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Overview of LIC Jeevan Shikhar Plan
Among LIC's many efficient plans, the Jeevan Shikhar Plan stands out for its benefits and simplicity. This endowment plan was initially launched as a close-ended plan, available only for 120 days after its release, but the terms have since been revised. The plan offers significant cover, provided you are ready to take the associated risk, which is 10 times the usual tabular single premium.
This non-linked, participating plan is a saving-cum-protection single premium plan. Policyholders can choose their desired maturity sum assured, and the premium varies accordingly. However, there is a minimum sum assured cap of Rs. 100,000.
Any person between the ages of 6 and 45 can avail of this plan. It provides liquidity, allowing the insured person to avail a loan against the deposit. The policy term is 15 years, and the maturity sum assured will be in multiples of Rs. 20,000.
Key Benefits of LIC Jeevan Shikhar Plan
The LIC Jeevan Shikhar Plan offers a range of benefits, including:
- Death Benefits
- Maturity Benefits
- Loyalty Additions
- Loan facility
- Rebate on Premium
How to Buy LIC Jeevan Shikhar Plan
How to Buy LIC Jeevan Shikhar 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.
How to Buy LIC Jeevan Shikhar Plan from LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Jeevan Shikhar'.
- Click on ‘Buy Online’ to be redirected to a new page.
- Enter your name and contact information. An LIC representative will contact you to discuss quotes.
- Once details are discussed, you can make the premium payment and receive the policy documents.
Benefits of LIC Jeevan Shikhar Plan
There are various benefits to buying the LIC Jeevan Shikhar 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 date. Before the date of commencement of risk, a refund of premium(s) paid without interest will be payable.
Maturity Benefits
If the insured survives till the end of the policy period, provided all due premiums have been paid, the Sum Assured on Maturity along with Loyalty Addition will be payable.
Loyalty Additions
Upon completion of policy years, and 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 on the surrender of the policy during the term, only if the full premium has been paid for at least five years.
Policy Revival
A revival period of 2 years is given to the assured from the date of the first unpaid premium but before the date of maturity. This applies if the policy lapses due to non-payment of premium by the end of the grace period.
Key Features of LIC Jeevan Shikhar Plan
Grace Period
A grace period of 30 days is allowed for payment of yearly, half-yearly, or quarterly premiums, and 15 days for monthly premiums, calculated from the date of the first unpaid premium.
Loan Facility
You can avail of a loan against your LIC Jeevan Shikhar Plan for a certain period at the prevailing interest rate.
Free Look Period
This plan offers a 30-day free look period to cancel the policy if you are not satisfied.
Tax Benefits
LIC Jeevan Shikhar Plan offers term insurance 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.
Exclusions
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. In such a case, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.
Documents Required to Buy LIC Jeevan Shikhar Plan
Here is the list of documents required to buy the LIC Jeevan Shikhar Plan:
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Photo ID Proof
Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
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Age Proof
Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
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Address Proof
Any one of the following: 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
Any one of the following: Bank statement, last three months' salary slips (if salaried).
Plan At a Glance
| What’s Good Here | What’s Missing |
|---|---|
| Death Benefits | Premium Offset |
| Maturity Benefits | High sum assured rebate |
| Loyalty Additions | Auto cover continuance |
| Loan Facility | Top-up premium |
In a Nutshell
If you are looking for an endowment plan that provides death benefits to your family in case of your uncertain demise, along with maturity benefits, you should consider the LIC Jeevan Shikhar 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.
