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Investment Plans 2650 views July 31, 2020
Insurance plans have become a necessity for many individuals because it not only gives you a life cover but has a bunch of benefits. Therefore, most of the individuals prefer insurance plans rather than investing in markets or any other instruments. So, you can explore the LIC Jeevan Shiromani Plan that includes death benefits, survival benefits, and maturity benefits. On the other hand, if you are diagnosed with a critical illness during the policy term then it will be also covered in this plan. You can explore the key features of this plan and it is especially meant for high net-worth individuals who want to support their families.
Table of Contents
You must take a look at the exclusive benefits of this plan and see how it can be helpful for you. This plan includes various benefits like death benefits, survival benefits, and maturity benefits.
There are certain time periods defined by the company on which you will receive a percentage of the sum assured as the survival benefit for different policy terms. You can take a look at the percentages in the table given below. Survival benefits will only be paid if you have paid all the premiums due until the date when the benefit is due.
Policy Term | Percentage of Sum Assured | Policy Anniversary Year |
---|---|---|
Policy Term for 14 Years | 30% of the Basic Sum Assured | 10th and 12th Policy Anniversary |
Policy Term for 16 Years | 35% of the Basic Sum Assured | 12th and 14th Policy Anniversary |
Policy Term for 18 Years | 40% of the Basic Sum Assured | 14th and 16th Policy Anniversary |
Policy Term for 20 Years | 45% of the Basic Sum Assured | 16th and 18th Policy Anniversary |
You will receive maturity benefits once the policy term is over along with the Guaranteed Additions and the Loyalty Additions. The Sum Assured on maturity will be as follows:-
Policy Term | Percentage of the Sum Assured |
---|---|
Policy Term for 14 Years | 40% of the Basic Sum Assured |
Policy Term for 16 Years | 30% of the Basic Sum Assured |
Policy Term for 18 Years | 20% of the Basic Sum Assured |
Policy Term for 20 Years | 10% of the Basic Sum Assured |
In the LIC Jeevan Shiromani Plan, the company will give you 10% of the Sum Assured if you are diagnosed with a critical illness. The critical illnesses covered in this plan are as follows:-
The company will make some guaranteed additions to your overall benefit and it will be payable as follows:-
You can also add riders to this plan to cover some more risks. So, the riders options available in the Jeevan Shiromani Plan are as follows:-
The company gives you different payment frequency modes for paying the premium and they are available on a yearly, half-yearly, quarterly, and monthly basis. You can pay the amount of premium through NACH Facility in which it will deduct the premium amount automatically from your account on the due date.
You can surrender this policy and take the surrender value in case of an emergency. But you’ll only get the surrender benefits if you have paid all the premiums for one year without missing any premium. You will get the highest of the following:-
You can take a loan against the policy from the company if you don’t want to surrender it. But you are allowed to take a loan against the policy only if your policy has acquired a surrender value. Life Insurance Corporation of India will charge the applicable interest on the loan borrowed against the policy. If the loan is taken during the premium paying term then the maximum loan amount will be:-
You will get a free-look period of 15 days in this plan and it means that you can return the policy within 15 days if you don’t find it interesting. If you have purchased the policy online then you will get a grace period of 30 days.
Particulars | Details |
---|---|
Minimum Age of Entry | 18 Years |
Maximum Age of Entry | 55 Years |
Maximum Age of Maturity | 69 Years |
Premium Paying Term | Policy Term Minus 4 Years |
Minimum Amount of the Sum Assured | Rs.1 Crore |
Maximum Amount of the Sum Assured | No Limit |
Policy Term | 14 Years, 16 Years, 18 Years, and 20 Years |