LIC Jeevan Pramukh
What is the uniqueness about this policy?
LIC Jeevan Pramukh is one of the key man insurance policies. It is an exclusive policy which provides an insurance protection by matching an individual profile. The individual may be one of the following: professional, industrialist, or an estate owner, film star and for the persons in an enterprise.
What are the benefits of this policy?
The various benefits of the LIC Jeevan Pramukh are as listed below:
- Maturity benefits,
- Death benefits,
- Guaranteed additions,
- Participation in profits,
- Free Disability benefit,
- Grace period,
- Cooling period,
- Paid-up value,
- Accidental Death & Disability Benefit.
LIC Jeevan Pramukh plan has a benefit which are payable at the pre - specified durations independent of whether the assured life survives till the end of policy term or dies during the term of policy. This is paid immediately under the basic plan on the death of the assured life. Minimum premium amount to be paid monthly will be Rs. 1000 and increases in multiples of Rs. 250 after the first premium paid.
The premiums for this policy can be done either yearly, half - yearly, quarterly or monthly that lasts through out the policy term period or until the earlier death of the child. It is important to pay the premiums without any due and it is in the hands of the policy – holder to stop the due amount from entering into the lapse period.
If the LIC Jeevan Pramukh plan runs for certain minimum period, an additional bonus would also be provided as Final bonus to be paid. Entire bonuses that are declared during the policy term are paid along with the last installment during death or survival. In the form of bonuses, this plan shares the profits.