Javascript is not currently enabled in your browser.
You must enable Javascript to run this web page correctly.

The date of Main examination for the recruitment of Apprentice Development officers has been modified as 23.04.2023 from 08.04.2023     "RFP for Consultant for HR Systems"     "Dear Policyholder, Please submit Bank Account Details ( NEFT ) to LIC - Click here to Download NEFT Form"     'SMS "LICHELP < policy no >" and send it to 9222492224 or 56767877 for Policy Enquiry/Product Query/Registering of complaint under your policy     Notice to Public regarding Combination of Products     " Know your policy details through SMS to 'ASKLIC' (ASKLIC < policy no > PREMIUM/LOAN/BONUS/REVIVAL/NOMINATION) and send it to 9222492224 "     Beware of fake / spurious calls - DOs and DONTs     " FRAUDULENT RECRUITMENT ADs: BEWARE...! "     Beware of Spurious Phone Call and Fictitious/Fraudulent Offers     "PLEASE REGISTER IN CUSTOMER PORTAL FOR AVAILING ONLINE SERVICES"     Intimation to policyholders regarding changes in tax structure due to implementation of Goods and ServicesTax (GST) - Click Here     Basic Safety measures to fight against Coronavirus Disease (COVID-19)     "Revised Working Hours of All Offices of LIC Of India from 10.05.2021, pursuant to Notification S.O.1630(E) Dated 15th April 2021 wherein the CENTRAL GOVERNMENT has Declared Every Saturday as a Public Holiday for Life Insurance Corporation of India."     Also on ALL POSSIBLE digital modes through LIC website without any service charges.     "Individual Pension Policyholders/ Annuitants can submit Digital Life Certificate through mobile app Jeevan Saakshya. App can be downloaded from play store"     For Policy enquiry contact LIC Call Centre Services on (022) 68276827     

Home » Products » Withdrawn Plans » LIC's Jeevan Shree_I (Plan No. 162, UIN : 512N209V01) » Benefits

Benefits

Death Benefit:

The Sum Assured alongwith guaranteed additions and vested bonuses, if any, is payable in a lump sum on death of the life assured during the policy term.

Maturity Benefit:

The Sum Assured alongwith guaranteed additions and reversionary bonuses, if any  is payable in a lump sum on survival to the end of the policy term.

Supplementary/Extra Benefits:

These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.


Surrender Value:

Buying a life insurance contract is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:

The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium.

Corporation’s policy on surrenders:

In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

The Corporation reviews the surrender value payable under its plans from time to time  depending on the economic environment, experience and other factors.

Note: The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.