LIC Jeevan Shiromani Policy: Know the benefits that will give you Rs 1 crore in 4 years

LIC Jeevan Shiromani Policy is one of the most beneficial policies launched by the company for HNIs. LIC Jeevan Shiromani Policy is a non-linked, participating, individual, life assurance saving plan which offers a basic sum assured of Rs. 1 crore by making the investment for 4 years before receiving returns. A loan facility is also available under the LIC Jeevan Shiromani plan, after payment of premiums for at least one full year’s premium has been paid and on completion of one policy year subject to certain conditions. Read below to know more about the LIC Jeevan Shiromani Policy and benefits provided under it.  

About LIC:
The Life Insurance Corporation of India or LIC is an Indian statutory insurance and investment corporation under the ownership of the Government of India. LIC offers tailored insurance depending on gender, age, and economic status and caters to practically any type of person or group. The LIC has some excellent insurance plans in place for the High Net Worth Individuals, or HNIs, in addition to having excellent insurance policies for the middle or lower middle classes. 

About LIC Jeevan Shiromani Policy:
As per the insurer’s website, LIC Jeevan Shiromani policy is a non-linked, participating, individual, life assurance savings plan. It is a limited premium payment money back life insurance plan with minimum Basic Sum Assured of Rs 1 crore especially designed for targeted segment of High Net-worth Individuals. Under this plan Guaranteed Additions shall accrue at the rate of Rs 50 per thousand Basic Sum Assured for the first five years and Rs 55 per thousand Basic Sum Assured from 6th policy year till the end of premium paying term.

Core Policy benefits:
1. Death benefits: 

• In case of the death of policyholder in the first five years, then accrued guaranteed addition along with sum assured will be paid.
• In case of the death of policyholder after completing 5 years but before the maturity date of the policy, then accrued guaranteed addition, sum assured and loyalty additions are paid.
• Sum assured on Death: 
  - 7 times of annualised premium
  - 125% Basic Sum Assured 
  - Not less than 105% of all the premiums

2. Survival benefits: 

• In case the policyholder survives for an assured duration of the policy term, a fixed percentage of basic sum assured shall be payable. The fixed percentage of various policy terms are as follows:

3. Maturity benefits:

• If the insurance holder survives until the policy term completion and all premiums have been duly paid the holder receives the sum assured on maturity plus the accrued guaranteed and loyalty additions.
• Sum assured on maturity is under:
  - 14 years policy term: 40% of the BSA.
  - 16 years policy term: 30% of the BSA.
  - 18 years policy term: 20% of the BSA.
  - 20 years policy term: 10% of the BSA.

4. Inbuilt Critical Illness Benefit:

• If the holder is diagnosed with any critical illness and if the policy is in effect at the time of diagnostics along with due premiums paid:
  - Lump sum: 10% of the sum assured.
  - Option to defer the payment: Policy holder gets a choice wherein premiums are postponed for a period of two years from the illness acceptance date.
  - Medical second opinion: Holder will have the facility of taking Medical Second Opinion, through the available LIC Empanelled healthcare providers. 

5. Taxes: 

• Statutory taxes (if any) imposed on such insurance plans are covered under the extant tax laws as and when imposed by the GOI.

Documents requirement:

1. ID Proof
2. Date of Birth Proof
3. Address Proof
4. Latest Photograph
5. Bank Account Details if the premium payment frequency is monthly.

Way to get Rs.1 crore with LIC Jeevan Shiromani Policy: 

The Jeevan Shiromani Policy offers a basic sum assured of Rs 1 crore, and the policyholder only needs to make investments for four years before receiving returns. Four distinct terms—14, 16, 18 and 20 years—are available for the LIC Jeevan Shiromani Policy to mature. The LIC Jeevan Shiromani policy's benefits must be paid for each month by the policyholder in the amount of about Rs 94,000.