LIC Jeevan Kiran Plan-870: When it comes to safeguarding your family’s future while building a solid financial reserve, LIC Jeevan Kiran emerges as a reliable choice. This traditional life insurance plan provides dual benefits—protection for your loved ones in case of unforeseen events and guaranteed payouts at maturity.
The plan is designed to meet the needs of individuals who want predictable financial outcomes and a comprehensive life cover. Whether you’re planning for your children’s education, a dream home, or a secure retirement, LIC Jeevan Kiran offers a combination of savings and security.
What is LIC Jeevan Kiran?
LIC Jeevan Kiran Plan-870 is a non-linked, non-participating life insurance plan that combines the benefits of life insurance with a savings component. The plan ensures financial protection for your family in case of your untimely demise while offering guaranteed returns at the end of the policy term. Its straightforward structure and guaranteed benefits make it ideal for individuals seeking a no-risk insurance-cum-savings solution.
Key Features of LIC Jeevan Kiran Plan-870
- Life Insurance Protection: Provides a financial safety net for your family during the policy term.
- Guaranteed Maturity Benefit: A fixed amount is paid at the end of the policy term, ensuring financial security for your future.
- Flexible Policy Term: Choose a term that aligns with your life goals, ranging from short to long-term options.
- No Market Risks: This traditional plan is unaffected by market volatility, making it a secure choice.
- Loan Facility: Allows you to take a loan against the policy to manage financial emergencies.
- Tax Benefits: Premiums paid and benefits received may qualify for tax exemptions under the Income Tax Act.
Why Choose LIC Jeevan Kiran Plan-870?
- Dual Benefits: Ensures life cover and maturity benefits, providing security and savings in one plan.
- Guaranteed Returns: Offers a lump sum payout at maturity, giving you predictable financial outcomes.
- Simple and Secure: No market-linked risks; ideal for those looking for a safe and stable investment.
- Liquidity Options: Loan facilities provide financial flexibility during emergencies.
- Tax Savings: Enjoy exemptions on premiums paid and payouts under Sections 80C and 10(10D).
Eligibility for LIC Jeevan Kiran Plan
| Feature | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years |
| Policy Term | 10 to 30 years |
| Premium Payment Modes | Single, Yearly, Half-Yearly, Quarterly |
| Sum Assured | Depends on your financial goals and requirements |
Benefits of LIC Jeevan Kiran
Maturity Benefit: Receive a guaranteed lump sum payout upon policy maturity, ensuring financial stability.
- Death Benefit: In case of your demise during the policy term, your nominee will receive the sum assured, securing their future.
- Loan Facility: Borrow against your policy to meet unforeseen expenses.
- Tax Savings: Premium payments and payouts are eligible for tax exemptions.
- Flexibility: Offers options in policy terms and premium payments to suit individual needs.
How to Apply for LIC Jeevan Kiran Plan-870?
- Visit the LIC website or your nearest LIC branch.
- Discuss your financial goals with an advisor to select the right policy term and sum assured.
- Submit the completed application form with the required documents, including proof of identity, age, and address.
- Pay your premium as per the selected mode.
- Upon approval, your policy will commence, ensuring a secure financial future.
FAQs
1. What is the minimum and maximum entry age for LIC Jeevan Kiran?
The minimum entry age is 18 years, and the maximum entry age is 55 years.
2. Can I take a loan against LIC Jeevan Kiran?
Yes, the policy offers a loan facility after specific conditions are met, providing liquidity in times of need.
3. Is the plan affected by market fluctuations?
No, LIC Jeevan Kiran is a non-linked plan, meaning it is not subject to market risks. The benefits are guaranteed.
4. What happens if I miss a premium payment?
A grace period is provided for late premium payments. If the policy lapses, you can reinstate it by paying the outstanding premiums with interest.
5. Does LIC Jeevan Kiran offer tax benefits?
Yes, premiums paid and payouts received under the plan may qualify for tax exemptions under Sections 80C and 10(10D) of the Income Tax Act.
Conclusion
LIC Jeevan Kiran Plan-870 is a dependable solution for those seeking a combination of life insurance and savings. Its guaranteed returns, life cover, and simple structure make it an ideal choice for individuals looking to secure their future and that of their loved ones.
With this plan, you can ensure financial stability while enjoying peace of mind, knowing that your family is well-protected.
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