LIC Jeevan Sugam Plan is a one time single premium, 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 10 lakhs + loyalty bonus. Ref.
LIC Jeevan Sugam Requirements and Conditions
Minimum age: 8 years completed. (Form 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.
LIC Jeevan Sugam Death Cover:
- If death of the policy holder occurred within 5 years of LIC Jeevan Sugam policy start date then an amount of 10 times of the single premium will be paid to the nominee.
- If death of the policy holder occurred after complete 5 years of the LIC Jeevan Sugam 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 LIC Jeevan Sugam policy at 10.45% rate of interest compounded half yearly.
For people with 46 years of age and want this policy. Back dating 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 for Jeevan Sugam. Click here for more details.