LIC Jeevan Shagun Policy Review
LIC Jeevan Shagun Policy (Plan. No 826) is a Non-Linked With Profit Single Premium Money Back Insurance Plan introduced by the Life Insurance Corporation of India. LIC of India has introduced this Plan on 01st September 2014 with a Unique Identification Number of 512N290V01.
LIC Jeevan Shagun Money Back Insurance Plan No. 826 has introduced to provide the High Leve Death Cover for the Policyholder during the Policy Term and offers a lump-sum Amount of Maturity Sum along with the Loyalty Addition if any.
In LIC Jeevan Shagun Plan Lif Assured/Proposer has the Option to choose Maturity Sum Assured and Single Premium Payable. The Single Premium Payable will depend on the Maturity Sum Assured and the Age of the Life Assured.
LIC Jeevan Shagun Plan No. 826 Benefits & Features
Benefits of LIC Jeevan Shagun Policy
- On Death During First Five Years of Policy: The Corporation will pay the Basic Sum Assured i.e 10 times the Single Premium to the Nominee.
- On Death During the Policy Term (after Completion of Five Policy years): The Corporation will pay the Basic Sum Assured i.e 10 times the Single Premium along with the Loyalty Addition if any.
Survival Benefit: On the Survival of the Life Assured until the End of the Policy Period, the Corporation will pay the following Survival Benefits to the Policyholder.
- At the End of 10th Policy Year: 15% of Maturity Sum Assured.
- At the End of 11th Policy year: 20% of Maturity Sum Assured.
Maturity Benefit: On the Survival of the Life Assured until the End of the Policy Period, the Corporation will pay 65% of the Maturity Sum Assured along with the Loyalty Addition if any.
Loyalty Addition: The Participation in the Profits of the Corporation called as Loyalty Addition. The policies under this Plan are eligible to get the share in surplus (profits) in the form of Loyalty Addition, depending upon the experience of the Corporation.
LIC Jeevan Shagun Features
- LIC Jeevan Shagun Policy is a Single Premium Participating Money Back Insurance Plan.
- The Policyholder will get the 65% of the Maturity Sum Assured along with the Loyalty Addition after Completion of Maturity Period.
- If the Life Assured survived until the end of the Policy Period policy holder will get 15% of the Maturity Sum Assured at the end of the 10th Policy year and 20% of the Maturity Sum Assured at the end of the 11th Policy year.
- The Policyholder will get the Extra Loyalty Addition along with the Maturity Sum Assured at the end of the policy period.
- You can surrender the policy at any time during the policy period subject to realization of the Premium Cheque.
- You can get the Guaranteed Surrender Value and Special Surrender Value on Surrendering of the Policy.
- If you are not satisfied with the “Terms and Conditions” of the Policy you can return your LIC Jeevan Shagun Policy before completion of the Free-look Period.
Eligibility Conditions for LIC Jeevan Shagun Plan
|Policy Term||12 years.|
|Maturity Sum Assured (The Basic Sum Assured shall be in Multiples of Rs. 5000/-)||Minimum: Rs. 60,000/-Maximum: No Limit.|
|Premium Payment Mode||Single Premium|
LIC Jeevan Shagun Premium Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy By Using the LIC Jeevan Shagun Premium Calculator. The Amount of Single Premium Paid will depend on the Maturity Sum Assured and Age of the Life Assured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
LIC Jeevan Shagun Money Back Plan Rebates
LIC provides Rebates for the Policyholders under this Policy. Rebate means getting a discount on tabular premium as per the payment mode of the policy. The Rate of Rebates for LIC Jeevan Shagun Policy is given below.
High Maturity Sum Assured Rebate:
|Maturity Sum Assured||Rebates per Rs. 1000/- MSA|
|Below Rs. 1,50,000/-||NIL|
|Rs. 1,50,000 /- to Rs. 3,95,000 /-||Rs. 15 /-|
|Rs. 4,00,000 and above||Rs. 20 /-|
CEIS Rebate: An Employee of the Corporation is eligible for the Rebate on the tabular Premium under Corporate Employees Insurance Scheme (CEIS). The Employee will get CEIS Rebate of 2% on the Tabular Premium.
LIC Jeevan Shagun Money Back Policy Buying Procedure
You can Buy the LIC Jeevan Shagun Policy from the Nearest LIC Branch Office or from the LIC Agent. You can also get Proposal form required to buy the Policy at the LIC Official website. The Documents required for buying LIC Jeevan Shagun Money Back Plan are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
LIC Jeevan Shagun Claim Process
The Policy Holder / Nominee can apply for the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Policyholder within the Policy Term or if your Policy Maturity Period completed. You can get the Claim Form from the LIC Regional Offices or from the Official Website of LIC. The Documents required in LIC Claim Process are
- NEFT form.
- Discharge form.
- Cancel check or Bank Passbook xerox.
- Policy bond.
- Death Certificate.
- Medical Reports.
LIC Jeevan Shagun Plan No. 826 Details
Loan Facility: Loan facility is available under this plan at any time after completion of one Policy year. The Amount of Loan given to the Policyholder depends on the Surrender Value and Policy year.
|Policy Year||Loan as % of Surrender Value|
|2nd to 3rd year||50%|
|4th to 6th year||60%|
|7th to 9th year||70%|
|10th to 12th year||90%|
Taxes: Taxes including Service Tax and any Other Taxes on premiums including extra premiums shall be Payable by the Policy Holder as per the Tax Laws and the rate of Tax shall be as applicable from time to time.
Free-look Period: Policyholder can return the Policy within 15 Days from the date of receipt of the Policy Bond, If the Policy Holder not satisfied with the Terms and Conditions of the Policy.
Exclusions of LIC Jeevan Shagun Money Back Plan
Suicidal Exclusion: If the Life Assured commits suicide at any time within one year / 12 months from the date of commencement of risk, the Corporation will not entertain any Claim, but the Corporation will give you 90% of the Single premium paid excluding any taxes and Extra Premium paid.
Surrender Value: The Policyholder can surrender his/her LIC Jeevan Shagun policy at any time during the policy period subject to realization of the Premium Cheque. The Guaranteed Surrender Value and Special Surrender Value is payable on surrendering the policy.
- Guaranteed Surrender Value: The Guaranteed Surrendered Value will be as follows
- For First Year: 70% of the Single Premium Paid excluding Extra Premiums Paid and Taxes.
- Thereafter: 90% of the Single Premium Paid excluding Extra Premiums Paid, Survival Benefits.
- Special Surrender Value: The Corporation will pay Special Surrender Value as applicable on the date of surrender provided the same is higher than Guaranteed Surrender Value.
Back-dating Interest: The Policies can be Dated back within the Same Financial year. The corporation will charge the Rate of Back-dating Interest from time to time of completion of policy.
Proposal Forms: Proposal Form no. 300 or 340 will be useful for this Plan.
FAQ’s on LIC Jeevan Shagun Policy
1. Is Loan Facility available under this Policy?
Ans: Yes, Loan Facility is available under this Plan at any time after completion of one Policy year.
2. Is any Rider available under this Policy?
Ans: No Special Riders are available under this Policy.
3. what happens if You stop paying the premium?
Ans: Lic Jeevan Shagun is a Single Premium Plan, there is no requirement of further payment of premium.