Jeevan Aastha LIC policy is a single premium insurance plan from Life Insurance Corporation of India that offers guaranteed benefits even after death or maturity of the policy. This is a close ended plan and is usually available for 45 days from the date of its launch i.e. 8th December, 2008.
According to this plan, Rs. 100 would be added in each year for every thousand of Maturity Sum Assured for 10 years term. In the same way, Rs. 90 would be added to the every year for a 5 year term plan. Apart from this a policy holder would enjoy risk coverage equal to the sum assured, which is 6 times of the Maturity Sum Assured. Along with this, there is also a guaranteed addition in the first year of the policy.
In event of death, double the Maturity Sum Assured along with the Guaranteed Addition would be paid to the family member of the policy. The Minimum risk coverage for the 1st year is Rs. 1, 50, 000/-, which is basically the basic sum assured. The Maturity Sum Assured along with the Guaranteed Addition are paid to the at the maturity date of this insurance policy. Loyalty Additions is also given in certain cases but it is not guaranteed.
The premium that is paid by the policy holder of Jeevan Aastha is also exempted from taxes and this exemption is also applicable. After completion of one the policyholder has the right to take loan against this policy. These are some of the most useful features of this insurance plan. This insurance is ideally suited for investors.