Life Insurance Corporation (LIC) runs many types of schemes. One of them is the Jeevan Shiromani policy. The special thing about this scheme is that you have to pay the premium for only 4 years. After that, you can easily plan for a strong financial future with a guaranteed sum assured of at least ₹1 crore. There is no limit on the maximum sum assured under this scheme. Read below to know the important details about LIC’s Jeevan Shiromani policy.
What is LIC’s Jeevan Shiromani Scheme?
LIC’s Jeevan Shiromani is a non-linked life insurance savings plan. It is made for people with high income who want safety and good returns on their investment. In this plan, you have to pay the premium for only 4 years.
If you choose a policy with a sum assured of ₹1 crore, the minimum premium is ₹94,000 per month. You can pay the premium monthly, quarterly, half-yearly, or yearly. There is no limit on the maximum premium.
To buy this policy, you must be at least 18 years old. The maximum age limit depends on the policy term:
- 14-year policy – up to 55 years
- 16-year policy – up to 51 years
- 18-year policy – up to 48 years
- 20-year policy – up to 45 years
Jeevan Shiromani is also a money-back plan. You get part of the sum assured at different stages. The rest of the money is given at maturity. The percentage and year of payment depend on the policy term:
- 14 years – 30% in the 10th and 12th years
- 16 years – 35% in the 12th and 14th years
- 18 years – 40% in the 14th and 16th years
- 20 years – 45% in the 16th and 18th years
Loan and Illness Benefits
After one year of paying the full premium, you can take a loan against the policy. The loan amount depends on the surrender value, and the interest rate will be decided by LIC. The policy also offers death benefits.
If the policyholder is diagnosed with a critical illness, they will get 10% of the sum assured as a lump sum. LIC is also using this policy to provide financial safety to families during tough times.
For more details, visit https://licindia.in