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Overview
LIC Jeevan Shagun was a single-premium, participating money-back life insurance plan offered by LIC that combined life insurance with guaranteed payouts at specified intervals. Since it was a close-ended plan, it is no longer available for purchase. However, existing policyholders can continue to enjoy its benefits as per the policy terms. If you're looking for a similar LIC one-time investment plan, this guide explains the key features, benefits, eligibility, maturity benefits, and the best available alternatives to LIC Jeevan Shagun.
The single premium paid for the plan varies based on factors like the policy term, the insured person’s age, and the sum assured chosen. After purchasing the policy, tax benefits are also available.
LIC Jeevan Shagun Plan offers a range of benefits including:
- Death Benefits
- Survival Benefits
- Loyalty Additions
- Policy Revival
- Loan Facility
How to Buy LIC Jeevan Shagun Plan from PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the ‘Investment’ tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC Jeevan Shagun Plan
There are various benefits to buying the LIC Jeevan Shagun Plan. Let’s understand each of them in detail:
Death Benefit
If death occurs during the first five policy years, the benefit is payable in case of the insured person's death before the maturity time. Before the date of commencement of risk, a refund of premium(s) paid without interest will be payable.
Survival Benefit
If the policyholder survives till the end of a certain period, the survival benefit is paid as 15% of the Maturity Sum Assured at the end of the 10th policy year and 20% of the Maturity Sum Assured at the end of the 11th policy year. 65% of the Maturity Sum Assured (MSA) along with Loyalty Addition will be paid as maturity benefit if the policyholder survives till the end of the policy term.
Loyalty Additions
On completion of policy years, if premiums have been paid for at least 5 years, Loyalty Addition will be covered by a paid-up policy if the policy is in force. Loyalty Addition is also considered during the Special Surrender Value Calculation upon the policy's surrender during the term, only if the full premium has been paid for at least five years.
Loan Facility
After completion of one year of the policy, a loan facility is available. The interest on the loan shall be compounded on a half-yearly basis, at a rate specified by the corporation upon the issuance of the loan. The first payment of interest is to be made on whichever date following the date of issue, either 6 months before or on the date of the next policy anniversary.
Single Premium
The policy buyer needs to make a single premium payment only, and their life is insured for a specific time period.
Money-Back Plan
The insurance company pays annual dividends to the policyholder. Payouts are received in the 10th and 11th year of the policy in case of survival, making this plan qualify as a Money-Back Plan.
Free Look Period
This plan offers a 30-day free look period to cancel the policy if you are not satisfied with its terms and conditions.
Tax Benefits
LIC Jeevan Shagun Plan offers tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.
Inclusions
- Death Benefits: Provides financial protection to the nominee in case of the policyholder's unfortunate demise.
- Survival Benefits: Offers periodic payouts at specified intervals if the policyholder survives.
- Loyalty Additions: Enhances the policy value with additional benefits upon completion of certain policy years.
- Loan Facility: Allows policyholders to avail a loan against their policy after one year.
- Tax Benefits: Eligible for tax benefits under applicable sections of the Income Tax Act, 1961.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
- Death occurring while the policyholder is involved in illegal activities may not be covered.
- Death caused due to war, invasion, civil war, or related situations may be excluded.
Documents Required to Buy LIC Jeevan Shagun Plan
Here is the list of documents required to buy the LIC Jeevan Shagun Plan:
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Photo ID Proof
Passport, Aadhaar card, PAN card, Driving license.
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Age Proof
Passport, Aadhaar card, PAN card, Driving license.
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Address Proof
Utility bill, passport, voter ID, ration card.
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Medical Records
Medical records of the policyholder if requested.
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Income Proof
Bank statement, last three months' salary slips (if you are salaried).
Plan At a Glance
| What’s Good Here | What’s Missing |
|---|---|
| Death Benefits | Premium Offset |
| Survival Benefits | High sum assured rebate |
| Loyalty Additions | Auto cover continuance |
| Loan Facility | Top-up premium |
In a Nutshell
If you are looking for a policy that provides high life cover in the event of the unfortunate demise of the policyholder, where the single premium paid depends on the maturity sum assured opted by the insured, you should consider the LIC Jeevan Shagun Plan.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
