LIC launched a new insurance policy with tax exemption, check details

LIC’s Jeevan Vriddhi is an insurance plan offered by the Life Insurance Corporation, providing a multitude of benefits for policyholders. This policy supplies a threat cowl that’s a a number of of the premium chosen by the policyholder. On maturity, a assured maturity sum assured and loyalty addition are bestowed upon the policyholder, making it a lovely funding choice. The assured maturity sum assured is decided primarily based on the entry age of the life insured and the only premium payable.

Eligibility standards for LIC’s Jeevan Vriddhi:

To avail LIC’s Jeevan Vriddhi insurance plan, the possible policyholder should meet the next eligibility standards:

1. Minimum age at policy inception: 8 years (accomplished)

2. Maximum entry age: 50 years (nearest birthday)

3. Maximum age at plan maturity: 60 years

Key options of LIC’s Jeevan Vriddhi:

This life insurance policy comes with a number of noteworthy options, together with:

1. Minimum primary sum assured: Rs 1,50,000

2. No restrict on the utmost primary sum assured

3. Policy time period: 10 years

4. Minimum annual premium: Rs 30,000

Benefits of LIC’s Jeevan Vriddhi:

LIC’s Jeevan Vriddhi affords an array of advantages for policyholders and their nominees, together with:

1. Guaranteed maturity sum assured and loyalty additions on policy maturity

2. Death profit equal to 5 instances the only premium paid, payable to the nominee in case of the policyholder’s demise

3. Eligibility for loyalty additions as per the Corporation’s rules upon maturity

4. Loan facility accessible towards the policy after one yr

5. 15-day look-in interval permitting policy cancellation with a refund of the only premium after deduction of stamp responsibility and medical bills incurred, if any

6. Surrender worth of 90% of the premium quantity, relevant after completion of 1 yr

7. Tax exemptions underneath Section 80(C) for premiums paid and Section 10 (10D) for maturity quantities

How LIC’s Jeevan Vriddhi works:

Jeevan Vriddhi requires a single premium fee on an annual foundation. The policy has a mounted tenure of 10 years, providing the flexibleness to avail loans and give up advantages after finishing one yr. In the occasion of the policyholder’s unlucky demise, the nominee receives the loss of life profit, which is 5 instances the essential single premium. On surviving until maturity, the policyholder is entitled to the assured maturity sum assured and loyalty additions.

Premium fee:

The premium or contribution might be paid yearly as a single premium in multiples of Rs 1000.

Read extra: Income Tax Return: Who can use ITR-1 and who can not? Know right here