LIC Jeevan Pramukh Plan

LIC Jeevan Pramukh is an exclusive policy that offers insurance protection to individuals with a high net worth. Whether you are an individual with your own successful business, a professional, estate owner, industrialist, film star, doctor or NRI, LIC Jeevan Pramukh offers insurance protection to individuals from all fields of work.

Features of LIC Jeevan Pramukh Plan

The key features of LIC Jeevan Pramukh plan are as follows

1. LIC Jeevan Pramukh is an endowment plan for individuals with a high net worth.
2. The plan has a limited premium paying term but the life insurance cover continues even after the premium paying term is over.
3. The plan allows the policyholder to choose the term of the insurance plan. Limited in nature, the policyholder can choose from the premium paying terms of 3,4 or 5 years.
4. Under this plan, the premium can be paid annually, bi-annually, quarterly or monthly.
5. This policy provides basic sum assured at maturity + Guaranteed addition of Rs 50/- per thousand sum assured every year for 5 years + reversionary bonus + Terminal bonus.

Eligibility Conditions of LIC Jeevan Pramukh Plan

Before filing a proposal form with the insurance company, you must ensure the following eligibility

1. Entry age- Minimum is 18 years (completed) and the maximum is 65 years.
2. Maximum Age at Maturity is 75 years
3. Term of the policy is 5, 10, 15, 20 or 25 years.
4. The minimum sum assured to the policyholder is Rs 10,00,000

Benefits of LIC Jeevan Pramukh Plan

Following are the benefits of the LIC Jeevan Pramukh Plan

Guaranteed Additions

LIC Jeevan Pramukh Plan offers guaranteed additions of Rs 50/- per thousand sum assured every year for 5 years of the policy which is paid along with the sum assured at the time of the claim.

Maturity Benefit

At the end of the policy term, the sum assured along with the guaranteed additions, reversionary bonus and the terminal bonus is paid in a lump sum.

Death Benefit

If the policyholder dies during the policy term, the sum assured along with guaranteed additions, reversionary bonus and the terminal bonus is paid in a lump sum.

Guaranteed Surrender Value

The Jeevan Pramukh Plan offers a Guaranteed surrender value of 30% of the total amount of premiums paid (excluding premiums for the first year and extra premiums if any). The remaining of the guaranteed additions and reversionary bonus if any is paid after completion of 3 years.

Grace Period

The plan allows a 30 day grace period for payment of annually, bi-annually, or quarterly premiums and a 15 day grace period for payment of monthly premiums.

Cooling-off Period

If the policyholder is not satisfied with the policy, he/she may return the policy within 15 days.

Revival Benefit

In case the premium on the plan is not paid by the policyholder within the grace period of 15/30 days, the insurance policy will lapse. The lapsed policy can be revived by paying the outstanding amount of the premium together with interest within a period of five years from the date of the first unpaid premium. The current rate of interest is 8% p.a. and is subject to change as and when determined by the life insurance corporation of India.

Conclusion

LIC Jeevan Pramukh is a beneficial plan for individuals with a very high net worth. With just three premium paying terms, individuals with a disposable income can avail financial protection against death and lump sum amount of payment at the end of the policy term on survival.