LIC Jeevan Kiran Policy

With every sunrise comes the opportunity to start over and pursue your dreams. In these pursuits, we strive to create a secure future, as life is a journey filled with both highs and lows. It is true that we can never truly predict what the next turn might bring up. This is where LIC Jeevan Kiran comes in—not just as a policy but as a protection cover in the times of important life events.

Have you thought about how to strike a balance between your obligations and your dreams? It might be difficult to manage, whether you're planning for the education of your kid, a new house, or your ideal vacation. With LIC Jeevan Kiran, you can set your objectives and establish a safety net for your journey ahead.

For example, Kiara is a young mother who works hard and has high hopes for her family. Along with saving for their future home, Kiara wants to provide her daughter with the best education possible. However, she fears the worst, just like the majority of us. What if she passes away and is unable to support her family? Kiara decided to give herself peace of mind by choosing LIC Jeevan Kiran. She is currently saving for her goals while being assured that her family will always be safe.

What would you have done if you were at Kiara’s place?

What if you could protect your family's welfare while also saving for your future goals?

These aspirations may come true through the special advantages this plan offers. Let's discuss how LIC Jeevan Kiran can assist you in building a secure and enjoyable life.

Continue reading!
 

Key Features Of LIC Jeevan Kiran

The LIC Jeevan Kiran plan has several notable features:

This plan is an individual, savings, life insurance plan that is non-linked and non-participating. It simply means that you do not receive a portion of the company's profits (non-participating) and that the benefits are not related to market performance (non-linked). Rather, LIC Jeevan Kiran provides fixed benefits, which yield a consistent and reliable outcome.

The policy does not provide discretionary benefits like bonuses or a share in surplus because it does not participate in the company's profits.

Here are a few features that you can take advantage of under LIC Jeevan Kiran -

• Life Insurance Coverage:
  The policy protects your loved ones in the event of your untimely passing during the policy term, which is one of the benefits of LIC Jeevan Kiran.
   
• Return Of Premiums:
  If you survive until policy maturity, you will get your whole premium payment back (minus taxes , any extra premiums and any rider premiums).
   
• Flexibility:
  • There are two premium payment options available to you - Single Premium and Regular Premium Payment.
  • Depending on the needs you have, you can also choose how long the protection period lasts.
  • Based on your convenient choice, you or your nominee may receive benefits in instalments as opposed to a lump sum payment.

LIC Jeevan Kiran is a suitable option for individuals looking for stability in their life insurance plans because it combines security, flexibility, and fixed returns. Some additional benefits include -

• • It offers an attractive high sum assured rebate
  • Two different premium rates are available from LIC Jeevan Kiran depending on your smoking habits:
    • Non-Smoker Rates: You will pay less for your insurance policy under this category if your urine cotinine test results indicate that you are not a smoker.
    • Smoker Rates: The smoker rates will be applicable if the test findings do not qualify you as a non-smoker or if the test is not taken.
       
• Option To Enhance Coverage:
  The Accident Benefit Rider and the Accidental Death Disability Benefit Rider are options for those who want to boost their level of protection. You and your family will be more secure with this additional coverage, which comes at an additional price.
   

Benefits Of LIC Jeevan Kiran

LIC Jeevan Kiran is a robust life insurance option because it provides plenty of valuable advantages. Some of the benefits are -

• Dual Benefits
  The plan comes with dual benefits -
• • Death Benefit: Depending on the mode of premium payment, the plan provides substantial financial protection in the regrettable event of your passing.
• Regular Premium Policy: The death benefit is calculated as the highest of the following -
  • The basic sum assured, or
  • 7 times the annualised premium, or
  • 105% of the total premiums paid.
• Single Premium Policy: The death benefit for single premium payments will be the higher of -
  • The basic sum assured, or
  • 125% of the single premium paid.
• • Maturity Benefit: Should you outlive the policy's maturity, you will be entitled to the following -
    • Regular Premium Policy: The sum assured at maturity is equal to the total premiums paid over the policy term.
    • Single Premium Policy: The sum assured at maturity is equal to the single premium paid during policy purchase.

