LIC has recently launched a Single premium insurance policy , its a single premium policy that means you have to pay premium just once . Here are some of its benefits
i) Death benefit: On death, Basic Sum Assured shall be payable. The Basic Sum Assured shall be 5 times the Single Premium excluding extra premium, if any. Which means if you premium amount is 30 000 , the death benefit will be of 1,50,000
ii) Maturity Benefit: On maturity, the Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, shall be payable. The assured sum is approximately twice of premium amount
iii) Loyalty Addition: Depending upon the Corporations experience the policy will be eligible for Loyalty Addition on date of maturity at such rate and on such terms as may be declared by the Corporation.
If your premium is above Rs 100000.00, there is a 3% Increase in Guaranteed Maturity Sum Assured .If your premium is between Rs 50000.00 to Rs 99000, there is a 1.25% Increase in Guaranteed Maturity Sum Assured.
Joining Age
The joining age is from 8 to 50 years , When the joining age become high the guaranteed sum assured become less. The chances of occurring death within the policy term are high in older age.
Minimum Premium
The minimum single premium for LIC Jeevan Vriddhi policy is Rs. 30000 and Multiples of Rs. 1000 thereafter. There is no maximum limit
Loan
Loan facility will be available under this plan, after completion of one policy year.
Tax Benifit
As the sum assured is 5 times the annual premium the policy holders gets eligible for Section 80C benefit and also the maturity will be tax free as per Section 10(10)d