LIC Jeevan Shiromani Policy: In today’s time when everyone wants financial security for the future, LIC’s “Jeevan Shiromani” policy has emerged as an excellent option. This plan is specially designed for those who want assured returns in the long term through high value investment. The most special thing about this policy is that the premium has to be paid only for 4 years and the policyholder can get a benefit of up to ₹ 1 crore.
LIC Jeevan Shiromani Policy: What is LIC Jeevan Shiromani plan?
LIC’s Jeevan Shiromani policy is a non-linked, participating and guaranteed benefit plan. It is specially designed keeping in mind High Net-Worth Individuals (HNIs). It provides insurance protection as well as protection against critical illnesses.
Key Features:
- Premium has to be paid only for 4 years
- Life insurance cover up to ₹ 1 crore
- Benefit of Guaranteed Addition and Loyalty Addition
- Special protection for critical illnesses
- Huge returns on maturity
LIC Jeevan Shiromani Policy: Policy Eligibility and Conditions
| Ability | Description |
|---|---|
| minimum age | 18 years |
| Maximum Age | 55 years (depending on policy term) |
| Minimum Sum Assured | ₹1 Crore |
| Premium Payment Term | 4 years |
| Policy Term | 14, 16, 18, or 20 years old |
Premium Example and Return Calculation
Suppose a 35-year old individual has taken a sum assured of ₹1 crore and chosen a policy term of 16 years.
| Year | Premium Payment | Sum Assured | Potential Benefits (including Loyalty Addition) |
|---|---|---|---|
| Year 1 | ₹5,00,000 | ₹1 Crore | – |
| Year 2 | ₹5,00,000 | ₹1 Crore | – |
| Year 3 | ₹5,00,000 | ₹1 Crore | – |
| Year 4 | ₹5,00,000 | ₹1 Crore | – |
| Maturity (16th year) | ₹0 | ₹1 Crore | ₹30-40 lakh (as profit) |