If you want to know the maturity value of the policy, you can use the LIC Jeevan Kiran maturity calculator.

Note: The premiums mentioned above  do not include taxes, rider charges, and  extra premiums.

• Optional Riders
  You have the choice to add optional riders for additional protection against life's unforeseen circumstances. These include the Accident Benefit Rider and the Accidental Death and Disability Benefit Rider, which offer increased financial stability in case of an accidental death or disability.
   
• Settlement Option (For Maturity Benefit)
  The Settlement Option is yet another alluring aspect of the LIC Jeevan Kiran plan. You might choose to distribute the maturity benefit over five years rather than receiving it all at once.
  
  This option, available under specific terms and conditions, offers the flexibility to receive benefits gradually. This approach can be especially helpful for managing large sums more effectively over time. With this plan, you can choose to receive instalments in advance at intervals that suit you—whether yearly, half-yearly, quarterly, or monthly, based on your preference. Just keep in mind that each payment mode has a minimum instalment amount.
   
• Option To Get Death Benefit In Instalments
  You can choose to get the death benefit in instalments in both paid-up and in-force plans, albeit there are certain restrictions. Instead of receiving the death benefit in one lump sum, you can choose for your nominee to receive instalments over a five-year period. This choice, which is accessible under both paid-up and in-force policies, provides flexibility for efficient money management in difficult circumstances.
  
  When the life assured chooses this option, the nominee will receive the death claim amount in line with the schedule the life assured has selected, and they are not permitted to make any modifications thereafter. You can choose between yearly, half-yearly, quarterly, or monthly intervals for the instalments, which will be paid in advance. The minimum amount of the instalments will depend on the payment method chosen.
  
  This option for the death claim amount, available under specific terms and conditions, provides the flexibility to receive benefits gradually. This allows for a smoother, more manageable approach to handling large funds over time, helping ensure effective financial management when it matters most. In addition, you can customise the plan to suit your financial requirements and preferences by choosing to pay regular premiums or a single premium.
  
  LIC Jeevan Kiran is a cost-effective and versatile life insurance plan because of its various payout options and premium payment options.
   

Eligibility Criteria Of LIC Jeevan Kiran

Here is a brief overview of the key requirements for eligibility-

• 18 years old (last birthday) is the minimum age for entry.
• 65 years old (last birthday) is the maximum age for entry.
• 28 years old (last birthday) is the minimum age at maturity.
• 80 years old (last birthday) is the maximum age at maturity.
• Policy Duration
  • You can choose a length that fits your financial planning and life goals by choosing from a range of 10 to 40 years for the policy term.
• Minimum Basic Sum Assured: Rs. 15,000,000 is the minimum basic sum assured.
• Maximum Basic Sum Assured: There are no limits for the maximum sum assured. However, the amount is subject to underwriting decisions as per Board Approved Underwriting policy.
• Minimal Premium:
  • The minimum premium for single premium policies is Rs. 30,000.
  • The minimum instalment premium for regular premium policies is Rs. 3,000.
     

Premium Details Of LIC Jeevan Kiran

Regular Premium and Single Premium payment options are the two flexible choices offered by LIC Jeevan Kiran.

Those who choose regular premiums have the option of paying either annually or half-yearly, which gives you some flexibility in selecting the payment schedule that works best for you.

The policy duration, the insured's age, smoking habits, and the sum assured are some of those factors that affect the premium amount. The minimum premium for Single Premium plans is Rs. 30,000, while for Regular Premiums, it is Rs. 3,000. Should your calculated instalment premium fall below these minimal thresholds, the insurance policy conditions will be modified to either meet or surpass the necessary amount.

To make things even simpler, you have the convenient option of an online LIC Jeevan Kiran premium calculator that lets you generate premium quotes right away. This might assist you in making wise choices with just a few clicks!
 

