LIC Jeevan Shikhar Plan 2023 Benefits, Feature, Details, Reviews

LIC Jeevan Shikhar Plan – This is a life insurance policy with cum protection that is not linked to participating savings. The risk cover is for ten times the Single Premium amount, and the premium payment mode is only for Single Premium. The policyholder has the option of selecting the Sum Assured at Maturity, while the age at entry and the selected Maturity Sum Assured determine the premium amount. Adequate liquidity is given through advance accessibility. Within four months (120 days) of its launch, the policy is available for purchase.

The LIC Jeevan Shikhar Plan 2023 is a healthcare plan that offers a wide range of benefits to individuals and families in India. It covers a wide range of medical expenses, from hospital stays to surgeries and maternity care. It also offers financial assistance for people who need it the most, such as the elderly, the disabled, and families with children who are in school. If you’re looking for a healthcare plan that offers comprehensive coverage and generous benefits, the LIC Jeevan Shikhar Plan 2023 is the perfect option for you.

LIC Jeevan Shikhar Plan 2023

Jeevan Shikhar is a tax-free, 100% safe, fixed-term policy with no share market risk. It is only available until March 31, 2016. There are a lot of people in India who are in the 30% tax bracket and are looking for a plan that can help them save taxes under Section 80C and also give them a maturity without paying taxes. Jeevan Shikhar was made especially for people like that. This plan’s insurance coverage is a feature that not only protects their family financially but also gives them tax-free maturity. Policies with insurance coverage that is greater than or equal to ten times the premium are exempt from tax when paying the premium and taking the maturity, according to IRDA.

LIC Jeevan Shikhar Plan 2023 is an insurance product that will help protect your family in case of an untoward event. The product is one of the many products that LIC has recently come up with to cater to the needs of the Indian population. The product offers a range of benefits, including accidental death cover, personal accident cover, income protection cover, and health cover. The plan is available online and can be customised to meet your specific needs.

LIC Jeevan Shikhar Plan 2023 Overview

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Benefits under LIC’s Jeevan Shikhar policy

Jeevan Shikhar covers birth and funeral expenses of an employee’s family during the policy’s first year of insurance. Jeevan Shikhar also offers a death benefit, which provides support to the employees’ families during a time of grief. LIC has announced that it will be extending the Jeevan Shikhar policy to cover three years, as well as increasing the amount of coverage for both birth and funeral expenses. Here are some of the benefits of this policy.

  • Death Benefit – In the event of death within the first five policy years:
  • Prior to the risk’s beginning date: The single premium paid will be reimbursed.
  • After the risk’s beginning date: Basic Sum Assured, or 10 times the single premium in the table, must be paid. (What is the “Date of Beginning of Risk”? Risk will begin immediately if the Life Assured’s age at entry is greater than 8 years.
  • The risk under this plan will begin one day before the policy anniversary that coincides with or immediately follows the age of 8 for anyone under that age.
  • The LIC Jeevan Shikhar plan is a non-linked plan with appealing savings and protection features. The best policies with a wide range of benefits for you and your family are available through Jeevan Shikhar Plan. Individual, family, and other types of endowment plans are available from LIC. The benefits and features of the Jeevan Shikhar Plan 837 policy are listed below. New LIC Jeevan Shikhar offers a bespoke policy that can cover almost all of your requirements..

Eligibility Criteria for LIC Jeevan Shikhar

LIC has introduced a new policy, Jeevan Shikhar, which aims to provide financial assistance to individuals who lose their jobs due to business closures. The policy provides a roof over the heads of the unemployed for a period of up to six months, and offers various benefits such as job counseling, income support, and medical insurance.

Minimum entry age 6 years
Maximum entry age 45 years (nearer birthday)
Minimum premium As per age at entry and sum assured chosen
Age at maturity Max 60 years

Key Features of LIC Jeevan Shikhar

LIC Jeevan Shikhar is an insurance policy that provides coverage for medical expenses in the event of an accident. The policy is unique in that it covers both the policyholder and the passenger in the car, regardless of whether they are related or not. Additionally, LIC Jeevan Shikhar offers a variety of other benefits, such as personal accident cover, roadside assistance, and rental car cover.

