Lic jeevan shiromani plan: the life insurance corporation, or lic, is one of the go-to option for indians while it comes to buying coverage policies. The lic, has because of this, curated specific plans for a selected group of individuals. The corporation, subsidized with the aid of the government has an array of insurance plans for people of almost all ages and classes. The fact that the interest charge of lic policy is not depending on stock market movement also makes it a beneficial option specifically while they may be risky like now. Lic jeevan shiromani policy is one of the most beneficial policies released by the company.
What is lic jeevan shiromani coverage?
Lic jeevan shiromani policy is a non-linked, collaborating, man or woman, life warranty financial savings plan. It is a restrained top class payment cash back life insurance plan with minimum primary sum confident of rs. 1 crore in particular designed for focused section of excessive net-well worth people. Under this plan guaranteed additions shall accrue on the charge of rs. 50 per thousand fundamental sum confident for the primary five years and rs 55/- in keeping with thousand simple sum assured from sixth coverage yr until the cease of top class paying time period. Similarly, the coverage shall take part inside the earnings in form of loyalty additions.
The jeevan shiromani coverage presents a primary sum confident of rs 1 crore and the policyholder needs to spend money on this policy for 4 years simplest, and then he or she can get the returns. The lic jeevan shiromani coverage matures in four different phrases — 14, 16, 18 and 20 years. The policyholder has to pay a month-to-month premium of around rs 94,000 every month to receive the benefits of the lic jeevan shiromani policy.
Survival advantages under lic jeevan shiromani policy
At the policyholder surviving to every of the specified periods for the duration of the policy term, a set percent of basic sum assured is payable under the lic jeevan shiromani policy. The fixed percent for diverse coverage phrases is as beneath:
1. For policy term 14 years: 30 percent of basic sum assured on each of 10th and twelfth policy anniversary
2. For policy term sixteen years: 35 per cent of primary sum confident on each of 12th and 14th coverage anniversary
3. For policy term 18 years: 40 in percent of simple sum confident on every of 14th and sixteenth coverage anniversary
4. For policy term twenty years: 45 percent of primary sum confident on each of 16th and 18th insurance anniversary.
A loan facility is also to be had beneath the lic jeevan shiromani plan, after payment of rates for at least one full 12 months’s premium has been paid and on of completion of one policy year subject to certain conditions.
Lic jeevan shiromani coverage: 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.