The LIC Jeevan Sugam Policy is a onetime single premium plan, Non-ULIP plan. Launch date: February 25th, 2013 and this offer will only be opened for a limited period of 45 days. This policy if best for the people who have money saved in their home or who likes to save it in a bank for interest. The unique about this plan is one can get 10 times risk cover throughout the 10 years of the policy along with maturity sum assured.

Example: If a person paid 1 lakh as a single premium then after 10 years he will get Rs 207000+loyalty bonus. In case of natural or accidental death of the policy holder, their nominee will get 1 million + loyalty bonus. Ref.

Lic Jeevan Sugam

Requirements and Conditions

  1. Minimum age: 8 years completed. (Form no. 300 up to 18 years)
  2. Maximum age:  Up to 45 years. (Form no. 340 for above 18 years)
  3. Guaranteed Maturity Sum Assured: Minimum – 60000 with NO maximum limit.
  4. Risk Cover = 10 times of the single premium paid.

Death Cover:

  • If the death of the policy holder occurred within 5 years of this LIC policy start date then an amount of 10 times of the single premium will be paid to the nominee.
  • If the death of the policy holder occurred after completing 5 years of the policy start date then an amount which is 10 times of the single premium paid + Loyalty bonus will be paid to the nominee.

lic jeevan sugam table 813Surrender:

The policy holder can surrender their  policy at any time.

  • If surrendered within 1 year from the policy start date then 70% of the single premium paid will be refundable.
  • If surrendered after complete 1 year then 90% of the premium paid will be refundable.

Loan:

Loan is available on Sugam policy at 10.45% rate of interest compounded half yearly.

NOTE:

For people with 46 years of age and want this policy. Backdating can be done in the same financial year and interest rate be charged is 10 % per annum. This plan is available till March 31st, 2013. Download RR chart for Lic Jeevan Sugam and Lic Jeevan Sugam CalculatorClick here for more details.