LIC’s Jeevan Shiromani Plan is a limited premium money back plan. This plan has been designed for people with high income. If a policyholder dies before maturity, then in such a situation his family gets financial help.
LIC Jeevan Shiromani Plan: Most people show interest in the popular plans of LIC regarding life insurance policy in the country. Life Insurance Corporation of India launches new schemes for various needs of the people. We are going to tell you about such a scheme which has been designed for high earning people.
In LIC’s Jeevan Shiromani plan, you have to deposit an amount of Rs 94,000 every month for 4 years. Which you can pay annually, 6 months, 3 months or every month. After this you will start getting returns.
In this, at least Rs 1 crore assured sum is guaranteed. The special thing about this scheme is that you get safety as well as savings in it. Which means that if the policy holder dies in the middle of the policy term, the nominee gets a fixed amount.
This plan has been designed for people with high income. If a policyholder dies before maturity, then in such a situation his family gets financial help. It is also a money back plan in a limited premium, in which you get money from time to time. The maximum investment age in the policy is 55 years (policy term 14 years), 51 years (policy term 16 years), 48 years (policy term 18 years) and 45 years (policy term 20 years).
How much will be invested
in Jeevan Shiromani policy, the basic sum assured is one crore rupees. For this, the customer will have to invest for four years. After that the returns will start coming. Talking about the investment amount, the customer will have to deposit around Rs 94,000 every month.
In this policy, the facility of payment during a fixed period has been given in case of survival of the policyholders. Apart from this, a lump sum amount is also given on maturity. The plan also provides cover for critical illnesses and has 3 optional riders available.
These are Survival Benefit: Survival Benefit means a fixed payment is made on the survival of the policy holders, which is as follows: –
- 30% of the Sum Assured in the 10th and 12th years in a 14-year policy.
- Â 35% of the Sum Assured in the 12th and 14th years in a 16-year policy.
- Â 40% of the Sum Assured in the 14th and 16th years in an 18-year policy.
- Â 45% of the Sum Assured in the 16th and 18th years in a 20-year policy.
How much loan will be available
During the policy term, the customer can take a loan based on the surrender value of the policy, which will be available on the basis of LIC’s terms and conditions. The policy loan will be available at the rate of interest decided from time to time.
