LIC’S JEEVAN VRIDDHI

FREQUENTLY ASKED QUESTIONS

What are the key features of LIC’s Jeevan Vriddhi?

• LIC’S JEEVAN VRIDDHI offers Excellent Guaranteed Returns at Maturity.
• It is an Ideal combination of Insurance and Returns.
• Life Cover is five times the Premium.
• Maturity Benefit includes Guaranteed Maturity Sum Assured and Loyalty Addition, if any.
• Facility for loan.
• Single Premium Non-Linked Plan.

What are the benefits available on Maturity?

On completion of the term i.e. at Maturity the Guaranteed Maturity Sum Assured (GMSA) is payable. Some Examples of Guaranteed Maturity Sum Assured for different premium amounts (excluding service tax) are given below:

What is the Insurance Cover under LIC’s Jeevan Vriddhi?

The Insurance /Risk cover shall be 5 times the single premium. For example in case of a 20 year old person paying Rs. 30000/-(Excluding Service Tax),the Guaranteed Maturity Sum Assured shall be Rs.58,665/-  in addition to this Loyalty Addition if declared shall be payable. The life cover shall be for Rs.150000/-.

Can I avail loan under LIC’s Jeevan Vriddhi?

Yes, Loan facility is available under this plan, after completion of one policy year. The Loan Value is to the extent of 70% of Surrender Value.

Can I take a LIC’s Jeevan Vriddhi policy at my age?

Yes, anyone between the ages of 8 to 50 years can take this policy and the other conditions for the plan are as under:

What is the maximum premium that I can pay under the plan?

There is no upper limit on premium payable. Moreover you shall enjoy an increase in the Guaranteed Maturity Sum Assured by 1.25% for premium between 50,000 to 99,000 and by 3.00% for premium more than and equal to 1lac.

What if I wish to Surrender the policy before completion of the term?

We would not advise you to surrender a policy because the risk cover ceases and the contract comes to an end besides it deprives you from enjoying the full returns under the plan. However we wish to inform you that the policy shall acquire a surrender value after completion of one full year. On surrendering a policy the higher of Guaranteed Surrender Value and Special Surrender Value shall be paid.

Guaranteed Surrender Value

The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding extra premium, if any.

Special Surrender Value

The Special Surrender Value will be the ‘discounted value’ of the Guaranteed Maturity Sum Assured.

Yet again why should I opt for LIC’s Jeevan Vriddhi?

LIC’s Jeevan Vriddhi is a plan you can depend on for Insurance and Growth as can be seen from the Benefit Illustrations -