Many types of schemes are run in Life Insurance Corporation-LIC. One of those schemes is Jeevan Shiromani. The specialty of this scheme is that it requires premium payment for only 4 years. After that you can easily make a solid arrangement of at least 1 crore because this scheme guarantees a sum assured of Rs 1 crore. At the same time, there is no limit on the maximum sum assured. Know here the special things related to LIC’s Jeevan Shiromani policy.
Know what is LIC’s Jeevan Shiromani scheme
Jeevan Shiromani policy is a non-linked, individual, life insurance savings plan. This scheme is designed for those people whose income is very good and they want security regarding their investment.
Do you have to pay premium for 4 years?
If you buy a policy with a sum assured of Rs 1 crore, then the minimum premium amount is Rs 94,000 per month, which has to be deposited for 4 years. You can deposit this premium every month, three months, six months or annually. There is no limit on the maximum premium.
People of what age can buy the policy
To avail this scheme, the policy holder must be at least 18 years of age. Talking about the maximum age, the maximum age for a policy term of up to 14 years is 55 years, the maximum age for a term of 16 years is 51 years, the maximum age for an 18-year policy is 48 years and the maximum age for a 20-year policy is 45 years.
Jeevan Shiromani is a money back plan
Jeevan Shiromani is a money back plan, in which you keep getting money from time to time. If you buy a 14-year plan, you get 30% of the basic sum insured in the 10th and 12th year. If you buy a 16-year policy, you get 35% of the basic sum insured in the 12th and 14th year. If you buy a policy with a term of 18 years, you get 40% of the basic sum insured in the 14th and 16th year. And if you buy a policy with a term of 20 years, you get 45% of the basic sum insured in the 16th and 18th year. The remaining amount is paid in lump sum on maturity.
Loan facility
After one year of this policy and after paying the full premium for one year, loan facility is also provided with certain conditions. Along with this, death benefits are also given. Customers can take a loan based on the surrender value of the policy. Policy loan will be available at the interest rate decided from time to time.
The policyholder gets this facility when he falls ill
If the policyholder is diagnosed with a critical illness, he gets a lump sum payment of 10% of the sum assured. Apart from this, death benefits are also included in the policy. For more information, you can visit https://licindia.in/
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