LIC Jeevan Shagun is a participating, non-linked plan that provides dual benefits of life cover plus savings. The policyholder has to pay a single premium amount to enjoy long duration life cover. This life cover would be a multiple of the chosen solitary premium. The policyholder could select a premium amount depending upon the maturity benefit he/she is looking for.
In case of an unfortunate demise prior to the maturity duration, the beneficiary would be provided the applicable death benefits. However, if the Life Assured enjoys a long life and the policy successfully completes the maturity tenure then the returns on that savings would be delivered in three parts- after 10 years duration, after 11-year duration and after maturity of the plan (that is, 12-year duration). There is also a provision of loan facility against this plan. The plan is valid just for 90 days from the date of policy introduction.
Death Benefits in LIC Jeevan Shagun
The LIC Jeevan Shagun plan provides attractive death benefits which are as under
- Demise in the initial 5 years of policy purchase: If the Life Assured suffers demise in the first five years of policy purchase then the beneficiary would receive the basic Amount Guaranteed comprising of 10 times the tabular single premium.
- Demise after the completion of initial 5 years: If the Life Assured suffers demise any time after the initial five-year duration then the beneficiary would receive the basic Amount Guaranteed comprising of 10 times the tabular single premium added with any applicable Loyalty Addition.
Survival Benefits in LIC Jeevan Shagun
On a successful completion of the policy tenure, the Life Assured would enjoy the subsequent survival benefits
On successful completion of 10 years of the plan: The Life Assured would receive an amount comprising of 15 percentage of maturity amount guaranteed.
On successful completion of 11 years of the plan: The Life Assured would receive an amount comprising of 20 percentage of maturity amount guaranteed.
Maturity Benefits in LIC Jeevan Shagun
Once the plan attains its maturity, that is the 12-year duration is completed, then the Life Assured would be provided 65 percentile of Maturity Amount Guaranteed added with any applicable loyalty additions.
Bonus (Loyalty Additions)
The Corporation rewards the active policyholders of LIC Jeevan Shagun plan in the form of loyalty additions. This bonus or loyalty addition would be provided to the Life Assured on the maturity of the plan and would be dependent on the profits experienced by the Corporation. The loyalty addition would also be given in instances of premature demise in the course of active policy or in the instance of policy surrender. Here, in both the cases the loyalty additions would be applicable only if the plan has successfully completed five-year duration. Moreover, the Corporation has the right to change the rate and terms of the loyalty additions as per its wishes.
Policy Loan
The Life Assured could apply for policy loan against the LIC plan 826 at any moment after the policy completes a minimum of one policy term.
Surrender Value
The Life Assured could surrender the LIC Jeevan Shagun plan at any time prior to the maturity of plan and avail cash benefits against it. The lowest surrender amount guaranteed would be asunder.
Surrender in the First Year: The Life Assured would be provided 70 percent of the solitary premium paid exclusive of any added premiums or taxes.
Surrender at any time after completion of one-year duration: The Life Assured would be provided 90 percent of the solitary premium paid exclusive of any added premiums or taxes.
If the Life Assured surrenders the premium after five-year duration then he/she may enjoy any applicable Loyalty Additions on the basis of the surrender amount.
Policy Eligibility in LIC Jeevan Shagun
| Lowest Eligibility Age | 8+ years |
| Highest Eligibility Age | Less than 45 years |
| Lowest/Highest Basic Amount Guaranteed | ten times the tabular one-time premium paid |
| Lowest Maturity Amount Guaranteed | 60 Thousand INR |
| Highest Maturity Amount Guaranteed | Unlimited |
| Policy Duration | 12 years |
Premium Payments
The Life Assured would have to make one-time single premium payment for LIC table number 826 to enjoy long-standing monetary benefits.
Cooling Off Duration
If after purchasing the LIC Jeevan Shagun plan the Life Assured feels unsatisfied with its terms and conditions then he/she has the provision to return back the policy and receive a reimbursement of the premium amount. This facility is available for a period of 15 days from the date of premium purchased and is known as the Cooling-off Duration.
Exclusion
The plan would be deemed void if the policyholder (whether mentally stable or unstable) commits suicide inside a one-year duration from the initiation of peril. In this case, the beneficiary would not have the right to claim any amount from the Corporation except for a sum of 90 percent of the solitary premium paid.
