LIC’s Jeevan Sugam is single premium close ended plan. Its non-linked plan hence there is no market risk. LIC Jeevan Sugam is designed to keep in mind of people, who do not want regular premium commitment but still want to invest their money in LIC. Risk cover is 10 times of your investment.
- Guaranteed Doubles your money in 10 years (Actually more than double)
- Tex rebate on investment u/s 80C
- Tax free maturity u/s 10(10)D
In case of unfortunate death of policy holder, nominee will get the following maturity amount:
- On death during first 5 years: Basic Sum assured (10 times of single premium)
- On death after 5 years: Basic Sum assured (10 times of single premium) plus loyalty addition, if any.
Eligibility Conditions for LIC Jeevan Sugam
- Min. Entry age: 8 years (Completed)
- Max. entry age: 45 years (Nearest)
- Sum Assured: 10 times of premium
- Min. Maturity Sum Assured: Rs.60,000/-
- Max. Maturity Sum Assured: No limit
- Policy term: 10 years
- Minimum investment amount approx. Rs.35,000/- (depending on age)
Maturity Sum Assured shall be available in multiples of Rs. 5,000/-.
Rebate for high sum assured:
- Below Rs.150,000 : Nil
- Rs.150,000 to Rs. 399,999 : 3.5%
- Rs.400,000 and above : 4.5%
Loan on policy:
Loan on policy is allowed during the policy term. Policy holder can apply for loan anytime after getting the policy bond papers. Loan amount will be equal to 60% of the surrender value as on the date of sanction of loan.
LIC Jeevan Sugam can be surrendered anytime. Following is the guaranteed Surrender value:
- First year: 70% of the Single premium (net of service tax) excluding all extra premiums, if any.
- Thereafter: 90% of the Single premium (net of service tax) excluding all extra premiums, if any.
Jeevan Sugam Launch date: 25th Feb 2013 Last date of application: 10th April 2013
Since this is closed ended plan, it will close on or before 10th April 2013. If you are interested in this plan then consider 31st March as last date.