LIC Jeevan Shiromani Plan: The Life Insurance Corporation, or LIC, is one of the go-to options for Indians when it comes to buying insurance policies. The LIC, has for this reason, curated specific plans for a specific group of individuals. The corporation, backed by the government has an array of insurance plans for people of almost all ages and categories. The fact that the interest rate of LIC policy is not dependent on stock market movement also makes it a favourable option especially when they are volatile like now. LIC Jeevan Shiromani Policy is one of the most beneficial policies launched by the company.
What is LIC Jeevan Shiromani Policy?
LIC Jeevan Shiromani policy is a non-linked, participating, individual, life assurance savings plan. It is a limited premium payment money back life insurance plan with minimum Basic Sum Assured of Rs. 1 crore especially designed for targeted segment of High Net-worth Individuals. Under this plan Guaranteed Additions shall accrue at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs 55/- per thousand Basic Sum Assured from 6th policy year till the end of premium paying term. In addition, the policy shall participate in the profits in form of Loyalty Additions.
How Much Money do You Get at Maturity?
The Jeevan Shiromani Policy provides a basic sum assured of Rs 1 crore and the policyholder needs to invest in this policy for four years only, after which he or she will get the returns. The LIC Jeevan Shiromani Policy matures in four different terms — 14, 16, 18 and 20 years. The policyholder has to pay a monthly premium of around Rs 94,000 each month to receive the benefits of the LIC Jeevan Shiromani policy.
Survival Benefits Under LIC Jeevan Shiromani Policy
On the policyholder surviving to each of the specified durations during the policy term, a fixed percentage of Basic Sum Assured is payable under the LIC Jeevan Shiromani policy. The fixed percentage for various policy terms is as below:
1. For policy term 14 years: 30 per cent of Basic Sum Assured on each of 10th and 12th policy anniversary
2. For policy term 16 years: 35 per cent of Basic Sum Assured on each of 12th and 14th policy anniversary
3. For policy term 18 years: 40 per cent of Basic Sum Assured on each of 14th and 16th policy anniversary
4. For policy term 20 years: 45 per cent of Basic Sum Assured on each of 16th and 18th policy anniversary.
A loan facility is also available under the LIC Jeevan Shiromani plan, after payment of premiums for at least one full year’s premium has been paid and on completion of one policy year subject to certain conditions.
LIC Jeevan Shiromani Policy: Eligibility
The policyholder has to be minimum 18 years old to avail the LIC Jeevan Shiromani plan. The maximum age limit is 55 years for policy term 14 years, 51 years for policy term 16 years, 48 years for policy term 18 years, and 45 years for policy term 20 years. Therefore, at the time of maturity, the policyholder cannot be older than 69 years.
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