LIC Jeevan Sugam Plan is a Single Premium non-Participating Endowment Plan. It is a Traditional Plan without Bonus facility. This is a close ended plan available for a short period of time only.
How it works – In this plan, premium needs to be paid upfront as this is a Single Premium Plan. The Death Benefit provided in this plan is 10 times the single premium paid. The Policy Tenure in this plan is also fixed at 10 years. There is Loyalty Additions available in this plan as well.
Let us understand the working of this plan diagrammatically with an example of a 30 year old man opting for Maturity Sum Assured of Rs 60,000.
Is it worth to invest?