Life Insurance Corporation of India (LIC) on Thursday introduced a new term assurance plan—Jeevan Kiran.

LIC Jeevan Kiran is an individual, savings, and life Insurance plan.

The corporation, in a statement, said this plan, which is available for individuals from 18 years to 65 years, offers life cover with return of premium. It has a minimum sum assured of ₹15 lakh for moderate life cover. The policy term varies from 10 years to 40 years. 

Premium payment can be made by way of single premium or by way of regular premium which is payable for the policy term. The minimum instalment premium will be ₹3,000 for regular premium policies and ₹30,000 for single premium policies.

Two types of optional riders—accidental death and disability benefit rider and accident benefit rider—are available by paying additional premium.

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On life assured surviving date of maturity, provided policy is in force, this term assurance plan allows refund of total premiums paid/single premium paid excluding any extra premium, any rider premium and taxes paid, LIC said.

In case of death during the policy term, provided the policy is in force, ‘Sum Assured on Death’ shall be payable, which will be—a) for regular Premium Payment Policies: highest of 7 times of annualized premium or 105 per cent of “Total Premium Paid” up to the date of death or Basic Sum Assured; and for single premium Policies—higher of 125 per cent of single premium or basic Sum Assured, according to the statement.

LIC said settlement option is available to receive the maturity/death benefit over a period of 5 years.