The Jeevan Plus policy of the LIC offers a twin benefit to its policy holders. The twin benefits are:
- Insurance cover – up thorough out the life time.
It is up to the policy – holder to choose the cover – up amount and it should be a comfortable amount too.
You can pay the premium either as a single premium payment or a regular premium payment. The policy holder can even make a decision on the level of payment of the premium that he can pay or he wishes to pay. This has the slogan of welcoming people to the life of the convenience. The premiums are applied to the purchase units according to the type of fund that is chosen by the policy holder. The details about the deduction and other charges will be specified in the terms and conditions of the policy. There may be a increase or a decrease in the fund depending on the return of the investment and the assets of the fund that is chosen by the policy holder. It is important to pay the premium at proper time and if it enters the lapse period the policy will be canceled.
Now about the regular premium payments and the single premium payments.
Regular Premiums: There are three options to pay the regular premium and they are listed below.
- Yearly premium payment – once in a year
- Half – yearly premium payment – once in 6 months
- Quarterly – premium payment – once in 3 months
You can either pay an annual payment of five thousand rupees or pay in the multiples of thousand rupees in the installment pay.
Single Premium: You can pay a minimum amount of twenty five thousand rupees and later you can pay in the multiples of thousand rupees.