LIC is back with new plan Jeevan Shagun table no. 826.Jeevan Shagun is non-linked with profit paln , single premium closed ended money back plan, Jeevan Shagun is available for maximum 90 days from 1st september 2014 .
Jeevan Shagun Plan Details:
Jeevan Shagun provides Risk Cover and Money Back benefit to policy holder during term of policy . sum assured is fix decide at time of taking policy.
Jeevan Shagun eligibility:
minimum entry age : 8 years
maximum entry age : 45 years
premium payment : one time payment
minimum maturity sum assured :RS 60,000
maximum maturity sum assured : No Limit
policy term : 12 years
Jeevan Shagun Policy Benefit :On Death
During the first 5 years from the date of taking policy ,
Basic sum assured's 10 times of the single premium payable .
Death after 5 years from the date of taking policy ,
Basic sum assured's 10 times of the single premium along with loyalty addition.
On Survival, if policy holder survives money back benefits are payable as below,
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
At the end of the policy term 65% of maturity sum assured along with loyalty addition is payable.
LIC Jeevan Shagun surrender value :
Jeevan Shagun can be surrendered at any time during the term of the policy.
If the policy is surrendered during the First year from the date of taking policy 75% single premium is paid back .
If the policy is surrendered after First year from the date of taking policy then 90% of the single premium is paid back excluding any survival benefits paid and taxes .
LIC Jeevan Shagun Loan Facility:
Loan amount 50% of surrendered value for the policy 2nd and 3rd year
Loan amount 60% of surrendered value for the policy 4th and 6th year
Loan amount 70% of surrendered value for the policy 7th and 9th year
Loan amount 90% of surrendered value for the policy 10th and 12th year
LIC Jeevan Shagun Premium:
Age 20 years Sum Assured RS. 100000 = 52,390
Age 25 years Sum Assured RS 100000 =52,803
Age 30 years Sum Assured RS 100000 =53,736
Age 35 years Sum Assured RS 100000 =56,019
Age 40 years Sum Assured RS 100000 = 61,380
Above premium includes service tax , you can calculate premium in licpolizy.com
Jeevan Shagun is Typical Non-Linked Money back close Ended plan .As it is close Ended plan ,Once you buy this policy you have to stay invested for 12 years. it is likes 12 years fixed deposit with additional benefit of risk cover and partial money back benefit plan .
If you look comparison fixed deposit surely beat in terms of returns, but in fixed deposit returns is taxable(As per tax slab) while Jeevan Shagun is Expected to give Tax free return.On and Average if you are happy with 7-8% returns like FD ,then you can think of purchasing Jeevan Shagun ,which gives you additional Benefit of Risk Cover.
Jeevan Shagun Plan Details:
Jeevan Shagun provides Risk Cover and Money Back benefit to policy holder during term of policy . sum assured is fix decide at time of taking policy.
Jeevan Shagun eligibility:
minimum entry age : 8 years
maximum entry age : 45 years
premium payment : one time payment
minimum maturity sum assured :RS 60,000
maximum maturity sum assured : No Limit
policy term : 12 years
Jeevan Shagun Policy Benefit :On Death
During the first 5 years from the date of taking policy ,
Basic sum assured's 10 times of the single premium payable .
Death after 5 years from the date of taking policy ,
Basic sum assured's 10 times of the single premium along with loyalty addition.
On Survival, if policy holder survives money back benefits are payable as below,
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
At the end of the policy term 65% of maturity sum assured along with loyalty addition is payable.
LIC Jeevan Shagun surrender value :
Jeevan Shagun can be surrendered at any time during the term of the policy.
If the policy is surrendered during the First year from the date of taking policy 75% single premium is paid back .
If the policy is surrendered after First year from the date of taking policy then 90% of the single premium is paid back excluding any survival benefits paid and taxes .
LIC Jeevan Shagun Loan Facility:
Loan amount 50% of surrendered value for the policy 2nd and 3rd year
Loan amount 60% of surrendered value for the policy 4th and 6th year
Loan amount 70% of surrendered value for the policy 7th and 9th year
Loan amount 90% of surrendered value for the policy 10th and 12th year
LIC Jeevan Shagun Premium:
Age 20 years Sum Assured RS. 100000 = 52,390
Age 25 years Sum Assured RS 100000 =52,803
Age 30 years Sum Assured RS 100000 =53,736
Age 35 years Sum Assured RS 100000 =56,019
Age 40 years Sum Assured RS 100000 = 61,380
Above premium includes service tax , you can calculate premium in licpolizy.com
Jeevan Shagun is Typical Non-Linked Money back close Ended plan .As it is close Ended plan ,Once you buy this policy you have to stay invested for 12 years. it is likes 12 years fixed deposit with additional benefit of risk cover and partial money back benefit plan .
If you look comparison fixed deposit surely beat in terms of returns, but in fixed deposit returns is taxable(As per tax slab) while Jeevan Shagun is Expected to give Tax free return.On and Average if you are happy with 7-8% returns like FD ,then you can think of purchasing Jeevan Shagun ,which gives you additional Benefit of Risk Cover.
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