LIC Jeevan Pramukh

LIC Jeevan Pramukh plan by Life Insurance Corporation is essentially an endowment assurance plan, i.e., a plan with limited payments. This plan is best suitable for people in occupations of high stature. The plan also calls for a suitable payment plan for premiums over the term of three, four, or five years. The plan lays out security in regards to the aspect of finance against any risk of premature demise of the policyholder.

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The customer can also avail of rebates on the sum assured or on the premium payment. More details and information regarding the policy are briefly discussed below.

Eligibility Criteria of LIC Jeevan Pramukh Plan 

The LIC Jeevan Pramukh plan allows the customers to enter as early as their late-teenage years. It allows for the policyholder to start early and manage their savings. The following are the criteria listed for the eligibility of the plan -

Minimum age at the time of entry-

18 years old (completed)

Maximum age at the time of entry-

65 years old (age near birthday)

Maximum age at the maturity period-

75 years old (age near birthday)

Benefits of LIC Jeevan Pramukh Policy

The LIC Jeevan Pramukh policy offers several benefits to its policyholders and the nominees of the policy. The crucial benefits offered by this endowment assurance policy are noted and briefly explored below-

Guaranteed Additions-

For every year completed in the first five years of the policy tenure, the LIC Jeevan Pramukh planoffers guaranteed additions of fifty rupees per thousand of the amount assured. These guaranteed additions will be paid along with the amount assured at the time of maturity.


The LIC Jeevan Pramukh policy also participates in LIC’s profits from the sixth year onwards. The policy will receive a share of its profits in the form of bonuses. At the end of every fiscal year, simple reversionary bonuses will be considered per thousand of the assured amount. Once the simple reversionary bonuses are declared, they will become a part of the policy’s guaranteed benefits. 

Tax Benefits*-

Under Section 80C, the premiums paid for the LIC Jeevan Pramukh policyare free from tax. The maturity proceedings are also free from tax under Section 10 (10D).

*Tax benefit is subject to changes in tax laws. Standard T&C Apply.

Maturity Benefits-

The assured sum, in addition to the guaranteed additions which accumulate over time, the vested simple reversionary bonuses, and the terminal bonus, if any, are paid to the nominees of the policy or the policyholder at the termination of the policy tenure.

Death Benefits-

If the policyholder passes away, the assured amount along with the additional maturity benefits are paid to the nominees of the policy.

Savingson the Sum Assured-

The policyholder can avail of savings of the sum assured when the assured amount is above fifty lakh rupees. The savings for this term is Rs. 0.50, for every thousand rupees of the assured amount.

The Premium Structure of the Plan

Like the other insurance plans, the LIC Jeevan Pramukh policy also allows the customers to make their premium payments for every month, for every quarter, for every half year, or every annum. The policy offers for its premiums to be paid over a term of three, four, or five years.

Documents Requiredto Buy the Plan

For any insurance cover or plan, a set of standard documents are necessary. Having the required authentic documents helps in easing the process of availing of the policy. The following are few expected documents-

  • Photo identity and address proof - the Aadhaar card is an example of such proofs.
  • Proof of age
  • Income proof
  • Passport size photo of the potential policyholder

Documents required to make a claim-

  • Claim form as required and prescribed by the Corporation
  • Proof of accident or injury
  • Policy document
  • Proof of title
  • Medical treatment received before death (if and when applicable)
  • Death certificate (if and when applicable)

Documents required while claiming for maturity include-

  • Discharge form
  • Policy document
  • Proof of age
  • Proof of title (if and when applicable)

The Process to Buy Online

The process of buying any of the insurance covers is somewhat similar and straightforward. With the digital platforms springing up, the customer can now purchase a plan online according to their convenience. The subsequent points can act as a standard guideline for the same -

Step 1:On the website of the insurance provider, select a suitable plan. Plans are usually listed under “Products” or “Buy Online” hyperlinks available on the menu bar of the website.

Step 2:Once the plan is selected, read through the terms and conditions.

Step 3:Once satisfied, proceed to purchase or buy online.

Step 4:Enter the required personal and lifestyle details.

Step 5:Personal details include the date of birth, name, mobile number, email address, and annual income.

Step 6:Lifestyle details include questions regarding the smoking and drinking habits of the policyholder.

Step 7:Make the payment through a trusted payment gateway. The mode of payments ranges from credit cards and debit cards to a unified payment interface, also known as UPI.

Key Exclusions of the Plan

While purchasing any plan, it is essential to understand the exclusions of the said plan. The terms and conditions differ from plan to plan, and so do the exclusions. The general exclusion for an endowment assurance plan by LIC is -

  • Death of the policyholder by suicide, irrespective of the fact that the Insured is sane or not.


  • Q1. Is there a cooling-off period for the LIC Jeevan Pramukh policy?

    A1. Yes, there is a cooling-off period available for this endowment assurance plan. If the customer is not satisfied with the terms and conditions of the policy, they have the window to return the policy to the insurance provider within fifteen days.

  • Q2. Can one avail a loan under the LIC Jeevan Pramukh policy?

    A2. Yes, the customer can avail of a loan under this policy. However, the loan is subjected to specific terms and conditions set by the insurer. The loan is allowed once the policy has been declared to acquire a paid-up value. The interest rate of the loan can be charged at the rate of 10.5% per annum. The rate of the interest on such loans can be revised in the future by the insurer from time to time.

