LIC of India has launched a new Endowment Policy Known as LIC Jeevan Shikhar Plan.It was Launched by LIC on 11th January 2016 This Policy is a Single Premium endowment Policy where the Risk Cover is 10 times of Single Premium in case of the death of the proposer and excellent return on survival of the proposer after its maturity..

The insurance buyer or proposer will have an option to choose the Maturity Sum Assured. The Premium will solely depend on the amount chosen of Maturity Sum Assured and the age of the Insurance buyer

Jeevan Shikhar Plan also helps to get the Loan from your policy.

These LIC plan will be open only for sale only for 120 days i.e 4 Month from the Launch date of the Jeevan Shikhar Plan.

Now Let’s Discuss about the Key Features of Jeevan Shikhar Plan

  1. The Total Amount assured is the 10 times of the single premium 
  2. The Minimum Capacity of Sum Assured after Maturity is Rs. 100,000/- or 1 Lakh
  3. There is no limit on Maximum Maturity Sum Assured, But the Maturity Sum Assured should always be in Multiples of Rs 20,000 or Twenty Thousand Only.
  4. The Fixed Policy Term is 15 Years
  5. The Minimum Entry age for these plan is 6 years should be completed
  6. The Maximum entry age for Jeevan Shikhar Plan is 45 years it will be counted on its Nearest Birthday
  7. One time Premium only is the Premium payment mode for Jeevan Shikhar Plan
  8. These LIC plan can be Give Up at any time and with higher Give Up Value with Jeevan Shikhar Plan
  9. The Premium paid is qualified for a refund under 80(C) of the Income Tax
  10. The Maturyity amount of Jeevan Shikhar Plan is also Tax free under 10(10D)
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The Benefits of LIC Jeevan Shikhar Plan

  • Maturity Benefits : On Survival of the Policy holder after 15 years , the Maturity Sum assured and Loyal benefit will be paid in addition.
  • Death Benefit : 
  1. On Death During First 5 Years of the Policy Purchased
  2. Risk Before the date of commencement : Only Single Premium amount will be paid by the LIC
  3. Risk After the date of commencement : The 10 Times amount the Single Premium Paid
  4. Death after completion of 5 years but before the Maturity: The Proposer will be paid 10 times amount of the single premium with any Loyalty addition if any
  • Loyalty Addition : The Loyaty addition will be given on the death of Policy Holder or surrender or Policy. But the Only Ciriteria is to get the Loyalty addition for Jeevan Shikhar Plan is that the Policy Must have run at least 5 Years. 
  • Surrender Option for Jeevan Shikhar : The Policy can be surrender at any time when Proposer you want. Below is the amount will be payable when you surrender the policy
  1. Policy Surrender in 1 Year : If you have surrender the Policy in 1 Year then you will get 70% of the amount you have paid as a premium
  2. Policy Surrender After 1 Year : If you are surrendering the Policy after 1 year then you will get the 90% of the amount you have paid as a Premium for your policy

Eligibility Criteria for LIC Jeevan Shikhar Plan

  • Minimum Entry Age is 6 years
  • Maximum Entry age for Jeevan Shkhar Plan is 45 years
  • Policy Terms is for 15 years
  • Single Premium Payment Mode
  • Loan Facility is available with this Plan
Illustration of Jeevan Shikhar Plan with an Example
  • The Age of the Person who is purchasing Jeevan Shikhar Plan is 30 years
  • The Policy Term is for 15 Years
  • He Opts for a Single Premium i.e. Rs 42580.00
  • Maturity Total Assured is Rs 100,000 ie. 1 Lakh
  • After 15 Years the Person will get Rs 103,200
  • If the policy holder dies before 15 years he will get 10 Times of the Premium Paid i.e He will get around Rs 425,800.
Disclaimer : Before Purchasing Any of the Insurance Plan Please Visit LIC offical Website or Contact LIC agent. These Article is only for the informational Purpose