at entry for the plan is eight years (completed), while the maximum is 50 years (nearer birthday). The term under the policy is fixed at 10 years. The minimum sum assured is Rs 1.50 lakh, while there is no upper limit. The minimum premium under the policy is Rs 30,000 and would increase in multiples of Rs 1,000.