LIC Jeevan Vriddhi (Plan No.808) is a single premium investment plan which offers guaranteed returns. Jeevan Vriddhi is a traditional plan so share market risk is not involved in this close-ended plan. The plan is launched on 1st March 2012 and will be available for investment till 120 days only after which the plan will no longer be available for subscription.
LIC Jeevan Vriddhi at Glance:
- Excellent Guaranteed Returns at Maturity
- An ideal combination of Insurance and Returns.
- Life Cover – Five times the Premium.
- Loyalty Addition, if any payable on maturity.
- Easy Liquidity.
- Single-Premium non-linked close-ended plan.
- Maturity Benefit: Guaranteed Maturity Sum Assured and Loyalty Addition, if any.
- Death Benefit: Basic Sum Assured
LIC Jeevan Vriddhi Eligibility Conditions and Restrictions:
- Age at entry: 8 years to 50 years
- Policy Term: 10 years
- Premium Mode: Single
- Premium Minimum: Rs.30000/-
- Sum Assured: Rs.1,50,000/- to No max limit.
Benefits of Jeevan Vriddhi Policy:
- Maturity Benefit: Guaranteed Maturity Sum Assured Plus Loyalty Addition if any.
- Death Benefit * Basic Sum Assured (BSA)
- BSA = 5 times single premium excluding extra premium if any.
- Guaranteed Maturity: You will get Guaranteed Sum Assured.
- Loyalty Addition: Loyalty Addition, if any, shall be payable at the rate as declared by the LIC.
- Liquidity: Loan Facility Available after completion of one year.
Example: 25 Years old Ramesh Invests 1 lac, after 10 years if he survives, he will get Rs.195000. In case of any unfortunate event, his nominee will receive 5x of his premium.
This is the single premium LIC plan, where you can park your idle or unused money. Since this is a single premium plan you can just invest it and relax. On your maturity date, you will get your Basic Sum Assured which is 5 times your premium amount plus an additional loyalty bonus which is variable. This is the close-ended plan so take your decision now before the policy subscription period ends.
Update: LIC Jeevan Vriddhi Plan No. 808 Has Been Discontinued.