LIC Jeevan Shikhar Policy

LIC Jeevan Shikhar Policy

LIC Jeevan Shikhar Plan (Table 837) It’s a profit plan with Guaranteed Return, non-linked with unit plan, policy provides saving and protection by paying single premium which secure the policy holder the risk cover is ten times of Investing Single Premium. Before buy the policy Know the Eligibility, Sum Assured, policy details, policy new features, benefits, reviews, life insurance coverage, maturity Benefits, premium calculator, maturity calculator, premium chart, return calculator, tax Benefits under Section 80(C) and Section 10 (D). Generally PolicyandFunds.com is one of the top & best LIC Agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India.

lic India ChennaiLIC Jeevan Shikhar Policy (Table 837)

Policy Main Specification

  • Age at Entry (Last Birthday): 6 year
  • Maximum Age at Entry (Near to the Birthday): 45 Years
  • Premium Paying Term (PPT): Single (one time investment)
  • Policy Term (PT): 15 years
  • Minimum Maturity Sum Assured (SA): 1,00,000
  • Maximum Maturity Sum Assured: No bound (based on income Limit)
  • Sum Assured on Death: 10 times of Investing single premium risk cover

Key Features of LIC Jeevan Shikhar Policy

  • LIC Jeevan Shikhar Policy is a one time investment (single term) policy with nature of good returns
  • On Death 10 times of Investing Single Premium act as the Risk cover
  • Assured returns with Loyalty Addition on policy maturity
  • Any time can surrender the policy with Guaranteed worth
  • Under this policy can avail the tax benefit 80(C)
  • Policy Maturity value with tax free under section 10(10D)

Benefits of LIC Jeevan Shikhar Policy

  • Maturity Benefit: The Basic Sum Assured and Loyalyy Addition will be paid to the policy holder
  • Death Benefit: 
    1. Death in the period first five policy years: Before the date of risk commencement, Corporation will be refund the Single Premium without any interest.
    2. Following the date of commencement of Risk period: Basic Sum Assured on Death equal that will be 10 times the invested single premium will be paid to the policy holder.
  • Surrendered Value: The policy have an option to surrendered at any time through the policy year. The Assured Surrender worth (value) is mentioned below:
    1. Very First year: 70% of the Single premium excluding service tax and extra premium, if any
    2. More than a Year thereafter: 90% of the Single premium excluding service tax and extra premium, if any
  • Loan : After Three months policy holder will be eligible for have the Loan
  • Rebates: High Sum Assured very good Rebates available in this policy
  • Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D)

Sample Premium Detail with Rates

Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

Age at entry (Nearest Birthday) Tabular Single Premium Rates in (Rs.)
10 398.55
20 410.25
30 425.80
40 514.80

Rebate of High Maturity Sum Assured:

Maturity Sum Assured (MSA) Reduction in Tabular premium per Rs.1000/- Maturity Sum Assured
Below Rs.2,00,000 Nil
Rs.2,00,000 to Rs. 4,80,000 Rs. 15.00
Rs.5,00,000 and Rs. 9,80,000 Rs. 20.00
Rs.10,00,000 and above Rs. 25.00

LIC Jeevan Shikhar Policy Details and KYC

Grace Period: This future will not applicable under this plan, because its an one time investment and no more further premium will be collected

Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.

Exclusions: Suicide committed within one year (12 months) of policy period only 90% of the premiums will be paid to the nominee

Documents Required: Proposal Form 300/340/360 shall be filled under this plan, and also other proof of documents are required to completed the policy, like address proof, and other Know your customer (KYC) documents.


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