LIC Jeevan Shikhar Plan
LIC Jeevan Shikhar is a participating, non-linked single premium plan which gives the risk cover ten times the tabular Single premium. This Jeevan Shikar Plan was introduced on 11th January 2016. The Unique Identification Number is UIN: 512N305V01. People who have an interest in buying a Single Premium Policy with saving cum protection can buy this policy.
In this policy, Life Assured has an option to chose Maturity Sum Assured. Proposer should pay the premium based on the chosen Maturity SA and Age at Entry. It also takes care of the liquidityamount through its loan Facility. The complete details like Benefits, Features, Eligibility Criteria, etc are given in the following sections.
LIC Jeevan Shikar Features and Benefits
Every plan has some Features and Benefits. LIC Corporation India has designed a set of rules under this scheme. For the better understanding of Life assured, we have provided some information regarding Features and Benefits under this Jeevan Shikar 837 plan. Check the Features of this Plan, so that you can complete knowledge on this plan.
The Features of Jeevan Shikhar Policy are
- Grace Period.
- Revival Period.
- Surrender Value.
- Cooling off Period.
If the Policyholder doesn’t pay the premium within the time, the company will extend the time to pay the premium is a grace period. LIC Jeevan Shikhar 837 Plan has the grace period of 30 days. Assured candidate can pay the premium within this Grace Period.
If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be the lapse. A lapsed Term Plan will be revived within the two consecutive years from the date of first unpaid premium. This Term plan will be revived before the expiry period of Policy term.
The surrender value is available for the policyholder if he wants to return the policy with in the policy term.
Free Look Period:
If you are not satisfied with the Terms and Conditions of the Policy, you can return the LIC Jeevan Shikhar 837 Plan within the 15 days from the Date of receipt of the Policy.
- Stamp Duty Charges.
- Actual cost of medical examination and special reports, if any;
- The proportionate risk premium for the period on covers as per C.O. Circular Ref: CO/PD/39 dated 31st December 2013
LIC’s Jeevan Shikhar Plan Benefits
As every policy has some benefits, LIC 837 Jeevan Shikhar Plan also has some benefits. These benefits are applicable for the Policyholder only when they pay the premium completely. Some Benefits of LIC Endowment Plan are
- Death Benefit.
- Maturity Benefit.
If the death of the policyholder occurs during first five policy years
Before the date of Commencement of Risk:
Single Premium will be refunded excluding service tax and extra premium(if any), without any interest.
After the date of Commencement of Risk:
If the death of the policyholder occurs after the completion of five policy years but before the stipulated Date of Maturity, then the death benefit will be basic Sum Assured shall be payable along with the loyalty addition if any.
Basic Sum Assured is ten times the tabular single premium.
On the survival of the life assured to the end of the policy term, the Basic Sum Assured shall be payable along with the Loyalty Addition(if any).
The Loyalty Addition (if any) shall be payable on such terms as may be declared by the LIC Corporation. Loyalty Addition is payable on the death of policyholder or surrender, provided the policy has run for at least five policy years or on Policyholder surviving till the Maturity.
LIC Jeevan Shikar Eligibility Criteria & Conditions
LIC’s Jeevan Shikhar Plan has some eligibility conditions regarding the entry age, sum assured, policy term, etc. Check the Eligibility conditions for the Jeevan Shikhar Insurance Plan.
|Sum Assured||Minimum||Rs. 1,00,000|
|Age at Entry||Minimum||6 years (completed)|
|Maximum||45 years (nearest birthday)|
Premium Payment Mode
Sample Premium Rates for LIC’s Jeevan Shikhar Policy
Specimen tabular Single Premium rates for some of the ages per Rs.1000/- Maturity Sum Assured are as under:
|Age at entry (Nearest Birthday)||Tabular Single Premium Rates (Rs.)|
LIC Jeevan Shikhar Rebates
A rebate is the portion of interest earned by the owner (lender) of securities that are paid to a short seller (borrower) of the Securities. The Rebate provided under LIC Jeevan Shikhar Policy is High Sum Assured Rebate.
