LIC of India launches ‘Jeevan Vriddhi’

The plan offers what is termed as ‘guaranteed’ returns on maturity.

The plan is an insurance/returns combo and would be available for a limited period only – up to a maximum of 120 days.

The minimum sum assured is Rs 1.50 lakh while there is no upper limit. The minimum premium under the policy is Rs 30,000. The policy does offer high liquidity through policy loan after just one year.

In the event of death during the currency of the policy,the basic sum assured will be payable.

On maturity,the guaranteed maturity sum assured (which will depend on the single premium payable and the age at entry of the life to be assured) along with loyalty addition,if any shall be payable.

The minimum age at entry for the plan is 8 years while the maximum is 50 years.

The term of the policy is fixed at 10 years.

The working young population who want to save for the future and parents who want to save money for funding their childs higher education can check this plan out for suitability.

The plan offers a tax sop as it is eligible for benefits on the premium under section 80C.