LIC Jeevan Sangam 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.
The plan will be open for sale for a maximum period of 90 days from the date of launch.
On death during first five policy years:
Before the date of commencement of risk: Refund of single premium excluding service tax and extra premium, if any, without interest.
After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable.
On death after completion of five policy years but before the stipulated Date of Maturity:
Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.
On maturity, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.
Depending upon the Corporation’s experience, the 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 at least five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by the Corporation.