LIC Jeevan Shiromani Policy: LIC’s Jeevan Shiromani policy is a non-linked, individual and savings plan. That is, it has nothing to do with the stock market, and it gives money with complete guarantee. It provides cover as well as profit on investment.
LIC Jeevan Shiromani Policy: You must have heard the name LIC i.e. Life Insurance Corporation of India. This company brings insurance plans for every 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 level and also want security.
What is the Jeevan Shiromani Policy?
LIC’s Jeevan Shiromani Policy is a non-linked, individual and savings plan. That is, it has nothing to do with the stock market, and it gives money with full guarantee. It provides cover as well as profit on investment.
Pay a premium for just 4 years, enjoy benefits for life
There is also less tension of paying a premium in this policy. You have to pay a premium only for four years, and then sit back comfortably, because you will keep getting the money back from time to time.
For example,
If you pay ₹94,000 every month, the premium will be around ₹45 lakh in four years. But on maturity, you get many times more benefits than this.
Minimum Sum Assured of Rs 1 Crore
The minimum sum assured in this scheme starts from Rs 1 crore. This means that the value of your policy will not go below this. And the interesting thing is that there is no maximum limit. You can invest as much as you want.
Who can take this policy?
Minimum age: 18 years
The maximum age depends on how many years you want 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 |
This is a money-back plan, which means you will keep getting money in between.
Jeevan Shiromani is also called a ‘money back policy’. This means that you do not get the entire money in the end, but your pocket keeps getting filled in between.
How much money will you get term-wise and when?
- 14-year policy: 30-30 per cent of the basic amount in the 10th and 12th year
- 16-year policy: 35-35 per cent of the basic amount in the 12th and 14th year
- 18-year policy: 40-40 per cent of the basic amount in the 14th and 16th years
- 20-year policy: 45-45 per cent of the basic amount in the 16th and 18th years
The remaining amount and the bonus are given to you together on maturity.
Critical Illness Benefit is also available.
This policy also includes critical illness cover for 15 serious diseases. That is, if the policyholder gets any major disease, then LIC also gives a lump sum amount for treatment.
The benefit of a bonus also
Jeevan Shiromani is a Participating Plan, that is, when the company makes a profit, you will also get a part of it in the form of a bonus. This increases your total amount by adding maturity.
Overall, if your income is good and you want to have a safe and return-giving investment, then LIC’s Jeevan Shiromani policy is a great option. The premium is a little high, but the returns are even better than that.
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