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.

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

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 the LIC 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, the LIC 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.

FAQs

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

Standard T&C apply.

*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

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 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