Jeevan Deep: Micro Insurance

177 2 Discontinued Plan, Micro Insurance

March 22, 2021

LIC has launched yet another micro-insurance policy Jeevan Deep (T-810) for the economically weaker sections.

Jeevan Deep Benefits:

Death Benefit:

during the policy term excluding last policy year: Basic Sum Assured along with accrued Guaranteed Additions will be paid to the nominee.
during last policy year: Basic Sum Assured with accrued Guaranteed Additions along with Loyalty Addition, if any.

Maturity Benefit:
Payment of the Basic Sum Assured along with accrued guaranteed additions and loyalty additions, if any, shall be payable to the policyholder.

What will be Guaranteed Addition?
Guaranteed Addition of Rs 20/- per Rs.1000/- Basic Sum Assured per year during the term of the
policy.

Loyalty Addition:
Loyalty Addition will be given on last policy year, depending on LIC’s profitability.

Premium:
You may pay monthly, quarterly, half-yearly, and yearly premiums. You may also pay a single premium
instead of regular premiums.

Eligibility Conditions and Restrictions:

Minimum age at entry: 18 years (completed)
Maximum age at entry: 60 years (nearest birthday)
Maximum Maturity Age: 65 years (nearest birthday)
Policy Term: 5-15 years
Minimum Sum Assured: Rs. 5000/-
Maximum Sum Assured: Rs. 30000/- (in multiples of Rs. 1,000/-)
Loan: Not allowed under this plan
Surrender Value: Surrender option available after 2 years.

Grace Period and Revival: 60 days grace period will be given to pay premiums. If premiums are not paid in the grace period, the policy will lapse. A lapsed policy can be revived by paying premium arrears along with satisfactory reasons.

Example: If 30 years old Mr. Anand buys, Jeevan deep policy for a sum assured Rs.30,000/- with 15 years term, he will have to pay a single premium of Rs.20,425 or Rs.2,116 yearly. On maturity he will receive Rs.30,000 (sum assured) + Rs.9000 (Guaranteed Addition) + Loyalty addition. Total Rs.45,000/- Approx.