Plan type Non-linked participating saving cum protection scheme
Plan basis Individual
Premium paying terms Single Premium
Policy term 15 years fixed
Maturity benefits At maturity, the Sum Assured
Premium payment frequency Single Premium
Loan
Policy year Max Loan amount as percentage Max Loan amount as percentage of surrender value (age- more than 35 yrs)
3rd month – 3rd year 55% 35%
4th – 6th year 65% 50%
7th – 9th year 75% 70%
10th – 12th year 80% 80%
13th – 15th year 85% 85%
Policy year Maximum loan amount expressed Max Loan amount as percentage 3rd month – 3rd year 55% 35% 4th – 6th year 65% 50% 7th – 9th year 75% 70% 10th – 12th year 80% 80% 13th – 15th year 85% 85%
Policy year Max Loan amount as percentage of surrender value (age- 35 yrs or less) Max Credit sum as level of give up esteem
3rd month – 3rd year 55% 35%
4th – 6th year 65% 50%
7th – 9th year 75% 70%
10th – 12th year 80% 80%
13th – 15th year 85% 85%
Free look period 15 days from the date the policy documents were received.
Alterations No alterations permitted
Nominations The Insurance Act provides a nomination option.
Maturity Sum assured
  • Minimum – Rs.1 lakh
  • Maximum – No limit
Policy coverage Maturity Benefit, Death Benefit

Benefits of LIC Jeevan Shikhar

Lic Jeevan Shikhar stands for Low Cost Joint Healthcare. It is a healthcare insurance policy that provides coverage for medical expenses incurred by both the patient and the spouse/partner of the patient in a Hospital, Clinics, or other medical establishment. It is an important policy as it helps in reducing the overall out-of-pocket expenses that patients may incur while receiving treatment.

Major benefits of LIC policy are as follows:

  • Maturity benefit: The policyholder will receive the Maturity Sum Assured and, if any, the loyalty addition at the policy’s maturity.
  • Death benefit: In the unfortunate event that the policyholder passes away within the first five years of the policy, the single premium paid will either be returned (if the risk has not yet begun) or ten times the single premium paid will be distributed.
  • Ten times the Single Premium amount and any Loyalty Additions, if any, will be paid out to the nominee in the event of the nominee’s death during the first five years of the policy but before the policy reaches maturity.
  • Loyalty Addition – This policy is participatory in nature, and profits will be distributed as loyalty addition upon surrender, death, or maturity, in accordance with the terms of the policy, in the amount that the company has specified.
  • Benefits from taxes: The Income Tax Act of 1961 provides for specific tax benefits.
Maturity Sum Assured Reduced premiums per 1,000 of maturity amount assured
Rs.2 lakhs to Rs.4.8 lakhs Rs.15
Rs.5 lakhs to Rs.9.8 lakhs Rs.20
Rs.10 lakhs and above Rs.25
  • Loans: According to the table in the “Key Features” section above, loans are available.
  • Surrender Value: A Guaranteed Surrender Value will be returned to the policyholder if the policy is surrendered at any time during the policy’s term. a) Seventy percent of the Single Premium will be returned if the policy is surrendered within the first year. b) Ninety percent of the Single Premium will be returned if the policy is surrendered after the first year. c)
  • The policyholder will receive 90 percent of the single premium and any loyalty addition, if any, if the policy is surrendered after five years.

Example of LIC Jeevan Shikhar Policy

Let’s say Mr. Gupta has decided to purchase a LIC Jeevan Shikhar Policy with a 15-year fixed term when he is 30 years old. For a sum assured of Rs. 4,25,800 and a maturity assured of Rs. 1 lakh, he pays a single premium of Rs. 42,580.

