The minimum sum assured under Jeevan Shiromani policy is Rs 1 crore and there is no maximum sum assured limit. Under this, premium has to be paid for 14, 16, 18, and 20 years. Under this policy, premium has to be paid for 4 years.
LIC There are many policies of LIC which give the benefit of saving along with protection. One of these is Jeevan Shiromani Jeevan Shiromani which is a non-linked and with profit plan. Its big feature is that it is decided in advance that how much return will be received in the end. That is, this policy is a policy with ‘guaranteed return’. Not every plan or policy comes under this category. Accordingly, Jeevan Shiromani plan becomes very special. In this, along with security, there is also the benefit of saving. The second special thing is that Jeevan Shiromani plan is for high net-worth people. This plan has been specially made for those who earn more.
If the head of the family who has bought this policy unfortunately dies during the policy period, then financial assistance is given to his/her family members. As long as the policyholder is alive, he is paid by LIC from time to time. Not only this, when the policy matures, a lumpsum amount is given to the policyholder. During the policy term, if the policyholder suffers any critical illness, then 10% of the Basic Sum Assured is paid for treatment.
Loan facility is also available
In case of any financial emergency during the policy term, the policyholder gets the facility of loan. If the policyholder dies within 5 years of the policy term, the sum assured is added by adding the entire sum assured plus the guaranteed addition money. There is another situation in which the policyholder dies after 5 years of policy and before maturity. In the event of such an event, the policyholder is given the sum assured amount, guaranteed income plus loyalty addition money. This is a limited premium money back plan. That is, the premium has to be paid for less days than the number of days insured and in the end maturity is also available.
In case of death of the policyholder…
It is important to know about the sum assured received after death under this policy. Actually the sum assured is 10 times the annual premium. This amount is 125% of the Basic Sum Assured. In no case should the policyholder pay less than 105% of the premiums paid as death benefit. The death benefit will always be more than 105% of the premium. As a guaranteed addition, you get a bonus of 50 paise per 1000 rupees from LIC side. If the policyholder dies in the 6th year of policy, then a bonus is given at the rate of 55 paise per 1000 rupees.
Insurance benefit of 1 crore
The minimum sum assured under Jeevan Shiromani policy is Rs 1 crore and there is no maximum sum assured limit. Under this, premium has to be paid for 14, 16, 18, and 20 years. Under this policy, premium has to be paid for 4 years. The minimum age limit for taking the policy is 18 years. The maximum age ranges from 45 years to 55 years. As a survival benefit, 30 percent of the Basic Sum Assured is given in the 10th and 12th years of the 14-year policy.
If the policy is of 16 years, then on 12th and 14th year 35% of Basic Sum Assured is available. If the policy term is 18 years, then on the 14th and 16th years, 40% of the basic sum is given. Similarly, for a policy of 20 years, 45% of the Basic Sum Assured is given on the 16th and 18th years.
