Introducing LIC Jeevan Kiran: A Flexible and Secure Life Insurance Plan

Key Takeaways:

• Flexible options for receiving maturity and death benefits.
• Suitable for working individuals with dependents seeking financial security.
• Provides financial support to the family in the event of the life-assured’s untimely death.
• Offers both lump sum and installment options for death benefits.

You are looking for information about the LIC Jeevan Kiran life insurance cover. Here’s a detailed breakdown of the information provided:

LIC Jeevan Kiran Life Insurance Cover

LIC Jeevan Kiran is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan offered by the Life Insurance Corporation of India (LIC). It is designed to provide financial support to the family in the event of the life-assured’s untimely death during the policy term and to return all premiums paid.

Base Plan Options

The base plan of LIC Jeevan Kiran offers the following options:

1. Settlement Option for Maturity Benefit: Under an active and paid-up policy, the policyholder can choose to receive the Maturity Benefit in payments over a five-year period rather than in one lump sum. The minimum installment amounts vary based on the frequency of payment (monthly, quarterly, half-yearly, or yearly).

2. Option to Take Death Benefit in Installments: This option allows the policyholder to receive the Death Benefit in installments over a period of five years instead of a lump sum amount. The minimum installment amounts also vary based on the frequency of payment (monthly, quarterly, half-yearly, or yearly).

Death Benefits

The death benefits under LIC’s Jeevan Kiran can be paid in the following ways, as per the choice of the policyholder:

1. Lumpsum: The amount will be paid in a lump sum to the nominee.

2. In Installments: This option allows the nominee to receive the death benefit in installments over a selected term of five years, with payments made in advance at annual, half-yearly, quarterly, or monthly intervals.

Who Should Buy a Term Insurance

Term insurance plans, including LIC Jeevan Kiran, are most suited for working people who have dependents (children, parents) and want to protect themselves against life’s uncertainties (death) at a reasonable cost. These plans provide financial security to the applicant and their family.

Conclusion

LIC Jeevan Kiran offers flexibility in receiving both maturity and death benefits, allowing policyholders and nominees to choose between lump sum payments and installment options. This can provide financial security and flexibility to the policyholder and their family in the event of unforeseen circumstances.

FAQ

Q1: Who should buy LIC Jeevan Kiran?

A1: LIC Jeevan Kiran is most suited for working individuals with dependents (children, parents) who seek to protect themselves against life’s uncertainties at a reasonable cost.

Q2: What are the options available for receiving death benefits?

A2: The death benefits can be received either as a lump sum payment to the nominee or in installments over a selected term of five years, with payments made in advance at annual, half-yearly, quarterly, or monthly intervals.

Q3: What is the Settlement Option for Maturity Benefit?

A3: Under an active and paid-up policy, the Settlement Option allows the policyholder to receive the Maturity Benefit in payments over a five-year period rather than in one lump sum.

Q4: Is there a minimum installment amount for receiving benefits in installments?

A4: Yes, the minimum installment amounts vary based on the frequency of payment (monthly, quarterly, half-yearly, or yearly).