LIC Jeevan Kiran life insurance cover: Base plan options, death benefits, premium payment

economictimes.indiatimes.com:

Who should buy a term insurance

Term insurance plans are most suited for working people who have dependents (children, parents) and want to protect themselves against life's uncertainties (death) at a reasonable cost.

Term insurance plans achieve the essential purpose of every life insurance policy by providing financial security to the applicant and his family.

Also read: LIC Jeevan Utsav: New life insurance plan launched with lifetime guaranteed returns

Death benefits under LIC’s Jeevan Kiran

Death benefits can be paid as per given below as per choice of policyholder,
1.Lumpsum- Amount will be paid in lumpsum to nominee.
2.In Installments-This is an option to receive Death Benefit in installments over the chosen period of 5 years instead of lump sum amount under an inforce policy. The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for.
This option can be exercised by the Life Assured during his/her life time; for full or part of Death benefits payable under the policy.

Also read: 5 new products launched by Life Insurance Corporation in 2023

What are the options available under the base plan?

Settlement option for maturity benefit
Under an active and paid-up policy, the Settlement Option allows you to receive the Maturity Benefit in payments over a five-year period rather than in one lump sum.
The payments must be paid in advance at quarterly, monthly, half-yearly, or annual intervals, depending on the option selected. The minimum installment amount is as follows:

Option to take death benefit in installments

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