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LIC Jeevan Bharati Plan

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There are a number of life insurance plans available in India. Different insurance providers offer different plans to cater to the various needs of the customers. But, when it comes to women specific life insurance plans, options are very few.

LIC’s Jeevan Bharati (table no. 160) is a money back Insurance Policy that is specially designed to meet various financial needs of a woman. It not only offers comprehensive life coverage, the plan also encourages women to save money for future financial security.

Like any other life insurance plan, there are certain eligibility criteria that an insurance seeker must fulfil in order to buy this plan. To purchase Jeevan Bharati Insurance Policy, one must be of at least 18 years of age. But anybody above the age of 55 years is no longer eligible to buy this plan. The maximum age for policy maturity is 70 years. You can purchase this policy for either 15 years or 20 years. The sum assured amount shall be a multiple of 5,000 with a minimum of Rs. 50,000/- . 

Some Special Features Of Jeevan Bharati Insurance Policy Are As Follows:

  • Jeevan Bharati Insurance Policy is specially designed for women only.
  • A money back plan with bonuses, which is also convertible to annuity.
  • More than 15% of the sum assured is received as survival advantage every 5 years.
  • At the end of the policy tenure, maturity benefit received which truly includes the remaining sum assured along with accrued bonuses.
  • High sum assured reimbursements are provided by the plan.
  • If you have continuously paid the premiums for at least two years, there is an option of premium off for three years.
  • Reimbursement is provided if you pay advance premium as this plan also offers you the option of paying advance premium. A policyholder can also pay the premiums in installments.
  • A policyholder can also customize the survival benefits as per the requirements. If the survival benefits are withdrawn later then the interest would also be paid for that tenure only. 

Benefits of Jeevan Bharati Insurance Policy Are As Follows:

Following are the guaranteed benefits of LIC’s Jeevan Bharti Insurance Policy

  • Survival Benefits
  • Death Benefit
  • Maturity Benefit
  • Income Tax Benefit

Apart from the benefits mentioned above, the policy comes with three in-built riders. The policyholder does not need to pay additional premium to avail these riders. The three in-built add-on benefits of this plan are as follows:

  • Critical Illness Rider: The policyholder is assured to receive the benefit equal to the sum assured (which is a minimum of Rs. 50000 and a maximum of Rs. 500000), in case the policyholder develops the critical illness such as breast cancer, cervical cancer and vulvar cancer. If the policyholder is diagnosed with any of these diseases, the sum assured will be given immediately. Otherwise, the insured have to wait for six months to avail the benefits.
  • Congenital Disabilities Benefit Rider:  If the insured woman gives birth to a child with particular congenital diseases like Down’s syndrome, Tetralogy of fallot, Anal Atresia, Imperforate anus, etc. ,then the payment of 50% of assured sum has to be made but this benefit is available only up to the age of 40 years and for a maximum number of two children. The payable amount under this cover is 5 lakhs.
  • Accident Benefit Rider: Accidental Benefit Rider is payable upon death or total and permanent disability due to accident during the policy tenure.

Jeevan Bharati Insurance Policy can be taken by parents on behalf of their daughter. This is probably the best gift that parents can give to their daughters and make their future financially secure.

fixed deposit with life cover
Written By: PolicyBazaar - Updated: 04 November 2016