LIC Jeevan Shagun Policy Review

LIC Jeevan Shagun Policy Introduction

LIC Jeevan Shagun policy is a Single Premium Money Back Policy. LIC Jeevan Shagun Provides High Level of Death Cover like Jeevan Saral during the term of the Policy.

In LIC Jeevan Shagun 826 Policy, Policy Holder has an option to Select Maturity Sum Assured based on it Single Premium is Fixed. Special Feature of this policy is At the time of taking the policy itself we can know the maturity amount that we get after the term of the policy by calculating the maturity amount using LIC Jeevan Shagun Premium and Maturity Calculator. Lic Jeevan Shagun is a non-linked, with-profit, single premium money back policy which provides for high level of death cover during the policy and a maturity sum assured along with loyalty addition. You can check the Jeevan Shagun Premium chart for Premium and policy details.

LIC New Plan Jeevan Shagun is a savings and protection single premium plan wherein the risk cover is a multiple of single premium. A percentage of Maturity Sum Assured shall be payable on surviving to the end of the specified duration and on maturity. LIC Jeevan Shagun plan also takes care of liquidity need through its loan facility.

LIC Jeevan Shagun Policy Information

Eligibility and Conditions:

Minimum Entry Age :	8 Years (Completed)
Maximum Entry Age :	45 Years
Minimum Maturity Sum Assured :	Rs. 60,000 /-
Maximum Maturity Sum Assured :	No Limit

• Maturity Sum Assured shall be in multiple of Rs. 5000/-
• Premium Payment : One Time Payment.
• policy Term : 12 Years.

LIC New Jeevan Shagun Policy Review and key features

• LIC Jeevan Shagun is a single premium participating money back plan.
• On Policy Maturity,  65% of the Maturity Sum Assured + Loyalty Additions would be paid.
• If the Life Insured dies within the Policy Tenure, the Sum Assured + Loyalty Additions would be paid to the nominee.
• On survival, 15% of the Maturity Sum Assured is paid at the end of 10th policy year.
• On survival, 20% of the Maturity Sum Assured is paid at the end of 11th policy year.

LIC Jeevan Shagun 826 Policy Benefits

1.Death Benefit:

• Death During the first 5 Years from the date of taking Policy:

Basic Sum Assured i.e. 10 times of the single Premium Payable

• Death after 5 Years from the date of taking Policy:

Basic Sum Assured i.e. 10 times of the single Premium Along with Loyalty Addition if any.

2.Survival Benefit:

• On Life Assured surviving to the end of the specified duration, the following Survival benefit shall be payable.
• At the end of 10th policy year: 15% of the Maturity Sum Assured.
• At the end of 11th policy year: 20% of the Maturity Sum Assured.

3.Maturity Benefit:

• At end of the Policy Term 65% of Maturity Sum Assured along with Loyalty Addition is payable.

4.Loyalty Addition:

• The policies  under  this plan shall be eligible  for share  in surplus  (profits)  in the form of Loyalty  Addition, depending   upon  the  experience   of  the  Corporation. The  Loyalty  Addition,   if any,  shall  be  payable   at such rate  and on such  terms  as may  be declared  by the Corporation,   on death  or surrender,  provided  the policy has run for at least   five policy  years or on policyholder   surviving  to the maturity.

LIC New Jeevan Shagun Policy Rebates

There is rebate in premium for High Maturity Sum Assured of more than Rs 1.5 Lacs

Maturity Sum Assured	Rebates per 1000 Rs MSA
Up to Rs. 1,50,000 /-	Nil
Rs. 1,50,000 /- to Rs. 3,95,000 /-	Rs. 15 /-
Rs. 4,00,000 and above	Rs. 20 /-

LIC Jeevan Shagun Policy Calculator

You can calculate your premium with Lic Jeevan Shagun policy calculator for that you have to enter your details:

• Name
• Email ID
• Mobile No
• Age
• Term

LIC Jeevan Shagun Surrender Value

Policy can be surrendered at any time during the term of the policy.

Guaranteed Surrender value :

• If the Policy is surrendered during the first year from the date of taking the policy only 75% of Single Premium is paid back.
• If the Policy is Surrendered after first year from the date of taking the policy then 90 % of Single Premium is Paid Back excluding any survival benefits paid and taxes.

LIC Jeevan Shagun Policy details

LIC Jeevan Shagun Loan Value:

Loan is available under this plan after completion of one policy Year. Loan is given based on Surrender value and Policy Year.

Policy Year	Loan given as  % of Surrender Value
2nd to 3rd year	50%
4th to 6th year	60%
7th to 9th year	70%
10th to 12th year	90%

Proposal Form:

Proposal Form No is 300 or 340

Tax:

Taxes, including Service Tax, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of Tax paid shall not be considered for the calculation of benefits payable under LIC Jeevan Shagun Money Back plan.

COOLING- OFF PERIOD:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may returned to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges and any charges incurred on medical examination and special reports.

EXCLUSIONS:

The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under LIC Jeevan Shagun policy except to the extent of  90% of the single premium paid excluding taxes and any extra premium paid.

LIC New Jeevan Shagun Policy Claim process

• The normal  documents   which  the claimant  shall submit  while  lodging  the claim  in case  of death  of the Life Assured   shall  be  the  claim   forms,   as  prescribed   by  the  Corporation,    accompanied    with  original policy document,  NEFT  mandate  from the claimant  for direct  credit  of the claim  amount  to the bank account,  proof of title.
• proof  of death,  medical  treatment  prior  to death,  school!   college!   employer’s   certificate,   whichever is applicable,   to the satisfaction   of the  Corporation.
•  If the age  is not admitted  under  the policy,  the proof  of age of the Life Assured  shall also be submitted.

LIC New Jeevan Shagun 826 Policy Example

LIC Jeevan Shagun Example 1:

Mr.kumar had taken the Lic Jeevan shagun policy at age 30 years
and his policy term is 12,mode of premium payment is single Rs.31275
then the Maturity Sum Assured is 60,000
and his Basic Sum Assured is 312750

LIC New Jeevan Shagun FAQs

1.Is Loan is Available for Lic Jeevan Shagun policy?

A.Loan is available under this plan after completion of one policy Year. Loan is given based on Surrender value and Policy Year.

2.What are the benefits covered in Lic Jeevan Shagun policy?

A.Death Benefit,Maturity benefit,Survival benefit,Loyality Addition.

3.what happens if You stop paying the premium?

A.Lic Jeevan Shagun is a Single Premium Plan, there is no requirement of further payment of premium.

4. What Happens If I want to surrender the LIC Jeevan Shagun policy?

A. The Guaranteed Surrender Value for the 1st year is: 70% of the Single Premium paid excluding extra premiums and taxes, if any and then 90% of the Single Premium paid excluding taxes, any extra premium paid and survival benefits, if paid earlier.

LIC New Jeevan Shagun Policy Customer care

Lic Toll Free Number:
1800-22-4077
Lic Policy Enquiry:
1251(BSNL/MTNL)(Available in following cities:Asansol,Allahabad,Varanasi,Shimla etc.)
Mon to Fri 8.00 am to 8.00 pm and sat 10 am to 6 pm.

For more information about LIC Jeevan Shagun Policy please click on below link.

LIC Jeevan Shagun Policy.

Other Money Back Plans available in LIC

LIC Money Back Policy 20 years

LIC Money Back Policy 25 years

LIC New Bima Bachat Policy

LIC New Children Money Back Policy