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.Read more
Buy LIC policy online
Guaranteed maturity with life
cover for securing family's future
Tax saving under Sec 80C &
Sovereign guarantee as per
Sec 37 of LIC Act
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-
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.
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.
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.
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-
Documents required to make a claim-
Documents required while claiming for maturity include-
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 -
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.
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.
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.
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.
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.
A6. The minimum amount of sum assured under this policy is ten lakhs.
A7. The rebate or the discount on the premium payment of the policy is available as follows -
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.
Standard T&C apply.
21 Sep 2022LIC New Pension Plus Plan The LIC New Pension Plus Plan is the...
06 Sep 2022LIC Linked Accidental Death Benefit Rider LIC riders are an...
30 Aug 2022Is LIC Maturity Amount Taxable? The maturity amount is the sum LIC...
26 Aug 2022This is one of LIC’s insurance cum savings plans that offer...
22 Aug 2022LIC survival benefits come with money-back plans. As the name...