Death benefits

  • On his sad passing inside the initial 5 strategy years, he will get a single amount of Rs.4,25,580 as death benefits.
    In addition to the Death Benefit, he may receive Loyalty Addition upon his death after five policy years. Let’s say he gets a variable amount at 8% per annum:
End of Policy Year Loyalty Addition (Rs.) Sum Assured on Death (Rs.) Total amount of benefit (Rs.)
6 500 4,25,800 4,26,300
7 700 4,25,800 4,26,500
8 900 4,25,800 4,26,700
9 1,100 4,25,800 4,26,900
10 1,400 4,25,800 4,27,200
11 1,700 4,25,800 4,27,500
12 2,000 4,25,800 4,27,800
13 2,400 4,25,800 4,28,200
14 2,800 4,25,800 4,28,600
15 3,200 4,25,800 4,29,000

Maturity benefits

Mr. Gupta will receive maturity benefits upon survival at policy maturity (the end of the 15th policy year). In addition to the Maturity Sum Assured of Rs. 1 lakh, he will also receive a 8% yearly loyalty bonus. at the conclusion of the 15th policy year, which amounts to Rs. 3,200. As a result, upon the policy’s expiration, he will receive Rs. 1,03,200 in compensation.

LIC Jeevan Shikhar Plan Review

The LIC Jeevan Shikhar Plan is a brand-new LIC India endowment plan. On January 11, 2016, the Life Insurance Corporation of India will introduce a new Jeevan Shikhar Plan (number 837). Jeevan Shikhar is a closed-end, single-premium, non-linked savings cum protection plan with profit. The LIC Jeevan Shikhar plan has a unique identification number (UIN) of 512N305V01. The New Jeevan Shikhar LIC Plan is a comprehensive endowment plan that guarantees your financial security and tranquility. The Jeevan Shikhar plan provides financial assistance to the policyholder’s family at any time prior to maturity. The risk cover in the new Jeevan Shikhar Plan is ten times the tabular Single premium. The new LIC Jeevan Shikhar Plan will be available for purchase from January 11 to March 31, 2016, or 120 days from the launch date.

 LIC Jeevan Shikhar Policy Premium Calculator

The new LIC Plan 837 – Jeevan Shikhar premium and maturity amount can be calculated with the assistance of the LIC Jeevan Shikhar Premium Calculator. Using this Jeevan Shikhar Premium Calculator, you must determine the premium rates for your desired sum assured prior to purchasing the Jeevan Shikhar policy. The following information is needed to use the New LIC Jeevan Shikhar premium calculator to determine the premium rates for the new Jeevan Shikhar Plan 837:

  • Name.
  • E-Mail Id.
  • Mobile Number.
  • Age.
  • Policy Term.
  • Sum Assured.

LIC Jeevan Shikhar Maturity Calculator

The new LIC Plan 837 – Jeevan Shikhar premium and maturity amount can be calculated with the assistance of the LIC Jeevan Shikhar Premium Calculator. Using this Jeevan Shikhar Premium Calculator, you must determine the premium rates for your desired sum assured prior to purchasing the Jeevan Shikhar policy. The following information is needed to use the New LIC Jeevan Shikhar premium calculator to determine the premium rates for the new Jeevan Shikhar Plan 837:

  • Name.
  • E-Mail Id.
  • Mobile Number.
  • Age.
  • Policy Term.
  • Sum Assured.

LIC New Jeevan Shikhar Endowment Plan Buying Procedure

The following lists the required documents for the LIC Jeevan Shikhar Plan.

  • Forms for applications and proposals.
  • Form No. Revised Proposal The U&R Department issued 300, 340, and 360.
  • Proposal Form and the picture.
  • Provide proof.
  • Age proof
  • Medical records (if necessary).

You can purchase a new LIC Jeevan Shikhar Plan by contacting the nearest LIC branch with the assistance of the documents listed above.

What is the Claim Procedure for New LIC Plan – Jeevan Shikhar?

The following documents are required for the LIC Jeevan Shikhar Plan claim procedure in the event of the death of a Life Assured.

  • Original policy document.
  • NEFT form.
  • Discharge form.
  • Cancel check or Bank Passbook xerox.
  • Medical treatment before the death.
  • Death certificate.
  • Proof of accident/Disability.

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