LIC Jeevan Shiromani Plan: Loan facility is also available with this plan. You can take the loan after paying the premium for at least one year. This policy has been specially designed keeping in mind the people with high net worth. This scheme has to be taken with a basic sum assured of at least one crore rupees.
LIC Policy : Five Best Insurance Plans of LIC, know Which is Best For You, you will know all information here
Life Insurance Corporation of India (LIC), the country’s largest government insurance company, provides many great policies for investment to its customers. LIC has policies available for people of all ages and it also launches new policies from time to time. There are many such schemes of LIC, in which you can invest big money by investing. One such scheme is Jeevan Shiromani Plan. It was started by LIC in 2017. In this, you can deposit a fund of one crore rupees by investing for four years.
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Security with savings
Jeevan Shiromani scheme of LIC is a non-linked plan. It is a limited premium paying money back insurance scheme. In this, the policy taker is guaranteed a sum assured of Rs 1 crore. In this scheme, you will get security along with savings. This policy has been specially designed keeping in mind the people with high net worth. This scheme has to be taken with a basic sum assured of at least one crore rupees.
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Know with Details, how will you get Rs 1 crore. In this scheme
LIC’s JEEVAN SHIROMANI Plan 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
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Know About Policy Benefits:
Death Benefit
On death during first five years: “Sum Assured on Death” along with accrued Guaranteed Additions shall be payable. On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.Where “Sum Assured on Death” is defined as the higher of : 7 times of annualised premium or 125% Basic Sum Assured This death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.
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Survival Benefit
Survival Benefit On the life assured surviving to each of the specified durations during the policy term, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:
- For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary
- For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary
- For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary
- For policy term 20 years: 45% of Basic Sum Assured on each of 16th and 18th policy anniversary.
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Maturity Benefit
Maturity Benefit On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is as under: 1. For policy term 14 years: 40% of Basic Sum Assured 2. For policy term 16 years: 30% of Basic Sum Assured 3. For policy term 18 years: 20% of Basic Sum Assured 4. For policy term 20 years: 10% of Basic Sum Assured
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Optional rider benefits
Optional rider benefits On first diagnosis of any one of the 15 Critical Illnesses as specified under the policy conditions, provided the policy is inforce on the date of diagnosis, the following benefits/ facilities shall be available: 1. Lumpsum Benefit: Inbuilt Critical Illness Benefit equal to 10% of Basic Sum Assured. 2. Option to defer the payment of premiums if a claim under Inbuilt Critical Illness Benefit is paid 3. Medical Second Opinion: The policyholder will have facility of taking Medical Second Opinion, through the available LIC Empanelled healthcare providers or through reputed hospitals in India or through specialist doctors available in different places depending on the arrangement in this regard by the Corporation.
Policy Loan Loan facility is available
Policy Loan Loan facility is available under this 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 as stated in the plan conditions.
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