India’s most trusted insurance company LIC (Life Insurance Corporation) keeps on bringing special schemes for its customers from time to time. Jeevan Shiromani of LIC offers savings along with policy protection. This is a non-linked plan, in which guarantee of a minimum of 1 crore is assured. The sum assured is the amount that the customer definitely gets from an insurance company. Today we are telling you about this special policy of LIC. Jeevan Shiromani Yojana of Life Insurance Corporation, is a new money back scheme launched on 19 December 2017.
What is Jeevan Shiromani Yojana?
It is a non-linked, limited premium payment money back plan. This is a market linked profit scheme. This scheme is specially designed for HNI (high net worth). The scheme also provides cover for critical illnesses and there are 3 alternative riders available.
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Provides financial support on Sudden Death
Jeevan Shiromani Plan provides financial support to the family of policyholders on the occasion of sudden death during the policy term. In this policy, the facility of payment is given during a certain period in case of survival of the policyholders. Apart from this, a lump sum is also given on maturity.
The maximum age at maturity is 69 years for a policy of 14 years; 67 years for a 16-year policy; 66 years for 18 years policy; 65 years for a 20-year policy. Premium can be paid annually, half-yearly, quarterly or at monthly intervals.
How much Loan you will Get?
During the policy term, the customer can take a loan based on the surrender value of the policy, which will be based on the terms and conditions of the LIC. The policy loan will be available at the rate of interest to be fixed from time to time. This interest rate is currently around 9.5 percent.
Critical illness treatment cover
In case of any critical illness, a lump sum payment of 10 percent of the basic sum assured is also made for treatment. Through this policy, you also get a loan easily, so that you can meet your immediate needs. However, illness should be out of the 15 diseases mentioned in the policy.
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