Policy Details Of LIC Jeevan Kiran

Here are some of the Jeevan Kiran LIC policy details that you should know about:

• Grace Period
  For yearly or half-yearly premiums under regular premium payment option, LIC Jeevan Kiran guarantees a 30-day grace period beginning on the date of the First Unpaid Premium. Your insurance policy will remain in force throughout this grace period, and risk coverage will continue as per the terms of the policy without interruption. However, the insurance policy will expire if the premium is not paid within this period. It’s important to note that the grace period also extends to rider premiums, which must be paid along with the base policy premium.
   
• Rebates And Loadings
  For both regular and single premium payment options, LIC Jeevan Kiran provides high sum assured rebates. The rebate percentage rises with the basic sum assured amount for regular premium payments, and the percentage varies by age group. Likewise, for single premium payments, the rebate is determined by the basic sum assured and age, offering financial incentives for choosing a higher cover amount.
  
  For individuals who complete their proposals online without the assistance of an agent or middleman, there is yet another significant advantage. A lucrative incentive for the direct approach is provided by LIC Jeevan Kiran's rebate on the tabular premium, which is 10% for regular premium payments and 2% for single premium payments.
  Keep in mind that regular premium payments have a 2% loading applied to half-yearly payments based on the annual premium amount, but there is no modal loading for yearly payments.
   
• Policy Revival
  The coverage will expire if premiums are not paid during the grace period. There is good news, though! As long as all arrears and interest are paid and continued insurability is maintained, a lapsed policy may be renewed within five consecutive years of the first unpaid premium.
  
  It's crucial to remember that the insurer might choose to approve the revival on the terms that were first agreed upon, change those terms, or reject the revival request completely. Only until your revival request has been approved and the insurer issues a revival receipt, the revival becomes effective.
  The policy documents specify the specific financial parameters that will be used to establish the interest rate for revival. Also, keep in mind that riders will only be revived when combined with the base policy— not independently.
   
• Paid-Up Value
  There's no need to worry if you have paid premiums for at least two whole years and are unable to make any more payments. Your policy will continue to be in effect until the end of the policy term, as a paid-up policy.
  
  Let's now discuss the benefits of a paid-up policy.
  
  "Death Paid-up Sum Assured" is the term used to describe the death benefit under a paid-up policy. This sum is determined by multiplying the original "Sum Assured on Death" by the ratio of the total time premiums have been paid to the maximum time premiums were initially due. This simply indicates that this amount will be paid out in a lump sum with no additional benefits if the life assured passes away within the policy term.
  The maturity benefit will be adjusted to reflect the 'Maturity Paid-up Sum Assured,' which is calculated in the same way as the Death Paid-up Sum Assured and is payable at maturity. It's crucial to remember that riders are exempt from these non-forfeiture clauses. Riders do not accrue any paid-up value, and if the policy expires, they will no longer get benefits. Therefore, it's essential to remember that when handling your policy!
   
• Policy Surrender
  You can surrender your policy at any point throughout the policy term as long as you have paid the premiums for at least two complete years in a regular premium policy. However, as you have already paid the entire premium in a single shot, single premium insurance policies give you that option to surrender the policy at any point during the policy period.
  
  The Surrender Value will be the greater amount between the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV) for your policy when you surrender it. Let's take a better and closer look at those -
  
  Guaranteed Surrender Value (GSV):
• • For Single Premium Plans:
    • The GSV will equal 75% of the single premium paid for the first three insurance years.
    • It is then 90% of the paid single premium.

Note: Remember that taxes, rider premiums, and any extra premiums are not included in the Single Premium.

• • For Regular Premium Policies, the GSV is determined by multiplying the total premiums paid by the relevant GSV factor, excluding taxes, rider premiums, and extra premiums.
  • The Special Surrender Value (SSV) is subject to revision and will be decided by the insurer on a regular basis. It's also crucial to remember that there is no surrender value for any riders.
  • The policy will stop and no more benefits will be paid after you get the Surrender Value.
     
• Policy Loan
  A policy loan is not available under LIC Jeevan Kiran. Although some plans allow you to borrow against the value of the policy, this specific plan does not have that option.
   
• Free Look Period
  For your convenience, LIC Jeevan Kiran provides a Free Look Period to make sure you're happy with your choice. You can return the policy within 30 days after receiving the policy document, either in physical or electronic form, whichever comes first if you're unhappy with the "Terms and Conditions" of the policy.
  
