LIC Jeevan Shiromani Policy: The Life Insurance Corporation of India, or LIC caters to almost every category of individual or groups and comes out with curated policies based on gender, age and economic background. Apart from having great insurance policies for the middle or lower middle classes, the LIC has in place some policies for the High Net Worth Individuals or HNIs. Even if they have a high amount of wealth on them, the idea of having a life insurance is to give a stable life to ones family when they are not around. Therefore, it is necessary for HNIs to have a good insurance policy to cope with uncertain times.
Moreover, 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. LIC Jeevan Shiromani Policy is one of the most beneficial policies launched by the company for HNIs.
What is LIC Jeevan Shiromani Policy?
As per the insurer’s website, 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.
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.
How to Get Rs 1 Crore with LIC Jeevan Shiromani Policy?
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.
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.
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