LIC Jeevan Sangam Policy, Benefits of Jeevan Sangam Policy, lic jeevan sangam policy details, lic jeevan sangam plan details:
LIC launched Jeevan Sangam investment Policy in the year 2015. It is a single premium, non-linked policy. Jeevan Sangam is a guaranteed return investment plan which also participates in the profits of LIC. The single premium to be paid depends on the chosen amount of maturity sum assured and age of the life assured. This policy can be taken during 6 to 50 years of age. Let me discuss some salient features of this policy. Also, Check out LIC Policy Status Online.
Features of LIC Jeevan Sangam Policy:
Why should you take this policy?? This question must be arising in your mind. The features which I am going to discuss will definitely convince you to invest in this plan. These are as:
- This is a plan which ensures guaranteed return and bonus.
- It is a single premium plan i.e. amount is to be paid once in the starting of policy term.
- Basic sum assured in this policy will be 10 times the single premium paid.
- Policy can be taken for 12 years.
- After completing 90 days of policy term, policyholder is eligible for availing loan.
- Minimum Maturity Sum Assured in this policy is 75,000 and there is no upper limit for this.
- On surrender of the policy or on the death of the policy holder, Loyalty Addition will be paid.
Also read about LIC Jeevan Bharti Policy for Women
Benefits of Jeevan Sangam Policy:
We have listed below the various benefits of Jeevan Sangam policy which are as follows:
- Maturity Benefits: On maturity of the policy, the policyholder is liable to receive the Maturity Sum Assured along with the Loyalty Addition, if any.
- Death Benefits: If the policyholder or the insured person dies during the first five years of policy before commencement of risk then the nominee is liable to receive the refund of Single Premium paid excluding service tax and extra premium (if any), without interest. If he/she dies after the commencement of risk then the Basic Sum Assured which is 10 times the single premium paid shall be payable.
However if the death occurs after completing first five years of policy but before the maturity age then the nominee shall receive Basic Sum Assured along with Loyalty Addition. - Income Tax Benefit: The Maturity Benefit is tax free under section 10(10)D subject to fulfillment of all terms and conditions.Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C.
- Loyalty Addition: Jeevan Sangam policy participates in the profits of LIC which is to be paid to the policyholder in terms of Loyalty Addition. Loyalty Addition (if any) will be payable on death or surrender provided the policy should has completed first five policy years or the policyholder must survive till the maturity of policy.
This policy can be surrendered any time during the policy year. If the policy is surrendered after successfully completing first five years, then the Loyalty Addition (if any) based on surrender value will also be payable.
Dear readers this is all about Jeevan Sangam policy introduced by LIC as an investment plan. So invest less and enjoy more benefits with LIC and its policies. Keep reading our articles for more updates.