  All you have to do is explain your disagreement, and the insurance company will terminate the coverage. After that, you'll get a refund for the premium you paid minus any deductions. For the period of coverage offered, these comprise the proportionate risk premium (for the base policy and any rider(s), if applicable), as well as costs such as stamp duty and medical examination fees (including special reports, if necessary).
   

Downloads

For a deeper understanding of the risk factors, terms, and conditions of LIC Jeevan Kiran, it's important to review the following documents carefully:

• Product Brochure: LIC Jeevan Kiran Brochure
• Policy Document: LIC Jeevan Kiran Policy Document

Taking the time to thoroughly go through these documents will help you make an informed decision and ensure that LIC Jeevan Kiran aligns with your financial goals and coverage needs.
 

Exclusions Of LIC Jeevan Kiran

You should be aware that LIC Jeevan Kiran has certain exclusions, particularly when it comes to suicide scenarios. Let's analyse it according to the type of payment -

• For Regular Premium Payment:
  As long as the insurance policy is in effect, the nominee or beneficiary will receive 80% of the total premiums paid if the life-assured, sane, or insane, happens to commit suicide within a year of the risk commencing.
  
  If a suicide occurs within a year of the policy's revival, the amount owed will be the higher of the surrender value at the time of death, or 80% of the total premiums paid. But after this compensation, the nominee or beneficiary will not be entitled to any more claims under the policy.
  
  It's also crucial to remember that this exclusion clause does not apply and no benefits will be paid out if the insurance policy has expired without accruing a paid-up value.
   
• Regarding Single Premium Payment:
  The nominee or beneficiary will get 80% of the single premium paid, minus taxes and other fees, if suicide occurs within a year of the risk commencement.
   
• Additional Considerations:
  The premiums mentioned above exclude any applicable taxes, additional fees resulting from underwriting decisions, and any relevant rider premiums, if applicable.
  
  The policy shall be nullified if it turns out that any false or inaccurate assertions were made in the proposal, personal statement, declaration, or other related documents, or if any important information was omitted. In these cases, all assertions will be subject to the provisions of Section 45 of the Insurance Act, 1938, as amended.
  
  For a more thorough comprehension of specific terms and exclusions, refer to the official LIC Jeevan Kiran policy documents.
   

Documents Required For LIC Jeevan Kiran

Whether you buy LIC Jeevan Kiran online or in person, you have to provide a list of documents. The following is a set of often-needed documents -

Proof of Identity

This can include:

• Aadhaar card
• Passport
• Voter ID card
• Driving licence
• Authority letter verifying identity, etc.

Proof of Age

You can submit documents like:

• PAN card
• Driving licence
• Birth certificate
• Passport, etc.

Proof of Address

Any of the following can serve as address proof:

• Ration card
• Bank account statement
• Electricity bill
• Telephone bill
• Voter ID card
• Passport
• Pension orders issued by the government, etc.

Proof of Income

For income verification, you will have to give:

• Income tax returns
• Employer’s certificate
• Income Tax assessment order
• Latest salary slip
• Latest Form 16
• Chartered Accountant’s certificate showing income for the past 3 years, etc.

Other Documents

You may be required to provide additional supporting documentation for your application, depending on your circumstances, so be prepared for that!

A seamless and trouble-free application process is ensured by having these documents on hand.

Other LIC Plans

LIC offers a variety of life insurance plans to cater to different and unique needs. Here are some of the popular LIC term plans that you might want to explore -

You can find the ideal fit by looking into these plans since each one has unique features catered to various life stages and budgetary requirements!

Note: Please keep in mind that this is only an exhaustive list. There are more plans available.
 

How To Buy LIC Jeevan Kiran?

