LIC's Jeevan Shiromani Plan: Get minimum basic sum assured of Rs 1 crore; check benefits and other details
As per the information provided by LIC, Jeevan Shiromani 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.
People have started investing in life insurance schemes and plans in order to be financialy prepared to defeat any health related issues. LIC’s Jeevan Shiromani Plan is a non-linked, participating, individual, life assurance savings plan.
As per the information provided by the company, Jeevan Shiromani 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.
See Zee Business Live TV Streaming Below:
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.
Here is all you need to know about LIC's Jeevan Shiromani Plan
1. Premium Payment Mode: The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (through NACH only) or through salary deductions (SSS).
2. Entry and exit age: Minimum age at entry should be 18 Years (completed). While the maximum entry age should be 55 years for policy term 14 years, 51 years for policy term 16 years, 48 years for policy term 18 years, 45 years for policy term 20 years.
3. Policy Benefits:
1. Death Benefit
On death during first five years: “Sum Assured on Death” along with accrued Guaranteed Additions shall be payable. On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Death” is defined as the higher of : 7 times of annualised premium or 125% Basic Sum Assured This death benefit shall not be less than 105% of all the premiums paid as on date of death.
It can be noted that premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.
Survival Benefit On the life assured surviving to each of the specified durations during the policy term, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:
a. For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary
b. For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary
c. For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary
d. For policy term 20 years: 45% of Basic Sum Assured on each of 16th and 18th policy anniversary.
On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is as under: 1. For policy term 14 years: 40% of Basic Sum Assured 2. For policy term 16 years: 30% of Basic Sum Assured 3. For policy term 18 years: 20% of Basic Sum Assured 4. For policy term 20 years: 10% of Basic Sum Assured
Optional Rider Benefits:
On first diagnosis of any one of the 15 Critical Illnesses as specified under the policy conditions, provided the policy is inforce on the date of diagnosis, the following benefits/ facilities shall be available: 1. Lumpsum Benefit: Inbuilt Critical Illness Benefit equal to 10% of Basic Sum Assured. 2. Option to defer the payment of premiums if a claim under Inbuilt Critical Illness Benefit is paid. 3. Medical Second Opinion: The policyholder will have facility of taking Medical Second Opinion, through the available LIC Empanelled healthcare providers or through reputed hospitals in India or through specialist doctors available in different places depending on the arrangement in this regard by the Corporation.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.