To help policyholder take policy on his life by paying single premium only once at the start of the policy
Life Insurance Corporation of India has planned to introduce Jeevan Nischay, a single premium policy with guaranteed maturity benefits for the existing policy holders.
Jeevan Nischay is a close ended plan wherein a policyholder can take policy on his/ her own life by paying single premium only once at the start of the policy. The assured maturity benefits equal to the maturity sum assured are pre-defined.
Apart from the assured maturity benefits, there is provision for the loyalty additions. Depending upon the Corporation’s experience, the policy will be eligible for loyalty addition on death during the last policy year or on the life assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation.
Death benefit under the policy is equal to five times the single premium if death is within first year of taking the policy. In case of the death in subsequent years, the death benefit is equal to the maturity sum assured. In case of the death in last year of the policy, the death benefit is equal to the maturity sum assured with declared loyalty additions, if any.