With both online and offline methods, buying LIC Jeevan Kiran is easy and convenient. Here’s how you can begin the buying process -

• Online Purchase
  • Go To The LIC Website: Visit the LIC's official website.
  • Choose "Buy Online": To ensure a seamless start, select the "Buy Online" option.
  • Select Jeevan Kiran Of LIC: Locate and choose LIC Jeevan Kiran from the list of available plans.
  • Complete The Following Information: Follow the simple instructions and provide your personal information as asked.
  • Final Purchase: Complete your application by uploading the necessary files and paying the price using one of the online payment options.
  • Obtain The Policy Document: You will receive an email with the policy document after it has been processed.
• Offline Purchase
  • Visit LIC Branch: Stop by the LIC branch that is nearest to you.
  • Speak With An Agent: For help selecting and comprehending the plan, consult a LIC agent.
  • Send In Documents: Fill out the application, turn in the required paperwork, and finish the procedure.
  • Payment: Use cash, a cheque, or another approved way to make the payment.
  • Obtain The Policy Document: Get the policy paper from the branch after your application has been processed.
     

Death Claim Process: LIC Jeevan Kiran

There are four main phases in the simple process of filing a life insurance death claim. This is an explanation of actually how it works -

• Step 1: Informing The Insurance Provider
  Notifying the insurance company of the claim is the first step. Your nominee is in charge of this, and they can notify the insurer in a number of ways, including -
• • Going in person to the closest branch office of the insurance company
  • Getting in touch by phone or email
  • Using the toll-free number that is provided by the insurance company
  • Notifying the company via their website

As soon as the insurance company is notified, the claim settlement procedure will start right away.

• Step 2: Sending In The Necessary Documents
  A claim form, which can be obtained offline at a branch office or online via the insurance company's website, must then be completed by your nominee. Depending on the circumstances surrounding the tragic event, they will also need to submit supporting documentation in addition to the completed form.
• • For Natural Death:
    • Death certificate issued by the local authority
    • Original policy certificate
    • Nominee’s address proof
    • Cancelled cheque
    • Photo identity proof
    • Medico-legal cause of death certificate
    • Bank passbook copy
    • Medical records (death/discharge summary, admission notes,  test reports, etc.)
  • For Unnatural Death:
    • Death certificate issued by the local authority
    • Original policy certificate
    • Photo identity proof
    • Nominee’s address proof
    • Bank passbook copy
    • Cancelled cheque
    • Medical records (death/discharge summary, admission notes,  test reports, etc.)
    • Medico-legal cause of death certificate
    • Panchanama
    • Copy of FIR
    • Driving licence
    • Inquest report
    • Postmortem report

The insurance company will start processing the claim as soon as all necessary paperwork is received.

• Step 3: Request For Additional Documents
  In certain situations, the insurance provider could ask for more documentation to support the claim. To prevent any delays in the claim settlement procedure, it is imperative that your nominee submit these documents as soon as possible. A prompt submission guarantees that the process continues to proceed without hiccups.
   
• Step 4: Claim Approval And Payout
  The insurance provider will thoroughly examine all required paperwork before reaching a judgement. The compensation will be made in accordance with the claim payout option you chose when you bought the life insurance policy if the claim is accepted.

By following these procedures, the claim will be processed quickly and effortlessly, providing your loved ones with financial support just when they need it.
 

Important Note:

The specific processes and paperwork needed for the term insurance claim process may vary slightly. It's a good idea to enquire about these facts with your insurer at the time of purchase to prevent unpleasant surprises later. After you obtain the list of documents, compile them all and store them digitally on the Digilocker app or in an e-insurance account. Also, make it a point that your nominee has access to the account information so they may easily retrieve it when needed.
 

Wrapping Up,

Selecting LIC Jeevan Kiran is equivalent to planting a banyan tree, which in Indian tradition represents growth and protection. Like the banyan tree, which provides generations of shade and protection, LIC Jeevan Kiran guarantees you and your dear ones financial stability. This plan gives you peace of mind knowing your family is secured even when you're not around because of its unique mix of life insurance and guaranteed benefits. You may lay a solid foundation for tomorrow, just like our forefathers did when they made informed plans for the future. Allow LIC Jeevan Kiran to be the dependable protector who stands tall with you now and protects your family for all of the future tomorrow.
 

FAQs