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LIC Jeevan Shiromani Policy: As for LIC is concerned, it stands for Life Insurance Corporation of India. This company brings LIC policies for every income class. But the scheme we are talking about today is a little special. The name is ‘Jeevan Shiromani’, and this policy is made for those people who want to invest on a large scale and also seek security.
The lowest amount guaranteed is Rs 1 crore.
The guarantee provided under this plan is the minimum amount assured, which ranges from Rs 1 crore. This indicates that this amount will not be lower than your policy’s value. And the maximum limit, quite surprisingly, is there none. Optimal investment can be made without restrictions.
This insurance policy is purchasable by whom?
Lower age: 18 years
Maximum age purely depends on the years one intends to take the policy.
Policy Term Maximum Age
14 years old 55 years
16 years 51 years
18 years 48 years
20 years 45 years
It's a money back plan meaning there are progressive returns over time.
Jeevan Shiromani also dubbed as a “money back policy". This indicates that not all the funds are provided at the end, but sufficing amounts are disbursed progressively throughout the timeline.
LIC’s Jeevan Shiromani, a premium policy that combines protection, savings, attractive returns and medical cover - with inbuilt benefit for 15 critical illnesses. To Know more: https://t.co/RzWz12e2Ko pic.twitter.com/PJ2CgUaTds
— LIC India Forever (@LICIndiaForever) January 7, 2019
When and how much will you receive pay-outs?
In the case of a 14 year policy (in 10th and 12th year) payout is 30-30 % of basic amount. In 16year policy (in 12th and 14th year) payout is 35-35% of the basic amount. In 18year policy (in 14th and 16th year) payout is 40-40%. For the 20 year policy, payout (in 16th and 18th year) is 45-45 percent of basic amount.
You get the rest amount along with bonus upon maturity.
Also, ICU Benefit is available.
This policy covers critical illnesses such as 15 serious diseases. That is, if a policyholder suffers from some major illness, LIC pays him a lump sum for the treatment.
Jeevan Shiromani is a Participating Plan there for you will also receive a portion as a bonus if the company issues profit. This is beneficial since it increases the your total amount upon maturity.
In general, the LIC’s Jeevan Shiromani policy is a great choice if you earn good income and want an investment that is guaranteed to provide returns. The premium is higher but there outstrips that.
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