LIC Jeevan Vriddhi is a one time premium investment plan. This is also called as LIC FD plan because you get guaranteed return on your investment. This is the best plan for you if you are looking to invest your money for 10 years. LIC Jeevan Vriddhi (Table no. 808) offers guaranteed maturity amount plus Loyalty additions, if any. Along with the guaranteed return you also get 5 times insurance cover of the premium amount.
On death of policy holder, Basic Sum Assured shall be payable to the nominee. The Basic Sum Assured will be 5 times of the Single Premium excluding extra premium, if any.
On maturity date, the Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, will be given to policy holder.
LIC will also pay loyalty addition on date of maturity, if any. Loyalty addition is over and above your guaranteed sum assured.
Eligibility conditions for LIC Jeevan Vriddhi Plan
Min Entry Age: 8 years (completed)
Max Entry Age: 50 years (nearest birthday)
Min Basic Sum Assured: Rs.150, 000/-
Max Basic Sum Assured: No Limit
Min Premium: Rs.30,000/-
Policy Term: 10 years
Premium payment mode: One time premium
Loan facility will be available under Jeevan Vriddhi plan, after completion of one policy year.
Tax benefit is available under section 80C on your premium amount and maturity amount will be tax free under Section 10(10)D.
Example: Assume Mr. Ramesh aged 20 years invest Rs.30,000/-. On maturity Mr. Ramesh will receive Rs.58,665/- And if Mr. Ramesh dies before the maturity period his nominee will get Rs.1,50,000/-
Note: This is close ended plan and will be available for maximum of 120 days from 1st March 2012. Jeevan Vriddhi is NOT an ULIP Plan.