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 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 premium for just 4 years and enjoy benefits for life
There is less tension in paying premium in this policy. You have to pay premium only for four years, and then sit back and relax because you will keep getting your money back from time to time.
Minimum sum assured of Rs 1 crore
In this scheme, the minimum sum assured starts from ₹1 crore. That means the value of your policy will not go below this. And the interesting thing is that there is no limit on the maximum limit. You can invest as much as you want.
Who can take this policy?
- Minimum age: 18 years
- The maximum age depends on the age for which you wish 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 from time to time
Jeevan Shiromani is also called ‘money back policy’. This means that you do not get the entire money in the end, but your pocket keeps getting filled in between.
When will I get how much money term wise?
- 14 year policy: 30% each of the basic amount in the 10th and 12th year
- 16 year policy: 35% each of the basic amount in the 12th and 14th year
- 18 year policy: 40-40% of the basic amount in the 14th and 16th year
- 20 year policy: 45-45% of the basic amount in the 16th and 18th year
You get the remaining amount and bonus together on maturity.
Critical Illness Benefit is also available
This policy also includes critical illness cover for 15 serious illnesses. That is, if the policyholder gets any major illness, then LIC also gives a lump sum amount for the treatment.
The benefit of 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 bonus. This gets added on maturity and increases your total amount.
Overall, if you have a good income and want 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.
