LIC Jeevan Pramukh

The customer can also avail of rebates on the sum assured or on the premium payment. More details and information regarding the policy are briefly discussed below.

Eligibility Criteria of LIC Jeevan Pramukh Plan 

The LIC Jeevan Pramukh plan allows the customers to enter as early as their late-teenage years. It allows for the policyholder to start early and manage their savings. The following are the criteria listed for the eligibility of the plan -

Minimum age at the time of entry-

18 years old (completed)

Maximum age at the time of entry-

65 years old (age near birthday)

Maximum age at the maturity period-

75 years old (age near birthday)

Benefits of LIC Jeevan Pramukh Policy

The LIC Jeevan Pramukh policy offers several benefits to its policyholders and the nominees of the policy. The crucial benefits offered by this endowment assurance policy are noted and briefly explored below-

Guaranteed Additions-

For every year completed in the first five years of the policy tenure, the LIC Jeevan Pramukh planoffers guaranteed additions of fifty rupees per thousand of the amount assured. These guaranteed additions will be paid along with the amount assured at the time of maturity.

Bonuses-

The LIC Jeevan Pramukh policy also participates in LIC’s profits from the sixth year onwards. The policy will receive a share of its profits in the form of bonuses. At the end of every fiscal year, simple reversionary bonuses will be considered per thousand of the assured amount. Once the simple reversionary bonuses are declared, they will become a part of the policy’s guaranteed benefits. 

Tax Benefits*-

Under Section 80C, the premiums paid for the LIC Jeevan Pramukh policyare free from tax. The maturity proceedings are also free from tax under Section 10 (10D).

*Tax benefit is subject to changes in tax laws. Standard T&C Apply.

Maturity Benefits-

The assured sum, in addition to the guaranteed additions which accumulate over time, the vested simple reversionary bonuses, and the terminal bonus, if any, are paid to the nominees of the policy or the policyholder at the termination of the policy tenure.

Death Benefits-

If the policyholder passes away, the assured amount along with the additional maturity benefits are paid to the nominees of the policy.

Savingson the Sum Assured-

The policyholder can avail of savings of the sum assured when the assured amount is above fifty lakh rupees. The savings for this term is Rs. 0.50, for every thousand rupees of the assured amount.

The Premium Structure of the Plan

Like the other insurance plans, the LIC Jeevan Pramukh policy also allows the customers to make their premium payments for every month, for every quarter, for every half year, or every annum. The policy offers for its premiums to be paid over a term of three, four, or five years.

Documents Requiredto Buy the Plan

For any insurance cover or plan, a set of standard documents are necessary. Having the required authentic documents helps in easing the process of availing of the policy. The following are few expected documents-

• Photo identity and address proof - the Aadhaar card is an example of such proofs.
• Proof of age
• Income proof
• Passport size photo of the potential policyholder

Documents required to make a claim-

• Claim form as required and prescribed by the Corporation
• Proof of accident or injury
• Policy document
• Proof of title
• Medical treatment received before death (if and when applicable)
• Death certificate (if and when applicable)

Documents required while claiming for maturity include-

• Discharge form
• Policy document
• Proof of age
• Proof of title (if and when applicable)

The Process to Buy Online

The process of buying any of the insurance covers is somewhat similar and straightforward. With the digital platforms springing up, the customer can now purchase a plan online according to their convenience. The subsequent points can act as a standard guideline for the same -

Step 1:On the website of the insurance provider, select a suitable plan. Plans are usually listed under “Products” or “Buy Online” hyperlinks available on the menu bar of the website.

Step 2:Once the plan is selected, read through the terms and conditions.

Step 3:Once satisfied, proceed to purchase or buy online.

Step 4:Enter the required personal and lifestyle details.

Step 5:Personal details include the date of birth, name, mobile number, email address, and annual income.

Step 6:Lifestyle details include questions regarding the smoking and drinking habits of the policyholder.

Step 7:Make the payment through a trusted payment gateway. The mode of payments ranges from credit cards and debit cards to a unified payment interface, also known as UPI.

Key Exclusions of the Plan

While purchasing any plan, it is essential to understand the exclusions of the said plan. The terms and conditions differ from plan to plan, and so do the exclusions. The general exclusion for an endowment assurance plan by LIC is -

• Death of the policyholder by suicide, irrespective of the fact that the Insured is sane or not.

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