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LIC plan: Get benefits worth Rs 1 crore, pay premium for just 4 years

LIC keeps on offering many good policies to its customers to secure their lives.

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The stock market gives you good returns with risk, but if you want to invest in a place where your money is safe and the returns are also good, the LIC Jeevan Shiromani Plan is a better option for you. In this scheme, you will get a huge profit even for 1 rupee. This policy (Jeevan Shiromani Plan) gives protection as well as savings.

You should note that LIC's Jeevan Shiromani Plan is a non-linked plan. In this, you get a guarantee of at least Rs 1 crore sum assured. LIC keeps on offering many good policies to its customers to secure their lives.

The minimum return in this policy is Rs 1 crore. That is, if you deposit one rupee for 14 years, then you will get a total return of up to Rs 1 crore.

LIC started the Jeevan Shiromani (Table No. 847) scheme on December 19, 2017. This is a non-linked, limited premium payment money back plan. It is a market-linked benefit scheme that is specially made for HNI (High Net Worth Individuals). This plan also provides cover for critical illnesses. There are also 3 optional riders available in it.

Jeevan Shiromani plan provides financial support to the policyholder's family in the form of death benefits during the policy term. In this policy, the facility of payment has been given during the fixed period in the event of survival of the policyholders. Apart from this, a lump sum amount is also given on maturity.

Survival Benefit i.e. a fixed payout is made on the survival of the policyholders. Under this, the payment process is as follows.

1. 14 Year Policy - 10th & 12th Year 30-30% of Sum Assured

2. Policy for 16 years - 12th and 14th year 35-35% of Sum Assured

3. 18 Years Policy - 14th & 16th Year 40-40% of Sum Assured

4. 20 years policy - 16th and 18th year 45-45% of the sum assured.

The speciality of this policy is that during the policy term, the customer can take a loan on the basis of the surrender value of the policy. But this loan will be available only on the terms and conditions of LIC. Policy loan will be available at the rate of interest to be decided from time to time.

Terms and conditions

1. Minimum Sum Assured – Rs 1 crore

2. Maximum Sum Assured: No Limit (Basic Sum Assured will be in multiples of 5 lakhs.)

3. Policy Term: 14, 16, 18 and 20 years

4. Till when the premium has to be paid: 4 years

5. Minimum age for entry: 18 years

6. Maximum age for entry: 55 years for a policy of 14 years; 51 years for a 16-year policy; 48 years for an 18-year policy; 45 years for a 20-year policy.

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