With only a four-year investment requirement and a basic sum assured of Rs 1 crore, the Jeevan Shiromani Policy offers a basic sum assured of Rs 1 crore.
- A non-linked, individual life assurance savings plan, LIC Jeevan Shiromani insurance provides life insurance.
- The policyholder must be at least 18 years old to qualify for the LIC Jeevan Shiromani plan.
- In accordance with the Jeevan Shiromani Policy, a basic sum assured of Rs. 1crore
The Life Insurance Corporation of India, or LIC, provides customized coverage to virtually every person and group depending on gender, age, and economic status. Along with great insurance plans for the middle and lower classes, the LIC also offers several HNI, or high net worth individuals, coverage. The goal of purchasing life insurance, regardless of how much money a person has, is to guarantee their family a comfortable future even if they pass away. HNIs must therefore have a reliable insurance plan in place to handle challenging times.
Furthermore, LIC insurance is a smart choice, particularly when markets are unpredictable because the interest rate is not impacted by changes in the stock market. One of the most beneficial policies the company has offered for HNIs is the LIC Jeevan Shiromani Policy.
The LIC Jeevan Shiromani insurance is a non-linked, individual life assurance savings plan, according to the insurer’s website. It is a limited premium payment money back life insurance plan, designed exclusively for the targeted group of High Net-worth Individuals, with a minimum Basic Sum Assured of Rs 1 crore. In accordance with the terms of this plan, Guaranteed Additions will accrue at a rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs. 55 per thousand Basic Sum Assured beginning with the sixth policy year and continuing through the end of the premium payment period. Additionally, the policy will receive Loyalty Additions as a portion of the profits.
The policyholder must be at least 18 years old to qualify for the LIC Jeevan Shiromani plan. The maximum age is 55 for policies with 14-year terms, 51 for those with 16-year terms, 48 for those with 18-year terms, and 45 for those with 20-year terms. As a result, at the time of maturity, the policyholder cannot be older than 69 years.
With only a four-year investment requirement and a basic sum assured of Rs 1 crore, the Jeevan Shiromani Policy offers a basic sum assured of Rs 1 crore. Four maturities of the LIC Jeevan Shiromani Policy are available: 14, 16, 18, and 20 years. Monthly payment of about Rs 94,000 must be paid by the policyholder to receive the benefits of the LIC Jeevan Shiromani insurance.
After paying at least one full year’s premium and finishing one policy year, the LIC Jeevan Shiromani plan also offers a loan facility, subject to specific conditions.