LIC Jeevan Sangam

About Jeevan Sangam Plan

• It is an endowment plan, wherein one can choose the maturity amount
• A 12 year fixed term policy
• Jeevan Sangam is helpful in securing children’s educational expense.

How does this plan work?

Under this plan an individual can choose a maturity amount called maturity sum assured by paying a single premium, which is calculated from the maturity sum assured. This maturity sum assured is paid to the individual as a lumpsum after a fixed term policy of 12 years along with the bonus. If in-case, he dies within the first 5 years; his nominee receives 10 times of the premium paid as sum assured (death benefit) or suppose if he dies after five years during the policy term, his nominee receives sum assured (i.e. ten times of the premium paid) and loyalty additions.

Let us understand this by an illustration,

Consider,

Person’s age: 32
Maturity sum assured: Rs 2 lakh
Policy term: 12 years.
Premium paying term: Single premium to be paid

Consider a 32 year old person, who decides a maturity sum assured of Rs. 2 lakh and pays a single premium of Rs. 100791 for a fixed term policy of 12 years. After the policy term gets over, he receives Rs.2 lakh and loyalty bonus as maturity benefit.

Suppose, if the person dies in the third year, then his nominee receives a death benefit of Rs. 1007910, or if in-case on his death during the eight year, then his nominee gets approximately Rs. 1007910 and loyalty additions (if any). 

Understand the Bonus Declared

Loyalty additions is declared by the insurance company after 10 years

Claim Process

Know Claim Process of LIC Jeevan Sangam

Claim Process