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LIC Jeevan Shagun

LIC's Jeevan Shagun is a participating, non-linked, savings cum protection single premium plan wherein the risk cover is a multiple of single premium.

The proposer will have an option to choose the Maturity Sum Assured. The single premium payable (exclusive of service tax) shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.

A percentage of Maturity Sum Assured shall be payable on surviving to the end of the specified durations and on maturity.  This plan also takes care of liquidity need through its loan facility. The plan will be open for sale for a maximum period of 90 days from the date of launch.

  • Death Benefit:

  On death during first five policy years:
Basic Sum assured i.e. 10 times the tabular single premium shall be payable.

On death after completion of five policy years:
  Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.

  •  Survival Benefit: On Life Assured surviving to the end of the specified durations, the following Survival benefit shall be payable.
  • At the end of 10th policy year: 15% of the Maturity Sum Assured.
  • At the end of 11th policy year: 20% of the Maturity Sum Assured.
  • Maturity Benefit:

On maturity,  65% of the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

  • Loyalty Addition:

Depending upon the Corporation’s experience, a policy shall participate in the profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be  payable on death or surrender, provided the policy has run for atleast  five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by the Corporation.


      2. Minimum Entry Age                                         : 8 years (completed)
      3. Maximum Entry Age                                         : 45 years (nearest birthday)
      4. Minimum/Maximum Basic Sum Assured        : 10 times of tabular single premium paid


      1. Minimum Maturity Sum Assured                      : Rs. 60,000/-
      2. Maximum Maturity Sum Assured                      : No Limit

 Maturity Sum Assured shall be available in multiples of Rs. 5,000/-.

      1. Policy Term                                                        : 12 years
      2. Premium payment mode                                   : Single premium only



Specimen tabular Single Premium rates for some of the ages per Rs.1000/- Maturity Sum Assured are as under:

    Age at entry
 (Nearest Birthday)

Tabular Single Premium Rates (Rs.)









Note: Tabular premiums do not include any extra premium or taxes and is before applying high Maturity Sum Assured rebate.



Maturity Sum Assured

Reduction in Tabular premium per 1000/- Maturity Sum Assured

Below Rs.150,000


Rs.150,000 to Rs. 395,000

Rs. 15

Rs.4,00,000 and above

Rs. 20

      1. LOAN:

Loan can be availed under this plan any time after completion of one policy term and subject to terms and conditions as the Company may specify from time to time. 


The policy can be surrendered for cash at any time during the policy term.  The minimum Guaranteed Surrender Value allowable shall be as under:

      1. First year: 70% of the Single premium excluding extra premiums and taxes, if any.
      2. Thereafter: 90% of the Single premium excluding taxes, any extra premium paid and survival benefits, if paid earlier.


The Corporation shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.

If the policy is surrendered after completion of five policy years Loyalty Addition, if any, based on surrender value, shall also be payable.

      1. Tax:

Taxes, including Service Tax, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the policyholder on single premium including extra premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.


If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may returned to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges and any charges incurred on medical examination and special reports.

      1. EXCLUSIONS:
      The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of  90% of the single premium paid excluding taxes and any extra premium paid.


Statutory warning

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns.  These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependant on a number of factors including future investment performance.”






i)  The single premium shown above is exclusive of service tax.

ii) This illustration is applicable to a standard (from medical, life style and occupation point of view) life.

iii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent     with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively.  In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be.  The Projected Investment Rate of Return is not guaranteed.

iv) Under Scenario 1 and 2 where interest rate earned by the Corporation is assumed to be 4% and 8% p.a. respectively throughout the term, the projected Loyalty Addition is nil.

v) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

(1)  No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:   provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.


Note: Conditions apply for which please refer to the Policy document or contact our nearest Branch Office.

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