LIC Jeevan Rekha

To reiterate, the plan provides returns that are regular during the term of the plan and allows the provision for an insurance cover that lasts for a lifetime.

Eligibility Criteria of LIC Jeevan Rekha Plan

All the residents of India are eligible to apply for the LIC Jeevan Rekha plan, starting from teenagers to older people in their sixties. This policy is one of the few to which the age range starts at a relatively young age; right after the child completes their pre-teen years. The minimum and maximum age required at the entry time is detailed below-

Minimum Entry age -13 years old

Maximum Entry age -65 years old

Benefits of the Plan

Like every insurance plan offered by LIC, the LIC Jeevan Rekha plan has its benefits to offer to the policyholders. To avail of the benefits, one is advised to follow the terms and conditions of the policy. Below are brief notes regarding such benefits -

Survival Benefits-

In case the insured lives longer than the tenure of the policy, 10% of the assured sum amount will be paid to the policyholder. The initial payment of this percentage will begin after five years of the policy term commencement

Death Benefits-

If the policyholder dies, the insured’s nominated members of family or acquaintance will be receiving an assured amount that is guaranteed along with the accumulated vested bonuses.

Accident Benefits/ Rider Benefits-

In case of the death of the policyholder because of an accident, the policy nominees can get an amount up to Rs. 10 lakhs, depending on the policy terms and conditions.

TheLIC Jeevan Rekha policyoffers an extra benefit in the form of rider benefits. However, this is an optional benefit. If the customer wants to choose this benefit option, he can do so at the time of buying the policy. This benefit can be added to the customer's policy for availing of supplementary protection. The customer needs to make an additional payment of premium to get these benefits.

The Premium Structure of the Plan

Like several other LIC policies, the LIC Jeevan Rekha policy allows the customers to make their payments of premiums in different modes. The modes of premium payment available are - annual payments, half-yearly payments, quarterly payments, and monthly payments.

The customer can also select payment of the premium amount by the Single-Pay method.

The terms for making premium payments can be selected by the policyholder. The terms vary on the basis of multiples of five, i.e., the terms can range anywhere between five, ten, fifteen, twenty, twenty-five, to a lifetime.

Premium details vary as per the selected plan.

Documents Required

A set of standard documents are required while one makes a purchase of any insurance plan. Having proper and authentic documents helps in facilitating the process of availing of the selected insurance plan. The documents can vary according to the policy selected and its necessities. The following are the general documents needed to secure a policy from LIC -

• Passport size photocopy of the potential policyholder
• Age proof
• Address proof
• Proof of identity
• Educational proof (certificate of the highest education of the policyholder)

The Process to Buy Online

Several insurance providers are facilitating their customers and policyholders to purchase insurance plans online, from the comfort of one's own home. Existing customers can check their policy status online and can download their policy online. Policyholders are also allowed to make premiums online through the insurance provider's website. Customers for LIC can easily go to the LIC website and choose the desired insurance product. The following are few standard steps involved in purchasing an insurance plan online-

Step 1:On the insurer website, in this case, LIC, one can browse through the available plans and select a suitable plan.

Step 2: After reading the terms, conditions, and understanding the premiums required, please select the option for purchasing the plan or buying it online.

Step 3:Enter the details required. Details can entail both personal and lifestyle information. Personal details include age, gender, name, date of birth, income (monthly or annually), and contact information. Lifestyle details include information regarding the drinking and smoking habits of the policyholder.

Step 4:After entering in the details, complete the purchase procedure by making the payment through a debit card, credit card, or through other safe payment gateways offered by the company’s website.

Key Exclusions of LIC Jeevan Rekha

Every insurance plan has its own exclusions, terms, and conditions. The exclusions can vary from plan to plan, based on the requirements and demands of the life insurance policy selected. Few general exclusions of a life insurance policy are noted below-

• Death by suicide, regardless of the policyholder’s state of mind
• Death caused by incidents like riots or deaths caused because of participating in extreme sports.

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