LIC Jeevan Kiran (Plan 870) – Features, Benefits, Eligibility, and Review

LIC Jeevan Kiran is a return of premium term insurance plan introduced by LIC of India now. It offers a range of features and benefits to ensure financial security for policyholders and their loved ones. Let’s explore the key aspects of LIC Jeevan Kiran Plan No 870, including its notable features, benefits, eligibility criteria, and a comprehensive review of this plan UIN: 512N353V01.

Also Read: Should you opt for LIC Jeevan Azad Plan No 868?

Key Features of LIC Jeevan Kiran

LIC’s Jeevan Kiran is an Individual, Non-Linked, Non-Participating, Savings, Life Insurance plan that offers a unique blend of protection and savings. This comprehensive plan ensures financial support for the family in the event of the life assured’s untimely demise during the policy term. Moreover, it also guarantees the return of total premiums* paid if the policyholder survives until the maturity of the policy. Here are the key features in this plan.

  1. Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the sum assured is paid to the nominee, providing crucial financial stability to the family.
  2. Settlement Option: Jeevan Kiran offers a unique settlement option, allowing the nominee to receive the death benefit in installments over a chosen period, instead of a lump sum. This provides flexibility in managing funds wisely.
  3. Flexible Policy Term: Policyholders can select the duration of coverage according to their specific needs and financial goals, making it a customizable and versatile insurance option.
  4. Option to Add Riders: To enhance the policy’s coverage, LIC Jeevan Kiran allows policyholders to opt for various riders, such as accidental death benefit rider, critical illness rider, or disability rider.

Eligibility Criteria to take this LIC Term Plan

i. Minimum Age at Entry : 18 years (last birthday)

ii. Maximum Age at Entry : 65 years (last birthday)

iii. Minimum Age at Maturity : 28 years (last birthday)

iv. Maximum Age at Maturity : 80 years (last birthday)

v. Policy Term : 10 years to 40 years

vi. Premium Payment Term
– Under Regular Premium : Same as Policy Term
– Under Single Premium : Not applicable

vii. Minimum Basic Sum Assured : Rs. 15,00,000/-

Options available in this plan

I. Optional Riders:

Riders are available for this plan, and additional premium payments allow the policyholder to opt for the following options:

A. Single Premium Payment:

  • LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) is available only at the policy’s inception for single premium payment policies.

B. Regular Premium Payment:

  • For regular premium payment policies, the policyholder can choose between LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) or LIC’s Accident Benefit Rider (UIN: 512B203V03).

Eligibility for Riders:

  • For LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02):
  • For LIC’s Accident Benefit Rider (UIN: 512B203V03):
  • For more details on these riders, refer to the rider brochure or contact the nearest Branch Office of LIC.

II. Settlement Option (for Maturity Benefit):

The Settlement Option provides the option to receive the Maturity Benefit in installments over 5 years instead of a lump sum amount. This applies to both In-force and Paid-up policies. The Life Assured can choose to receive the Maturity proceeds in instalments, either in absolute value or as a percentage of the total claim proceeds payable. The instalments are paid in advance at yearly, half-yearly, quarterly, or monthly intervals, as per the policyholder’s preference, subject to minimum installment amounts for different payment modes.

Benefits in LIC Jeevan Kiran

A. Death Benefit: In the unfortunate event of the life assured’s death during the policy term after the commencement of risk but before the maturity date, the “Sum Assured on Death” will be payable. For Regular Premium Payment Policy, the “Sum Assured on Death” is defined as the highest of the following:

  • 7 times the Annualized Premium
  • 105% of “Total Premiums Paid” up to the date of death
  • Basic Sum Assured

For Single Premium Payment Policy, the “Sum Assured on Death” is defined as the higher of:

  • 125% of the Single Premium
  • Basic Sum Assured

B. Maturity Benefit: If the Life Assured survives until the stipulated Date of Maturity, the “Sum Assured on Maturity” will be payable. For Regular Premium Payment Policy, the “Sum Assured on Maturity” is equal to the “Total Premiums Paid.” For Single Premium Payment Policy, it is equal to the “Single Premium Paid.”

LIC Jeevan Kiran Sample Premium

The sample illustrative premiums for Basic Sum Assured of Rs. 20 Lakh for Non-Smoker, Standard
lives under Single and Regular Premium Payment options for Offline sales are as under:  Sample Premiums

Surrender of LIC Jeevan Kiran Policies

If policyholders wish to surrender the policy before the completion of the policy term, they can do so by following the surrender guidelines provided by LIC. However, it’s essential to be aware that surrendering a term insurance policy like LIC Jeevan Kiran may lead to the forfeiture of all benefits, and the surrender value may be nominal.

LIC Jeevan Kiran – Benefit Illustration

LIC Jeevan Kiran (Plan 870) - Illustration-1

LIC Jeevan Kiran (Plan 870) - Illustration-2(Note: The benefit illustration aims to help clients understand the product’s features and tangible benefits. It takes into account factors such as medical history, lifestyle, and occupation.)

Positive Factors of Considering LIC Jeevan Kiran

  1. Return of Premiums: LIC Jeevan Kiran offers life coverage + return of premium at the end of the term.
  2. Comprehensive Coverage: The ability to add riders allows policyholders to customize their coverage, ensuring they are protected against a wide range of life’s uncertainties.
  3. Settlement Option: The option to choose a settlement benefit provides added flexibility to the nominee, allowing them to manage the funds judiciously.

Negative or Hidden Factors of LIC Jeevan Kiran

  1. Suicide Clause: Like most life insurance policies, the death benefit is not applicable if the policyholder commits suicide within 12 months from the policy inception. Only a percentage of premiums paid may be returned in such cases.

Also Read: LIC claims to pay Rs 7.5% in Dhan Varsha – How far this is true?

How to purchase LIC Jeevan Kiran Policy?

  1. Online Purchase: You can buy this plan directly through LIC’s website.
  2. Offline Purchase: Alternatively, you can also purchase LIC Jeevan Kiran through LIC’s agents and other intermediaries

Conclusion: LIC Jeevan Kiran (Plan 870) is a simple and straightforward term insurance plan offered by LIC. It provides essential features like death benefits and offers flexibility in policy terms. The unique return of premium feature sets it apart from regular term plans, making it an attractive option for those looking to secure their family’s future and save on premiums.

On the other side, the premiums are very high compared to other private life insurance companies.

One can compare the return of premium term plans offered by private life insurance companies with this plan before taking a decision.


Suresh KP


  1. Hi guys, it is my personal experience, LIC never mention in LIC bond paper what amount will be paid after maturity. Almost all LIC Agents whenever sells the LIC policy only verbally said to his/her policy holders you will receive double of policy amount and bonuses after maturity not in written statement while it is not in reality. One of the most drawbacks of LIC policy, if you have purchased any types of policy and you have not full premium and you want to surrender, LIC never paid your full amounts. Why? There are many drawbacks of LIC that I don’t want to disclose.

  2. I have read most of the economic topics specially issues related to IPO and all other current economical information related to market. Many many thanks.

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