LIC Jeevan Shagun Policy
LIC Jeevan Shagun Policy Introduction
LIC Jeevan Shagun is a Single Premium Money Back Policy. LIC Jeevan Shagun Provides High Level of Death Cover like Jeevan Saral during the term of the Policy.
In LIC Jeevan Shagun Policy, Policy Holder has a Option to Select Maturity Sum Assured based on it Single Premium is Fixed. Special Feature of this policy is At the time of taking the policy itself we can know the maturity amount that we get after the term of the policy.Lic jeevan shagun is a non-linked,with-profit, single premium money back policy which provides for high level of death cover during the policy and a maturity sum assured along with loyalty addition.
LIC Jeevan Shagun is a savings and protection single premium plan wherein the risk cover is a multiple of single premium.A percentage of Maturity Sum Assured shall be payable on surviving to the end of the specified durations and on maturity. LIC Jeevan Shagun plan also takes care of liquidity need through its loan facility.
LIC Jeevan Shagun Policy Information
Eligibility and Conditions:
| Minimum Entry Age : | 8 Years (Completed) |
| Maximum Entry Age : | 45 Years |
| Minimum Maturity Sum Assured : | Rs. 60,000 /- |
| Maximum Maturity Sum Assured : | No Limit |
- Maturity Sum Assured shall be in multiple of Rs. 5000/-
- Premium Payment : One Time Payment
- policy Term : 12 Years
LIC New Jeevan Shagun Review and key features
- LIC Jeevan Shagun is a single premium participating money back plan
- On Policy Maturity, 65% of the Maturity Sum Assured + Loyalty Additions would be paid
- If the Life Insured dies within the Policy Tenure, the Sum Assured + Loyalty Additions would be paid to the nominee
- On survival, 15% of the Maturity Sum Assured is paid at the end of 10th policy year
- On survival, 20% of the Maturity Sum Assured is paid at the end of 11th policy year
LIC New Jeevan Shagun Review and Benefits
1.Death Benefit:
- Death During the first 5 Years from the date of taking Policy :
Basic Sum Assured i.e. 10 times of the single Premium Payable
- Death after 5 Years from the date of taking Policy :
Basic Sum Assured i.e. 10 times of the single Premium Along with Loyalty Addition if any.
2.Survival Benefit:
- On Life Assured surviving to the end of the specified durations, the following Survival benefit shall be payable.
- At the end of 10th policy year: 15% of the Maturity Sum Assured.
- At the end of 11th policy year: 20% of the Maturity Sum Assured.
3.Maturity Benefit:
- At end of the Policy Term 65% of Maturity Sum Assured along with Loyalty Addition is payable.
4.Loyalty Addition:
- The policies under this plan shall be eligible for share in surplus (profits) in the form of Loyalty Addition, depending upon the experience of the Corporation. The Loyalty Addition, if any, shall be payable at such rate and on such terms as may be declared by the Corporation, on death or surrender, provided the policy has run for at least five policy years or on policyholder surviving to the maturity.
LIC New Jeevan Shagun Policy Rebates
There is rebate in premium for High Maturity Sum Assured of more than Rs 1.5 Lacs
| Maturity Sum Assured | Rebates per 1000 Rs MSA |
| Up to Rs. 1,50,000 /- | Nil |
| Rs. 1,50,000 /- to Rs. 3,95,000 /- | Rs. 15 /- |
| Rs. 4,00,000 and above | Rs. 20 /- |
LIC Jeevan Shagun Policy Calculator
You can calculate your premium with Lic jeevan shagun policy calculator for that you have to enter your details:
- Name
- Email ID
- Mobile No
- Age
- Term
LIC Jeevan Shagun Surrender Value
Policy can be surrendered at any time during the term of the policy.
Guaranteed Surrender value :
- If the Policy is surrendered during the first year from the date of taking the policy only 75% of Single Premium is paid back.
- If the Policy is Surrendered after first year from the date of taking the policy then 90 % of Single Premium is Paid Back excluding any survival benefits paid and taxes. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
LIC New Jeevan Shagun details
LIC Jeevan Shagun Loan Value:
Loan is available under this plan after completion of one policy Year. Loan is given based on Surrender value and Policy Year.
| Policy Year | Loan given as % of Surrender Value |
| 2nd to 3rd year | 50% |
| 4th to 6th year | 60% |
| 7th to 9th year | 70% |
| 10th to 12th year | 90% |
Proposal Form:
Proposal Form No is 300 or 340
Tax:
Taxes, including Service Tax, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
COOLING- OFF PERIOD:
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may returned to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges and any charges incurred on medical examination and special reports.
EXCLUSIONS:
The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid excluding taxes and any extra premium paid.
LIC New Jeevan Shagun Claim process
- The normal documents which the claimant shall submit while lodging the claim in case of death of the Life Assured shall be the claim forms, as prescribed by the Corporation, accompanied with original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account, proof of title.
- proof of death, medical treatment prior to death, school! college! employer’s certificate, whichever is applicable, to the satisfaction of the Corporation.
- If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.
LIC New Jeevan Shagun Example
LIC New Jeevan Shagun Example 1:
Mr.kumar had taken the lic jeevan shagun policy at age 30 years
and his policy term is 12,mode of premium payment is single Rs.31275
then the Maturity Sum Assured is 60,000
and his Basic Sum Assured is 312750
LIC New Jeevan Shagun FAQs
1.Is Loan is Available for Lic Jeevan Shagun policy?
A.Loan is available under this plan after completion of one policy Year. Loan is given based on Surrender value and Policy Year.
2.What are the benefits covered in Lic Jeevan Shagun policy?
A.Death Benefit,Maturity benefit,Survival benefit,Loyality Addition.
3.what happens if You stop paying the premium?
A.Lic Jeevan Shagun is a Single Premium Plan, there is no requirement of further payment of premium.
4.If You want to surrender the policy?
A. The Guaranteed Surrender Value for the 1st year is: 70% of the Single Premium paid excluding extra premiums and taxes, if any and then 90% of the Single Premium paid excluding taxes, any extra premium paid and survival benefits, if paid earlier.
LIC New Jeevan Shagun Customer care
Lic Toll Free Number:
1800-22-4077
Lic Policy Enquiry:
1251(BSNL/MTNL)(Available in following cities:Asansol,Allahabad,Varanasi,Shimla etc.)
Mon to Fri 8.00 am to 8.00 pm and sat 10 am to 6 pm.
LIC New Jeevan Shagun Documents
LIC life insurance Jeevan Shagun Policy Circular
LIC New Jeevan Shagun Premium Table:
LIC life insurance Jeevan Shagun Policy Premium Chart