LIC Jeevan Kiran

Add-on Riders

LIC Jeevan Kiran offers additional benefits that can be added to the base policy to enhance coverage. These add-on riders provide extra protection and features above the base policy benefits. An individual can purchase the add-on riders under the following condition

For Single Premium Payment: LIC’s Accidental Death and Disability Benefit Rider at the time of policy inception

For Regular Premium Payment: LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider, anytime within the policy paying term

• Suppose you opted for LIC’s Accidental Death and Disability Benefit Rider, in case of accidental death. In that case, the Accidental Benefit Sum Assured is payable to the nominee in a lump sum with the death benefit of the base policy. In case of accidental disability due to an accident (within 180 days of the date of the accident), Accident Benefit Sum Assured is paid in equal instalments over 10 years.
• Suppose you opted for LIC’s Accident Benefit Rider, in case of accidental death. In that case, the Accidental Benefit Sum Assured is paid to the nominee in a lump sum with the death benefit of the base policy.

Settlement Option for Maturity Benefit

The policyholder is given a settlement option under LIC Jeevan Kiran policy to receive the maturity benefit in instalments spread over 5 years instead in a single lump-sum amount. The instalments are paid in advance at yearly or half-yearly intervals (as opted) as under

Death Benefits in Installment

If the policyholder opts for the option, they can receive the death benefit in instalments over a period of 5 years instead of a lump sum amount. The instalments are paid in advance at yearly or half-yearly intervals (as opted) as under

Payment of Premiums

The policyholder can pay the premiums in a single or regular mode in an interval of yearly or half-yearly premium payments. The premium amount depends upon the entry age of the life assured, smoking habits, sum assured, and policy tenure.

Grace Period

In case the policyholder misses paying the premium within the estimated date, a 30-day grace period is provided to the policyholder in case of yearly or half-yearly premium payments. The policy is enforced during this period, and all the benefits are valid without interruption.

Revival

If the premium under the LIC Jeevan Kiran policy is not paid before the expiry of the grace period, then the policy lapses. The policy can be revived within 5 consecutive years of the first unpaid premium payment but before the maturity date of the policy.

Rebates

LIC Jeevan Kiran offers attractive rebates/discounts on High Sum Assured under regular premium payments, single premium, modal loading, and online policy sales. The rebates are applicable as

Rebates for High Sum Assured

The rate of rebates varies depending upon the premium payment option you selected at the time of purchase of the policy.

Under Regular Premium Payment

Rebates for Modal Loading

These rebates are only applicable for the Regular Premium Payment

Rebates Under Online Sale

For the Jeevan Kiran LIC policy purchased via online medium without any assistance of intermediaries or agent, the policyholder is eligible for the following rebates

Paid-up Value

If the policyholder pays the premium for at least two full years and fails to pay any subsequent premiums, the policy does not become whole void but stands as a paid-up policy till the end of the policy term.

The death benefits paid under a paid-up policy are called Death Paid-up Sum Assured. The sum assured on maturity under a paid-up policy is known as Maturity Paid-up Sum Assured.

Surrender Value

The policyholder can surrender the policy at any time during the policy term, and thereafter the policy acquires a surrender value. For a Regular Premium payment policy, the surrender is allowed when two years of premium payment have been paid. For a single premium payment policy, the policyholder can surrender the policy anytime during the policy term.

The surrender value payable is higher of
Guaranteed Surrender Value, or
Special Surrender Value

Free-Look Period

The LIC Jeevan Kiran offers a free-look period of 30 days from the date of purchase, during which the policyholder can return the policy to the corporation if they are not satisfied with the terms and conditions of the policy. Thereafter, the corporation is entitled to cancel the policy and return the premium amount deposited after deducting applicable charges.