  • Q3. What is the surrender value of the LIC Jeevan Pramukh plan?

    A3. The customer can surrender the policy once the premiums of more than one year since the commencement of the policy term have been paid. The guaranteed surrender value of this policy would be the equivalent of thirty percent of the premiums paid in total. This excludes the premiums, which were paid in the first year of the policy and any extra paid premiums.

    After three years into the policy tenure, any guaranteed additions and vested simple reversionary bonuses will be paid on the surrendering of the policy.

    For policies that completed three years since the beginning of the term will be eligible for a particular surrender value.

  • Q4. Will there be any grace period offered for the LIC Jeevan Pramukh policy?

    A4. Yes, there is a grace period offered for this endowment assurance policy. The grace period allowed is of a month for premium payments made annually, quarterly, or half-yearly. The grace period allowed for premiums paid monthly is fifteen days.

  • Q5. Can the LIC Jeevan Pramukh plan be revived?

    A5. The policy can be revived within the first five years of the premiums that have been left unpaid and within the policyholder’s lifetime. The policy has to be revived before its maturity date. The policyholder might be asked to submit proofs that act as a surety for the continuation of the policy. Once the Corporation finds the documents satisfactory, the customer can proceed to pay all the premiums left unpaid along with the applicable interest.

  • Q6. What is the minimum amount of sum to be assured for the LIC Jeevan Pramukh policy?

    A6. The minimum amount of sum assured under this policy is ten lakhs.

  • Q7. What is the rebate available for the premium payment of the LIC Jeevan Pramukh plan?

    A7. The rebate or the discount on the premium payment of the policy is available as follows -

    • Two percent of the tabular premium for premiums to be paid yearly.
    • One percent of the tabular premium for premiums to be paid half-yearly.
    • Five percent extra of the tabular premium to be paid monthly.

    There is no rebate available on the premium payment for the quarterly period.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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Average Rating
(Based on 26 Reviews)
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LIC Jeevan Pramukh Reviews & Ratings

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 25 reviews)
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
Bablabona, February 22, 2021
Sufficient plan
I have recently bought a lic India term insurance plan and it has been a wonderful plan for me and my family. A sufficient plan for the safety and security of my family. It has given me few benefits too which makes the plan a wonderful.
Badayun, February 16, 2021
Affordable premiums
The term insurance plan which I bought of Lic India is first class and very amazing. I like the plan because it has various features and benefits which makes the plan worthy. Also, the premium rate of the plan is according to my budget and much affordable.
Malpur, November 05, 2020
Beneficial plan
My LIC India term insurance plan is really good and beneficial in nature. They have provided with certain features and my life has been protective to me and my family.
Latur, November 05, 2020
Low premium
I got my term insurance plan of LIC India. It is really easy to attain and my term plan is really good as it has several add on features included into the same. The premium rate of my plan is really affordable in nature.
Dehradun, November 05, 2020
Tax benefits
Somebody into my circle recommended me to get the LIC India term insurance policy. So, I gave it a try and started searching for some plans. Quite easy to check features and benefits of all LIC term plans.
Garhmukteshwar, October 21, 2020
Amazing plans
It is a really good and amazing plan and I took the LIC term insurance plan for the safety and security of my plan needs and wants.I took the plan online and have checked good number of plans of LIC term plan.
Faridabad, October 21, 2020
Best policy
My lic term insurance plan which I bought recently have given me so much of help and satisfaction. It is a good plan with sense of safety and security. Claims are easy to go and basically it is a best plan for your future needs.
Haldwani, October 21, 2020
Good plans
I have got the lic India term insurance. The maturity year is pretty good and I am much happy with my term plan.
Basanti, January 08, 2019
Very Good Plan
Recently I took the Term insurance of LIC and found it too useful. The maturity year is good which 75 years. I feel it is good as it can used by my family after me if by chance some problem may occur. We should always secure our life so it was a good experience and I am getting good benefits too. Thank you.
Buxar, July 20, 2016
Excellent Work
The premium is low but the paybacks are high. Service is fast and because of that the claiming is simple to sanctioned. The lic term plan is suggested by my father and after seeing the terms and conditions i buy it.
Ahmedabad, July 20, 2016
Super Policy
My lic term plan is providing the best services. Policy covers maximum expenditures and good returns. Claims are easy to sanctioned, updates of the plan is mailed to email address. Best investment which reduces taxes.
Uttamnagar, July 19, 2016
Perfect Policy
LIC online term plan is very easy to buy and renewals is also simple. The updates regarding policy can be visit on the website of the insurance company. Service is fast and behaviour of the staff is nice. The investment is less and the returns are high.
Jaipur, July 19, 2016
The lic term insurance plan is fantastic which i have seen comes from ages and providing good policies to the customers. Service is the best no doubt in that, online portal is also easy to access and anyone can operate it easily.
Hyderabad, July 19, 2016
Good Service
I have lic term insurance plan which is very beneficial for me and my family members from last few years. The policy coverage is high and the premium is less. Service is fantastic which is facilitate by the executives and members.
Ahmednagar, March 09, 2016
help me, plane choose
Noida, January 02, 2016
life insurance
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