LIC's Jeevan Vriddhi is an endowment plan with guaranteed returns. It is a non-participating traditional plan, hence without bonus. Since it's an endowment plan, benefits are paid irrespective of whether the life insured meets untimely death or not. Instead of browsing through the complete jeevan vriddhilicpolicy details let's explore the major features, benefits and eligibility.

Major benefits

• Death benefit

In the event of death of the life insured, a basic sum assured will be paid to the nominee. This sum assured will be as much as five times the single premium paid.

• Maturity benefit

If the policyholder outlives the policy tenure, s/he will be eligible to receive a guaranteed maturity sum assured plus accrued bonuses, if any.

Other features& benefits

• The plan comes with a single premium payment term
• The minimum single premium that one needs to pay is ?30,000 while there is no ceiling on the maximum amount of the same
• Policy term is 10 years
• The maximum age of maturity is 60 years
• The minimum sum assured offered is ?1,50,000 while there's no ceiling on the maximum sum assured
• The plan comes with a Surrender benefit wherein after the completion of 1 year of the policy, the policyholder can surrender it and get back as much as 90% of the total premiums paid
• Loan can also be availed under this plan
• Tax benefits Under section 80c of indian tax laws are applicable

Eligibility

Individuals seeking this plan must fall within the age bracket of 8 to 50 years.