High Sum Assured Rebate:
|Maturity Sum Assured (M.S.A)||Reduction in Tabular premium per Rs.1000/- Maturity Sum Assured|
|Rs.2,00,000 to Rs. 4,80,000||Rs. 15.00|
|Rs.5,00,000 and Rs. 9,80,000||Rs. 20.00|
|Rs.10,00,000 and above||Rs. 25.00|
CEIS Rebate of 2% of the tabular premium will be provided under this policy.
LIC India Jeevan Shikhar Premium Calculator
To calculate the premium and Maturity Benefit for the Jeevan Shikhar Plan, there is need of some data. The general data required for the LIC 837 Plan Premium Calculator is
- Name of the Policyholder.
- Email Id.
- Mobile Number.
- Age Proof.
- Policy Term.
- Sum Assured.
How to buy LIC Jeevan Shikhar Policy?
The policyholder can visit the nearest LIC Branch Office to buy the Proposal form. Or you can go through the online to purchase the Policy. You can also get the LIC Jeevan Shikhar 837 Plan through the Agent.
Documents needed for LIC India Jeevan Shikhar
- Application form/ Proposal form along with a photo.
- Address Proof.
- Age Proof.
- Medical reports (If required).
Note: Proposal form No. 300, 340 and 360 will be applicable under this plan.
Claim Procedure for LIC Jeevan Shikhar 837 Plan
Nominees can claim for the Jeevan Shikhar Plan after the death of the policyholder or after the successful completion of the premium.
The documents required to claim for the LIC Shikhar Plan are
- Original Policy Document.
- Proof of title.
- Death Proof.
- Medical treatment documents before death.
- Age proof.
LIC Corporation has designed some exclusions under this plan. Nominees of the Life assured cannot have the death benefit under these conditions. Some Exclusion under this Jeevan Shikhar Plan are
If the policyholder committed suicide for any reason within the 12 months of the date of commencement of risk or from the date of revival. The nominees will get the 90% of the premium paid till the date.
If Age of Life Assured is below 8 years this suicide clause will not apply. Single Premium value will be refunded without any interest.
Additional Information on LIC 837 Jeevan Shikhar Endowment Plan
If the insured candidate wants to return the policy within the Minimum Policy Term, the surrender value will be paid to the policyholder. There are two types of Surrender Values.
- GSV (Guaranteed Surrender Value).
- SSV (Special Surrender Value).
Guaranteed Surrender Value: The Guaranteed Surrender Value shall be,
- First Year – 70% of single premium paid excluding service tax and extra premiums paid, if any.
- Thereafter – 90% of single premium paid excluding service tax and extra premiums paid if any.
Special Surrender Value:
The Life Assured will get the Special Surrender Value as applicable as on date of surrender provided the same is higher than GSV.
Policy Stamping Charges will be applicable for 20 paise for 1000 of total sum assured value.
Assignments & Nominations:
Assignments and Nominations are available under this LIC 837 Jeevan Shikhar plan.
Loan: There is a loan facility under this LIC Jeevan Shikhar 837 Plan. The loan is available is after three months of the policy insurance.
Taxes: Taxes are applicable (if any) based on the Taxes law, and Rate of Taxes will be applicable time to time.
FAQ’S on LIC Jeevan Shikar 837 Plan
Is there any loan facility under this plan?
Yes, there is a loan facility under this plan.
|Policy year||Maximum Loan Amount as a % of surrender value for age at entry <=35||Maximum Loan Amount as a % of surrender value for age at entry >35 years.|
|* 3 month to 3rd||55%||35%|
|4th to 6th||65%||50%|
|7th to 9th||75%||70%|
|10th to 12th||80%||80%|
|13th to 15th||85%||85%|
Can I surrender my policy within the Policy Term?
A. Yes, you can surrender the policy before the Policy term. If the insured candidate wants to return the policy within the Minimum Policy Term, the surrender value will be paid to the policyholder.
Can I continue my policy after the grace period?
A. Yes, the policy can be revived within the two consecutive years from the date of first unpaid premium.