LIC Jeevan Kiran New Term Insurance Plan BIMA KIRAN –UIN and provide a thorough understanding of its features, benefits, premiums, and other essential details in Telugu. Life Insurance Corporation of India (LIC) is renowned for its reliable insurance offerings, and Jeevan Kiran is a welcome addition to their portfolio. Whether you are a family person seeking financial security or an individual planning for your own future, this term insurance plan is worth considering. Let’s embark on this insightful journey and uncover everything you need to know about LIC Jeevan Kiran.
What is LIC Jeevan Kiran BIMA KIRAN –UIN
LIC Jeevan Kiran is a non-linked, non-participating, and pure term insurance plan that offers financial protection to your loved ones in case of an unfortunate event. It provides a lump-sum amount as the death benefit to the nominee upon the policyholder’s demise during the policy term. Unlike traditional insurance policies, Jeevan Kiran does not have a maturity or survival benefit. It is designed to offer pure life cover, making it an affordable and efficient choice.
What is the policy term for the New Bima Kiran plan?
The policy term for the New Bima Kiran plan is 25 years.
How are loyalty additions calculated and when are they paid out?
Loyalty additions are a share of the profits of the Corporation’s life insurance business and are paid out in the form of additions to the policy. The amount of loyalty additions paid out depends on the future experience of the Corporation with regard to mortality, interest, and future expenses, as well as the term and duration of the policy. Loyalty additions are paid out along with death benefit or maturity benefits, provided the policy is in full force. [T2, T3]
Can the extended term cover be purchased separately from the main policy?
No, the extended term cover cannot be purchased separately from the main policy. It is only available to the policyholder upon survival of the term of the main policy.
- The PDF describes the features and benefits of the New Bima Kiran life insurance plan.
- The policy term for the plan is 25 years, and the premium paying term is also 25 years.
- The sum assured for the plan is Rs. 100,000.
- Loyalty additions are a share of the profits of the Corporation’s life insurance business and are paid out in the form of additions to the policy.
- The amount of loyalty additions paid out depends on the future experience of the Corporation with regard to mortality, interest, and future expenses, as well as the term and duration of the policy.
- Loyalty additions are paid out along with death benefit or maturity benefits, provided the policy is in full force.
- No loyalty addition will be payable in case of death in the first 4 policy years.
- The death benefit payable is the sum assured plus loyalty additions, if any, in a lump sum upon the death of the life assured.
- An extended term cover (without accident benefit) is available to the policyholder upon survival of the term of the main policy.
- The extended term cover is available for a period of 10 years on a scale based on the policy term.
- The maturity benefit payable is a sum equal to the total amount of premiums paid (including accident benefit premium but excluding other extras) upon the life assured surviving the term.
- The PDF provides an illustration of the benefits of the plan based on two scenarios with projected investment rates of return of 6% p.a. and 10% p.a.
- The non-guaranteed benefits in the illustration are calculated to be consistent with the projected investment rate of return assumptions.
- The main objective of the illustration is to help the client understand the features of the product and the flow of benefits in different circumstances with some level of quantification.
- The PDF is intended for non-smoker male/female standard lives.
Key Features of LIC Jeevan Kiran
LIC Jeevan Kiran comes with several features that make it an attractive and reliable insurance option:
1. High Sum Assured Rebate
The plan offers a high sum assured rebate, rewarding individuals opting for substantial coverage with lower premiums.
2. Policy Term Flexibility
You have the freedom to choose a policy term based on your financial goals and requirements, ranging from 10 to 25 years.
3. Premium Payment Options
Jeevan Kiran allows you to pay premiums annually, semi-annually, quarterly, or even on a monthly basis, offering convenience and flexibility.
4. Grace Period
In case you miss a premium payment, the plan provides a grace period during which you can make the payment without losing coverage.
5. Revival Option
If the policy lapses due to non-payment of premiums, you have the opportunity to revive it within a specific period, subject to terms and conditions.
6. Surrender Value
Though Jeevan Kiran does not have a maturity benefit, you can surrender the policy to avail a surrender value if it has acquired a surrender value.
7. Tax Benefits
Enjoy tax benefits on premiums paid and the death benefit received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.
Eligibility Criteria
To be eligible for LIC Jeevan Kiran, individuals must meet certain criteria:
- Minimum Entry Age: 18 years
- Maximum Entry Age: 65 years
- Maximum Maturity Age: 75 years
- Minimum Sum Assured: INR 25,00,000
- Maximum Sum Assured: No limit (subject to underwriting)
Premium Calculation
Premiums for LIC Jeevan Kiran are determined based on several factors:
- Age of the Policyholder: Younger individuals generally receive lower premiums as they are considered less risky.
- Sum Assured: The chosen sum assured directly impacts the premium amount. Higher coverage might lead to slightly higher premiums.
- Policy Term: Longer policy terms may result in lower premiums, offering better value for money.
- Premium Payment Frequency: Choosing annual payments often comes with discounts compared to monthly payments.
- Smoker/Non-Smoker: Non-smokers are likely to get better premium rates than smokers due to lower associated health risks.
To get an accurate premium quote, it is advisable to use LIC’s online premium calculator or consult an LIC agent.
Benefits of LIC Jeevan Kiran
LIC Jeevan Kiran offers an array of benefits to policyholders:
1. Financial Security
The primary benefit of Jeevan Kiran is providing financial security to the policyholder’s family or dependents in case of the policyholder’s untimely demise during the policy term.
2. Flexibility
With flexible policy term options and premium payment frequencies, the plan caters to diverse individual preferences and financial capacities.
3. Affordable Premiums
As a pure term insurance plan, Jeevan Kiran comes with affordable premiums, ensuring that you receive maximum coverage for a minimal investment.
4. Tax Savings
By investing in Jeevan Kiran, policyholders can avail tax benefits under Section 80C for premiums paid and Section 10(10D) for the death benefit received.
5. No Maturity Benefit
While some might view the absence of a maturity benefit as a downside, it ensures that the plan remains focused on providing pure life cover.
6. Additional Riders
Policyholders can enhance their coverage by opting for additional riders such as accidental death benefit, critical illness cover, etc.
How to Purchase LIC Jeevan Kiran?
To purchase LIC Jeevan Kiran, follow these steps:
- Research: Understand the plan’s features and benefits, ensuring it aligns with your insurance needs.
- Contact LIC Agent: Get in touch with a licensed LIC agent who can guide you through the application process and help you with premium calculations.
- Form Filling: Complete the application form with accurate personal and financial information.
- Documentation: Submit the necessary documents, such as ID proof, address proof, age proof, and income proof, as per LIC’s requirements.
- Medical Examination: Undergo a medical examination if required by LIC based on your age and sum assured.
- Premium Payment: Pay the first premium amount as per the chosen frequency.
- Policy Issuance: Once the application is processed and approved, LIC will issue the policy document.
