Personal Finance
LIC Jeevan Shiromani policy is a non-linked, participating, individual, life assurance savings plan.
Updated : Aug 10, 2022, 07:25 PM IST | Edited by : Maitry Kothari
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:
2. Survival benefits:
Policy term | Payout years | Payout amount |
14 years | 10th & 12th year | 30% of BSA |
16 years | 12th & 14th year | 35% of BSA |
18 years | 14th & 16th year | 40% of BSA |
20 years | 16th & 20th year | 45% of BSA |
3. Maturity benefits:
4. Inbuilt Critical Illness Benefit:
5. Taxes:
Documents requirement:
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.