Life Insurance Corporation of India offers many policies to its customers. It is the largest insurance company in India, which provides insurance for every class of people. Along with this, investors can invest a good amount of money over a certain period of time by investing in it. There is no market risk involved.
If you want to get life insurance in LIC and also want to get a hefty amount, then here is information about such a policy of LIC, which will give you a sum assured of Rs 1 crore in just 4 years. This is LIC’s Jeevan Shiromani policy, which is the most beneficial policy launched by the company.
What is LIC Jeevan Shiromani Policy?
LIC Jeevan Shiromani Policy is a non-linked, participating, individual, life insurance savings plan. It is a limited premium paying money back life insurance plan with a minimum basic sum assured of Rs 1 crore. This policy has been designed keeping in mind the high net worth. In this, Sum Assured of Rs.50 per thousand Basic Sum Assured for first five years and Rs.55 per thousand Basic Sum Assured from 6th policy year till the end of premium paying term. Apart from this, the policy also offers benefits in the form of loyalty additions.
How much money will you get on maturity?
Jeevan Shiromani policy offers a Basic Sum Assured of Rs 1 crore and the policyholder needs to invest in this policy for only four years, after which he is given returns. LIC Jeevan Shiromani policy matures in four different terms- 14, 16, 18 and 20 years. To avail the benefits of LIC Jeevan Shiromani policy, the policyholder has to pay a monthly premium of around Rs 94,000 every month.
Benefits of LIC Jeevan Shiromani Policy
For policy term of 14 years: 30 per cent of Basic Sum Assured is paid on each of 10th and 12th policy years. For policy term of 16 years: 35 per cent of Basic Sum Assured on each of 12th and 14th policy years. For policy term of 18 years: 40 per cent of Basic Sum Assured will be given on each of 14th and 16th policy year. For policy term of 20 years: 45% of Basic Sum Assured will be returned on 16th and 18th policy year Under this loan facility is also given.
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who is eligible
The age of the policyholder should be minimum 18 years to avail the benefits of LIC Jeevan Shiromani plan. The maximum age limit for policy term is 55 years for 14 years, for policy term 51 years for 16 years, for policy term 48 years for 18 years and for policy term 20 years for 45 years. At the same time, the age of the policyholder cannot exceed 69 years at the time of maturity.