LIC has launched yet another single premium investment cum insurance plan “Jeevan Vaibhav”. LIC has launched similar plans in recent year with little modification in term and Sum assured.
LIC Jeevan Vaibhav is a close ended plan and its available for sale from today 21st May 2012 for a maximum 120 days. Anyone who wants to invest a lumpsum amount can avail the policy from nearest LIC branch or LIC Agent. The minimum entry age is 8 years and maximum 65 years. Jeevan Vaibhav policy term is 10 years, but can be surrendered anytime after 1 year. If you consider to surrender your policy before the policy term, you might not get the amount that you had in mind while investing your hard earned money. Depending on your policy term, you might get special surrender value from LIC.
The minimum sum assured is Rs. 2 lakh, while there is no limit on maximum sum assured.
The nominee gets sum assured, if the policy holder dies in 0-9 years, but if policy holder dies in the last policy year nominee will aslo receive the loyalty additions along with the sum assured. If policy holder survives, he/she will get the sum assured plus the loyalty additions.
30 years old individual, who wants Rs.10 lakh sum assured will have to pay single premium of Rs.4,89,420/- The example clearly indicates that you will get more than double of your investment plus you will also get the loyalty additions depending on LIC’s profitability.
Publicmedia.co.in recommends LIC Jeevan Vaibhav.