In today’s time, it is necessary for anyone to be financially prepared to deal with any health related problem. For this people have started investing in life insurance plans and plans. LIC’s Jeevan Shiromani plan is one such scheme.
It is a non-linked, participating, individual, life assurance savings plan. According to the information shared by LIC related to its Jeevan Shiromani plan, it is a limited premium paying moneyback life insurance plan. The minimum Basic Sum Assured in this is Rs 1 crore. This scheme was specially started for those people who have high net worth.
Get two big benefits
Jeevan Shiromani plan has two major advantages. This scheme offers both safety and savings benefits. LIC keeps on offering many good policies to its customers to secure their lives, out of which Jeevan Shiromani Plan is one. This plan also provides cover for critical illnesses. Along with this, three optional riders are also available in it, which are like additional benefits.
Safety for family
Shiromani scheme provides financial assistance to the family of the policyholder if the policyholder dies during the policy term. That is, in times of crisis, this policy will give a lot of benefit to the family of the policyholder. In this policy, in case of survival of the policyholders, the facility of payout is provided during the specified period. Apart from this, a lump sum amount is also paid on maturity.
How much profit on premium
Now let’s talk about the rules of this policy. The minimum sum assured in this scheme is Rs 1 crore while there is no limit on the maximum sum assured. But the Basic Sum Assured will be in multiples of Rs.5 lakhs. The policy term is of 4 types. This includes 14, 16, 18 and 20 years. You have to pay the premium for 4 years. The minimum age for entry in the scheme has been kept at 18 years. The maximum age for entry is 55 years for a 14-year policy, 51 years for a 16-year policy, 48 years for an 18-year policy and 45 years for a 20-year policy.
How to get money
- Policy Term 14 years : 30-30% of Basic Sum Assured on 10th and 12th year
- Policy Term 16 Years : 35-35% of Basic Sum Assured on 12th and 14th Years
- For policy term of 18 years: 40-40% of Basic Sum Assured on 14th and 16th year
- Policy term of 20 years : 45-45% of Basic Sum Assured on 16th and 18th year
Loan facility
There are many important features of LIC’s Jeevan Shiromani plan policy. One of these features is that during the policy term, the policyholder can get a loan on the basis of the surrender value of the policy. The loan will be available as per the terms and conditions of LIC. The loan against the policy will be available at an interest rate as decided from time to time. That is, the interest rate on the loan will change.
