LIC Jeevan Kiran (Plan 870) – Never Lose Your Premium
One common objection to term insurance is "what if I survive — I lose all premiums!" LIC Jeevan Kiran (Plan 870) solves this with Term Return of Premium (TROP) — if you survive the term, ALL premiums are returned to you!
How TROP Works
- Die during term: Nominee gets Sum Assured
- Survive the term: You get back 100% of all premiums paid
- Either way, you don't lose money!
Higher Premium vs Pure Term
The "insurance" for returning premiums costs more. Age 30, ₹1Cr SA, 20-year term: Tech-Term: ₹5,420/yr (pure term). Jeevan Kiran: ₹8,042/yr. Extra cost: ₹2,622/yr. Over 20 years: ₹52,440 extra. But you get back ₹1,60,840 total premiums at maturity if you survive. Net return on the extra cost: Not bad for risk-averse people!
Who Should Choose TROP?
Risk-averse individuals who want insurance but can't accept losing all premiums if they survive. People with lower risk tolerance who see pure term as "waste money." Those who want a mix between term and endowment.
Our Verdict
If you believe you'll likely survive: TROP gives peace of mind. If you're focused purely on wealth maximization: Pure term + SIP is mathematically better. Both have their place.
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