LIC Jeevan Shikhar Plan

LIC Jeevan Shikhar is a withdrawn plan and is no longer available for sale. LIC Jeevan Shikhar is a single-premium, savings-cum-insurance plan that comes with a high sum assured. This plan offers a combination of attractive returns and comprehensive financial protection. With a limited premium payment term, it ensures a secure option for long-term savings by providing a guaranteed lump sum benefit upon maturity.

Read more
LIC Plans-
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

LIC Jeevan Shikhar- An Overview

LIC Jeevan Shikhar offered by the LIC of India is a single premium endowment plan that allows proposers to choose the Maturity Sum Assured (MSA). The single premium amount is based on the MSA chosen and the age of the policy holder.

However, the plan is no longer available for sale as it has been withdrawn by the LIC. But the policyholders who already have bought this plan will continue to be covered under the benefits offered by the plan.

Let’s take a quick look at the various features, Plan details and benefits of the policy.

Key Features of LIC Jeevan Shikhar Policy

  • Higher Cover in case of death.

  • Flexibility to choose Maturity Sum Assured (MSA).

  • Guaranteed Return (MSA) along with Loyalty addition on maturity.

  • Higher surrender value with an option to surrender the insurance anytime.

  • Tax benefits under Section 80(C) of Income Tax Act.

  • Tax free maturity amount under Section 10(10D) of Income Tax Act.

Eligibility Criteria of LIC Jeevan Shikhar Policy

Parameters Minimum Maximum
Entry Age 6 years 45 years
Policy Term 15 years
Sum Assured on Death 10 times of tabular single premium
Sum Assured on Maturity Rs. 1,00,000 No Limit

Benefits of LIC Jeevan Shikhar Policy

Maturity Benefits: On policy maturity, policyholders are paid the Maturity Sum Assured (MSA) +Loyalty Addition.

Death Benefits: This endowment policy offers amazing death benefits. Let’s check out the death benefits offered by this plan.

Death during First Five Policy Years:

  •   Single premium paid (excluding service tax) is returned, if the death happens before 8 years of Age.

  •   10 times of the single premium (excluding service tax) paid is returned, if the death happens after 8 years of age.

Death after Five Policy Years and Before Maturity:

  •   10 times of single premium paid (excluding service tax) along with loyalty addition is payable as death benefit. 

Please Note: Under this policy, the minimum age of risk commencement is 8 Years. Policyholders get to earn Loyalty Addition only after 5 years of successful completion of policy. 

Loyalty Addition: The Loyalty Addition is paid on the death of the policy holder or when the policy is surrendered. However, it is important to complete at least five policy years, or the policyholder must survive till the end of the policy.

Surrender Option & Surrender Value: Policyholders can surrender the policy at any time during the term of the policy.

The Guaranteed Surrender Value allowed is:

  • 70% of the Single premium (excluding extra premiums paid and taxes) in the first year.

  • 90% of the Single premium paid (excluding extra premiums paid and taxes), thereafter. (If policy holder chooses to surrender the policy after 5 years of the Policy, Loyalty addition (if any) is also payable.)

Sample Illustration of Death & Maturity Benefits

Let’s say, you’re investing in Jeevan Shikhar Policy (837).  Suppose:

  • The Maturity Sum Assured you select is Rs. 5,00,000

  • The Policy Term is 15 Years

  • The Policy Purchase Year is 2016

  • Your present age is 28 Years.

Basis the information provided above, your Single Premium turns out to be Rs. 2,07,405 (with Statutory Taxes).

With the above details, there are two possibilities. In the first case, the policyholder survives for 15 years and receives the maturity amount. Alternatively, in the second case, the policyholder dies before 15 years, and the nominee gets death claim amounts.

Here, we’ve explained both the cases below: 

Case 1: Maturity 

If the policyholder survives 15 years, then the Maturity amount (i.e., the combined total of Maturity Sum Assured plus the Loyalty Additions) will be provided as mentioned below:

Maturity Year Age at Maturity Maturity Sum Assured (Guaranteed) Loyalty Addition (Variable) Total Maturity
2031 43 500000 16000 516000

 

Case 2 (Death before 15 Years)

10 times of single premium paid (excluding Service Tax) + Loyalty Addition is payable as death claim amount in case of death of the policyholder before completing 15 years or the maturity date of the policy. Loyalty Addition is provided on the policy only after 5 years from date of purchase. 

Table: Suppose if Death happened in Year 2022 then nominee will get death claim amount as 2017500

Year of Death Age at Death 10 Times of Single Premium
(Excluding Service Tax)
Loyalty Addition (Variable) Total Death Claim
2016 28 2001500 0 2001500
2017 29 2001500 0 2001500
2018 30 2001500 0 2001500
2019 31 2001500 0 2001500
2020 32 2001500 0 2001500
2021 33 2001500 16000 2017500
2022 34 2001500 16000 2017500
2023 35 2001500 16000 2017500
2024 36 2001500 16000 2017500
2025 37 2001500 16000 2017500
2026 38 2001500 16000 2017500
2027 39 2001500 16000 2017500
2028 40 2001500 16000 2017500
2029 41 2001500 16000 2017500
2030 42 2001500 16000 2017500

 


Exclusions

Suicide Clause: If the Life Assured, whether sane or insane, commits suicide within 12 months from the policy's risk commencement date, the policy will be considered void. In such cases, an amount higher than either 90% of the Single Premium paid or the Surrender Value will be payable. The policyholder's nominee or beneficiaries will not be eligible for any other claims under this policy. However, this clause will not be applicable if the Life Assured's age at the time of policy entry is below 8 years. In such instances, a refund of the Single Premium paid without interest will be provided.

Summing It Up:

LIC's Jeevan Shikhar plan provides individuals with a combination of savings and protection. This non-linked, single premium plan offers policyholders the opportunity to secure their financial future through a lump sum investment while ensuring their loved ones are financially protected in case of any unfortunate event. The plan comes with a fixed policy term and guarantees a maturity sum assured along with loyalty additions, making it an attractive option for those seeking both long-term growth and insurance coverage. The plan is no longer available for sale, but those who have already bought this plan can enjoy its benefits.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

LIC of India
LIC Plans
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2024
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2024
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Varishtha Pension Bima Yojana
LIC Investment Plans
LIC Pension Plans
Show More Plans
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL