LIC Jeevan Vriddhi

LIC Jeevan Vriddhi plan is a single premium endowment plan offered by the Life Insurance Corporation of India (LIC). The plan is accompanied by a guaranteed amount assured at the time of maturity. In other words, this plan can be called a non-participating traditional plan, i.e., a plan without any sort of bonus facilities to offer to the customer. The guaranteed sum assured varies from customer to customer and is decided on the basis of the (single) premium payable and the age of the policyholder during the time of entry.

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The policy also has a fixed period of time as the tenure of the same.

Being an endowment assurance plan, the LIC Jeevan Vriddhi plannot only allows its customers and beneficiaries with a way to secure their futures financially but also to start saving or investing from an early age. Through a systematic saving procedure, the plan helps the customer to accumulate certain wealth.  Under this single premium plan, the risk cover would be a multiple of the premium that has been chosen by the customer. Upon maturity, the policy offers the guaranteed amount that has been assured and payable at the time of maturity along with loyalty additions, if any. This plan is one of the few plans that need the customer to pay up the entirety of the premium in a single go, as the only mode of premium payment available is the single payment method. The below sections help in shedding a better and brief light on the features, benefits, eligibility criteria, and exclusions of the LIC Jeevan Vriddhi plan.

Eligibility Criteria for LIC Jeevan Vriddhi Plan

The eligibility criteria for theLIC Jeevan Vriddhi policy offer for saving from a very tender age. This is to provide the customer with a savings window as early as possible. The age requirements of this policy can be briefly detailed as follows-

Minimum age required at the time of entry- 8 years old (completed)

Maximum age required at the time of entry- 50 years old

Maximum age required during the maturity period- 60 years old

Benefits of LIC Jeevan Vriddhi Policy

Like every other life insurance plan, the LIC Jeevan Vriddhi plan has its own perks and benefits. Understanding the benefits of a life insurance plan helps the customer in deciding whether the selected plan is suitable for them or not. The significant benefits offered by this particular plan are pointed and briefly discussed below-

Tax Benefits*-

Under the Indian Income Tax Act, Section 80C, premiums paid for a life insurance plan are exempted from tax.

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

Maturity Benefits-

At the period of maturity, the policyholder shall receive the amount that has been assured (the guaranteed amount that has been assured and payable at the time of maturity) accompanied by the Loyalty additions (if and when applicable).

Loyalty Addition-

The LIC Jeevan Vriddhi policy would be entitled to receiving the loyalty additions during the maturity period of the policy. The loyalty addition will be dependent on the terms and rate as declared by the insurance provider. The Corporation is the one who decides if a plan is eligible for such benefits or not.

Death Benefits-

Upon the demise of the policyholder, the nominees of the policy shall be paid the primary amount of money that has been assured. The basic amount assured would be five times the single premium with the exclusion of any extra premiums paid.

The Premium Structure of the Plan

Unlike several other life insurance plans of LIC, theLIC Jeevan Vriddhi plan only offers the customer a single payment window for the premium. The premium quote would be available in a multiple of thousand rupees.

The minimum premium required from the policyholder under this plan is thirty thousand rupees.

Documents Required

To enjoy a quick and easy process of availing of a life insurance cover, it is essential to have the required authentic document ready. The documents required can vary from plan to plan. The usual documents required to avail of a life insurance plan are-

  • Proof of identity
  • Proof of address
  • Proof of income
  • Proof of age
  • Passport size photo of the policyholder
  • Medical report (if and when applicable)

Few usual documents required to raise a claim are as follows-

  • Original policy documents
  • Proof of title (if and when applicable)
  • Proof of age
  • Claim form that has been prescribed by the insurance company
  • Certification of the death of the policyholder (if and when applicable)
  • Police FIR copy (if and when applicable)
  • Postmortem copy (if and when applicable)
  • Coroner’s report (if and when applicable)
  • Medical reports (if and when applicable)

The Process to Buy Online

With the ongoing digital wave, all industries are maintaining a grip on their online situations. Insurance providers, too, started to focus on their online presence. The digital platforms are allowing the customer to sit at home and avail of the services of the insurance company. One can make their premium payments on the insurer's website and can only check the status of their policy online. The customer can now purchase a life insurance cover online too. The basic procedure of availing of this online service is outlined in brief below-

Step 1:From the digital platform of the insurance provider, i.e., the insurer's website, browse and select a suitable and appropriate insurance plan.

Step 2:Once the plan has been selected and its terms and conditions have been acknowledged, the customer can select the option that takes them to the purchasing procedure.

Step 3:A part of this procedure calls for the customer to fill in their details.

Step 4:Details necessary include both personal and lifestyle information. Personal information required, in general, includes the birth date, name, age, gender, income (calculated monthly or annually), mobile number, and email address. Lifestyle information includes the smoking and drinking habits of the customer. Few insurance plans also ask for information regarding the medical history of the customer.

Step 5:After entering the details asked, the customer can make the payment through one of the many secured payment gateways offered by the insurance provider. This completes the purchasing procedure of a life insurance plan online.

Key Exclusions of the Plan

When the policyholder passes away after committing suicide within a year of the commencement of the risk period, the LIC Jeevan Vriddhi plan would be declared void by the Corporation. Further, the insurance provider will not be accepting any other claim in respect with this policy, with an exception for -

  • The extent up to ninety percent of the premium paid in a single go. This excludes any kind of additional premiums that have been paid by the policyholder.
  • Third-party authentic favourable interest obtained for valuable contemplation in the policy (limited to the death benefit's applicability of the plan) of which there have been delivered a written notice. This written notice shall be conveyed to the division that is dealing with the policy, i.e., the branch that has the authentic records of the policy, at least one whole month (30 days) before the demise of the policyholder.

*For more information about exclusions, please refer to the plan brochure or the policy document.

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

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 25 reviews)
Meer
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.
Jyotsana
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.
Nimesh
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.
Amit
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.
Seema
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.
Ashraf
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.
Naman
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.
Chetan
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.
Bibek
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.
Himanshi
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.
Kamal
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.
Sharad
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.
Nitesh
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.
Manu
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.
Gauri
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.
Bhushan
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.
Trilok
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.
Ajeet
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.
Jayant
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.
Saurabh
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.
Devesh
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.
Lokesh
Jaipur, July 19, 2016
Trustworthy
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.
Gautam
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.
Arun
Ahmednagar, March 09, 2016
term
help me, plane choose
Sanjeev
Noida, January 02, 2016
plan
life insurance
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