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.
Requirements and Conditions
- Minimum age: 8 years completed. (Form no. 300 up to 18 years)
- Maximum age: Up to 45 years. (Form no. 340 for above 18 years)
- Guaranteed Maturity Sum Assured: Minimum – 60000 with NO maximum limit.
- Risk Cover = 10 times of the single premium paid.
- 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.
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 is available on Sugam policy at 10.45% rate of interest compounded half yearly.
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 Calculator. Click here for more details.