LIC Jeevan Vriddhi

The policy also has a fixed period of time as the tenure of the same.

Being an endowment assurance plan, the LIC Jeevan Vriddhi plannot only allows its customers and beneficiaries with a way to secure their futures financially but also to start saving or investing from an early age. Through a systematic saving procedure, the plan helps the customer to accumulate certain wealth.  Under this single premium plan, the risk cover would be a multiple of the premium that has been chosen by the customer. Upon maturity, the policy offers the guaranteed amount that has been assured and payable at the time of maturity along with loyalty additions, if any. This plan is one of the few plans that need the customer to pay up the entirety of the premium in a single go, as the only mode of premium payment available is the single payment method. The below sections help in shedding a better and brief light on the features, benefits, eligibility criteria, and exclusions of the LIC Jeevan Vriddhi plan.

Eligibility Criteria for LIC Jeevan Vriddhi Plan

The eligibility criteria for the LIC Jeevan Vriddhi policy offer for saving from a very tender age. This is to provide the customer with a savings window as early as possible. The age requirements of this policy can be briefly detailed as follows-

Minimum age required at the time of entry- 8 years old (completed)

Maximum age required at the time of entry- 50 years old

Maximum age required during the maturity period- 60 years old

Benefits of LIC Jeevan Vriddhi Policy

Like every other life insurance plan, the LIC Jeevan Vriddhi plan has its own perks and benefits. Understanding the benefits of a life insurance plan helps the customer in deciding whether the selected plan is suitable for them or not. The significant benefits offered by this particular plan are pointed and briefly discussed below-

Tax Benefits*-

Under the Indian Income Tax Act, Section 80C, premiums paid for a life insurance plan are exempted from tax.

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

Maturity Benefits-

At the period of maturity, the policyholder shall receive the amount that has been assured (the guaranteed amount that has been assured and payable at the time of maturity) accompanied by the Loyalty additions (if and when applicable).

Loyalty Addition-

The LIC Jeevan Vriddhi policy would be entitled to receiving the loyalty additions during the maturity period of the policy. The loyalty addition will be dependent on the terms and rate as declared by the insurance provider. The Corporation is the one who decides if a plan is eligible for such benefits or not.

Death Benefits-

Upon the demise of the policyholder, the nominees of the policy shall be paid the primary amount of money that has been assured. The basic amount assured would be five times the single premium with the exclusion of any extra premiums paid.

The Premium Structure of the Plan

Unlike several other life insurance plans of LIC, the LIC Jeevan Vriddhi plan only offers the customer a single payment window for the premium. The premium quote would be available in a multiple of thousand rupees.

The minimum premium required from the policyholder under this plan is thirty thousand rupees.

Documents Required

To enjoy a quick and easy process of availing of a life insurance cover, it is essential to have the required authentic document ready. The documents required can vary from plan to plan. The usual documents required to avail of a life insurance plan are-

• Proof of identity
• Proof of address
• Proof of income
• Proof of age
• Passport size photo of the policyholder
• Medical report (if and when applicable)

Few usual documents required to raise a claim are as follows-

• Original policy documents
• Proof of title (if and when applicable)
• Proof of age
• Claim form that has been prescribed by the insurance company
• Certification of the death of the policyholder (if and when applicable)
• Police FIR copy (if and when applicable)
• Postmortem copy (if and when applicable)
• Coroner’s report (if and when applicable)
• Medical reports (if and when applicable)

The Process to Buy Online

With the ongoing digital wave, all industries are maintaining a grip on their online situations. Insurance providers, too, started to focus on their online presence. The digital platforms are allowing the customer to sit at home and avail of the services of the insurance company. One can make their premium payments on the insurer's website and can only check the status of their policy online. The customer can now purchase a life insurance cover online too. The basic procedure of availing of this online service is outlined in brief below-

Step 1:From the digital platform of the insurance provider, i.e., the insurer's website, browse and select a suitable and appropriate insurance plan.

Step 2:Once the plan has been selected and its terms and conditions have been acknowledged, the customer can select the option that takes them to the purchasing procedure.

Step 3:A part of this procedure calls for the customer to fill in their details.

Step 4:Details necessary include both personal and lifestyle information. Personal information required, in general, includes the birth date, name, age, gender, income (calculated monthly or annually), mobile number, and email address. Lifestyle information includes the smoking and drinking habits of the customer. Few insurance plans also ask for information regarding the medical history of the customer.

Step 5:After entering the details asked, the customer can make the payment through one of the many secured payment gateways offered by the insurance provider. This completes the purchasing procedure of a life insurance plan online.

Key Exclusions of the Plan

When the policyholder passes away after committing suicide within a year of the commencement of the risk period, the LIC Jeevan Vriddhi plan would be declared void by the Corporation. Further, the insurance provider will not be accepting any other claim in respect with this policy, with an exception for -

• The extent up to ninety percent of the premium paid in a single go. This excludes any kind of additional premiums that have been paid by the policyholder.
• Third-party authentic favourable interest obtained for valuable contemplation in the policy (limited to the death benefit's applicability of the plan) of which there have been delivered a written notice. This written notice shall be conveyed to the division that is dealing with the policy, i.e., the branch that has the authentic records of the policy, at least one whole month (30 days) before the demise of the policyholder.

*For more information about exclusions, please refer to the plan brochure or the policy document.

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