LIC Jeevan Shikhar Plan Features, Benefits and Last Date
The Life Insurance Corporation of India (LIC) has come up with a brand new scheme called LIC Jeevan Shikhar Plan No. 837. This is an endowment scheme which is the latest offering for the New Year from the house of India’s biggest insurance company – the LIC. This plan not only serves as a way to make savings, but also it provides a strong insurance cover on life and financial support in form of liquidity of funds.
LIC Jeevan Shikhar Plan Features
LIC’s new Jeevan Shikhar Plan No. 836 is a brand new plan to be launched on 11th January, 2016. It will be available only for a limited period of 120 days i.e. till the end of March 2016. It is basically a single premium insurance policy, i.e. the amount to be invested will be paid in only one premium at a time. It not only is a saving tool, but also provides life insurance to the policy holder. The tenure of this new LIC policy is 15 years. The sum assured will be calculated on this policy depends on two parameters – the age of entry of the policy holder and the premium amount invested.
The minimum age limit for the LIC’s Jeevan Shikhar Plan 837 policy is 6 years and the maximum age limit up to which one can enter the policy is 45 years. The sum assured will be paid to the policy holder along with loyalty addition and interest after the maturity date, i.e. after completion of 15 years. The minimum sum assured on maturity for this policy is Rs. 1 lakh where as there is no upper limit on the sum assured.
LIC understands the insurance needs of every category of people, be it rich or poor and chalks out a wide range of insurance plans for every individual. Its basic principle is to make use of the savings of people into more efficient investments and then return the money after a given period of time to the insurance holder, with added interests. Thus, it also helps strengthening the country’s economy and also providing financial support to the common masses. The rural sections of India, which include a large amount of the population, are also targeted to be given adequate insurance and financial support.
LIC’s Jeevan Shikhar Plan 837 has got unique death benefits. In case of death of the policy holder before maturity, after the risk cover has started, the nominee will receive a sum of ten times the sum assured. The risk cover starts after completion of five years of the policy. If the person dies before the risk cover, the nominee will get the total premium amount. After five years of completion of the plan, i.e. after falling under risk cover, is the person dies, the nominee will get ten times the sum assured along with other loyalty additions if applicable.
LIC Jeevan Shikhar plan 837 also provides liquidity to one’s investment as one can easily withdraw loans from the saved amount any time. LIC Jeevan Shikhar plan 837 can be utilized as a tool to provide a child’s education or daughter’s marriage. All policies under LIC are entitled to tax exemption under different sections of Income Tax Act. Thus, it also proves to be a major tool for tax saving.
There are many other life insurance policies apart from Jeevan Shikhar plan 837 offered by LIC which are targeted for every need of the people. There is a wide range of plans to choose from according to the requirement of every individual. Life insurance plans basically mean payment of sum assured amount after either the maturity date of the policy or of the sudden death of the policy holder. The sum assured amount depends on the investment amount made by the policy holder. The aim advantage of having a life insurance policy is that one gets the total sum assured plus the interest earned, even if the policy holder dies before completion of policy. This provides a strong financial support to the policy bearer and his/ her family.
The basic insurance facilities like life insurance, insurance for accidental death, endowment policies, money back policies, etc. were not convenient before LIC. But then LIC emerged and gradually became the greatest insurance company of India, having millions of satisfied beneficiaries all around the nation. The main aim of LIC is to provide the basic as well as result oriented insurance cover to the common Indians.
Life Insurance Corporation of India was established in the year of 1956 by merging about 245 private insurance agencies that also included some foreign companies. The LIC was formed under the Life Insurance of India Act. Before LIC, the insurance structure was not organized at all, in India. Many unorganized organizations did the business in an unprofessional manner and the common mass of India never tasted the true value and advantage of having a strong insurance cover.