LIC Jeevan Shagun Policy Review

By | April 23, 2016
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LICs-Jeevan-ShagunLIC Jeevan Shagun Policy

Introduction to the LIC Jeevan Shagun Policy :

LIC Jeevan Shagun policy is a Single Premium Money Back Policy plan. It offers the customer a High Level of Death Cover like Jeevan Saral, for the period of the tenure of the Policy.

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In LIC Jeevan Shagun 826 Policy, Policy Holder has an option to choose Maturity Sum Assured based on it Single Premium is Fixed. Extraordinary characteristic of this policy is At the time of taking the policy itself we can know the maturity amount that we get after the tenure of the policy by calculating the maturity amount using LIC Jeevan Shagun Premium & Maturity Calculator. Lic Jeevan Shagun is a non – linked, with – profit, single premium money back policy which offers a high level of death cover during the policy & a maturity sum assured along with loyalty addition. You can check the Jeevan Shagun Premium chart for Premium & policy details.

LIC New Plan Jeevan Shagun is a savings & 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 duration & on maturity. LIC Jeevan Shagun plan also takes care of liquidity need through its loan facility.

Relevant Information LIC Jeevan Shagun Policy :

Eligibility & 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 Tenure :12 Years.

Review & major highlights of the LIC New Jeevan Shagun Policy are as follows :

  • LIC Jeevan Shagun is a single premium participating money back plan.
  • On Policy Maturity, 65 percent of the Maturity Sum Assured plus the Loyalty Additions would be duly paid.
  • If the Life Insured expires within the Policy Tenure, then the Sum Assured plus the Loyalty Additions would be paid to the nominee.
  • On survival, 15 percent of the Maturity Sum Assured is paid at the end of tenth policy year.
  • On survival, 20 percent of the Maturity Sum Assured is paid at the end of eleventh policy year.

Benefits of the LIC Jeevan Shagun 826 Policy :

  1. Demise advantage :
  • In case of Demise During the first 5 Years from the date of taking Policy:

Basic Sum Assured i.e. 10 times of the single Premium Payable

  • In case of Demise 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.

  1. Survival advantage :
  • On Life Assured surviving up till the end of the specified tenure, the following Survival advantage shall be payable.
  • Towards the end of tenth policy year: 15 percent of the Maturity Sum Assured.
  • Towards the end of eleventh policy year: 20 percent of the Maturity Sum Assured.
  1. Maturity advantage :
  • Towards the end of the Policy Tenure, 65 percent of Maturity Sum Assured together with Loyalty Addition is payable.
  1. Loyalty Addition :
  • The policies  under  this plan shall be eligible  for share  in surplus  (profits)  in the form of Loyalty  Addition, based   upon  the  experience   of  the  Corporation. The  Loyalty  Addition,   if any,  shall  be  payable   at such rate  & on such  tenures  as may  be affirmed  by the Corporation,   on demise  or surrender,  given that  the policy has run for at least   5 policy  years or on policy holder   surviving  up till 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 & above Rs. 20 /-

 

LIC Jeevan Shagun Policy Calculator :

You can easily analyse your premium with LIC Jeevan Shagun policy calculator. Important details that you need to mention are given below:

  • Name :
  • Email ID :
  • Mobile No :
  • Age :
  • Term :

LIC Jeevan Shagun Surrender Value :

Policy be able to be surrendered at any time during the tenure of the policy.

Guaranteed Surrender value :

  • If the Policy is surrendered during the first year from the date of taking the policy only 75 percent of Single Premium is paid back.
  • If the Policy is Surrendered after first year from the date of taking the policy then 90 percent of Single Premium is Paid Back excluding any survival benefits paid & taxes.

LIC Jeevan Shagun Policy 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 & Policy Year.

Policy Year Loan given as a percent of Surrender Value
Second to third year 50 percent
Fourth to sixth year 60 percent
seventh to ninth year 70 percent
tenth to twelfth year 90 percent

Proposal Form :

Proposal Form No is 300 or 340

Tax:

Taxes, including Service Tax, shall be as per the Tax laws & 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 advantages payable under LIC Jeevan Shagun Money Back plan.

COOLING- OFF PERIOD :

If the Policy holder is not content with the “ Terms & Conditions ” of the said policy, the policy can be returned to the Corporation within a time frame of fifteen days from the date of receiving of the policy, stating the cause of oppositions. On receiving of the same, the Corporation shall cancel the policy & return the amount of single premium deposited, post deducting the proportionate risk premium for the period on cover, stamp duty charges & any charges incurred on medical examination & special reports.

EXCLUSIONS :

The policy shall be cancelled if the Life Assured (whether sane or insane at the time) commits suicide at any time within a period of twelve months from the date of beginning of risk & the Corporation will not interest any claim under LIC Jeevan Shagun policy, excluding to the extent of ninety percent of the single premium paid excluding taxes & any extra premium paid.

LIC New Jeevan Shagun Policy Claim procedure :

  • The normal  documents   which  the claimant  shall submit  at the same time as  lodging  the claim  in case  of demise  of the Life Assured   shall  be  the  claim   forms,   as  prescribed   by  the  Corporation,    together with    with  original policy document,  NEFT  made 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 826 Policy Example :

LIC Jeevan Shagun Example 1:

Mr. Arun had taken the LIC Jeevan shagun policy at the age of thirty years
& his policy tenure is 12.

The mode of premium payment is single Rs. 31, 275, in such a case the Maturity Sum Assured is Rs. 60,000 & his Basic Sum Assured is Rs. 3, 12, 750.

LIC New Jeevan Shagun FAQs :

Q1. Is Loan is obtainable for Lic Jeevan Shagun policy?

A1. Loan is obtainable under this plan after the successful completion of 1 policy Year. Loan is agreed based on Surrender value & Policy term.

Q2. What are the advantages covered in LIC Jeevan Shagun policy?

A2. Demise advantage, Maturity advantage, Survival advantage & Loyality Addition.

Q3. What happens if You stop paying the premium?

A3. LIC Jeevan Shagun is a Single Premium Plan and there is no obligation of further payment of premium.

Q4. What Happens If I want to surrender the LIC Jeevan Shagun policy?

A5. The Guaranteed Surrender Value for the first year is 70 percent of the Single Premium paid exclusive of extra premiums & taxes, if any & then 90 percent of the Single Premium paid excluding taxes, any extra premium paid & survival advantages, if paid earlier.

LIC New Jeevan Shagun Policy 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 & sat 10 am to 6 pm.

For additional information about LIC Jeevan Shagun Policy please click on below link.

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LIC Jeevan Shagun Policy.

 

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