LIC Jeevan Kiran Plan 870

LIC Jeevan Kiran Plan 870 Overview

LIC Jeevan Kiran Plan 870 is a non-linked, non-participating, individual life insurance savings product. It is a unique term insurance plan that provides a life cover during the policy term and returns 100% of the basic premiums paid if the policyholder survives till maturity.

Eligibility & Rules

• Entry Age: 18 to 65 Years
• Policy Term: 10 to 40 Years
• Minimum Sum Assured: ₹15,00,000

Key Plan Benefits

• Death Benefit: Sum Assured on Death is payable to the nominee.
• Maturity Benefit (Return of Premium): 100% of total premiums paid (excluding extra premiums and riders) refunded on survival.
• Special Rates: Lower premium rates for non-smokers and female lives.

Standard Policy Features

• Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
• Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
• Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
• Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.

Example Calculation

Note: The values shown above are indicative examples. Actual premiums and maturity amounts may vary based on exact age, riders, and declared bonus rates.