lIC’s 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. This single premium plan is available from age six to 50 years with certain terms and conditions.
In case the age at entry of the life assured is less than eight years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the age of eight years. For those aged eight years or more, risk will commence immediately. This single premium plan has a policy term of 12 years. The minimum maturity sum assured is Rs75,000 and higher maturity sum assured shall be in multiples of Rs10,000 with no maximum sum assured limit. loyalty bonus will be payable as per rules. The sum at risk during the term under the plan is ten times of the basic premium.
The plan is suited to those who want to pay lump sum premium with attractive returns and at the same time have good risk coverage.