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LIC Jeevan Shiromani Scheme: LIC provides a range of plans designed to satisfy the various demands of its clients. LIC offers a wide range of plans to meet the needs of its citizens, whether they are pension plans, life insurance, term insurance, or a combination of insurance and investment. Among the various LIC plans, Jeevan Shiromani is a special plan made especially for high-income people looking for investment returns and safety. With no upper limit, this premium policy guarantees a minimum sum assured of Rs 1 crore. Let's now understand this LIC Scheme's salient features.

Premium Payment Structure

Jeevan Shiromani is an investment-oriented life insurance plan that isn't linked to the stock market. Although the premium amount is comparatively higher and buyers should be paying premiums for a mere four years. During this tenure, the policyholder must deposit roughly Rs 94,000 every month. Depending on the policyholder's convenience, premium payments can be made monthly, quarterly, half-yearly, or annually.

Indian citizens above 18 years of age are eligible to buy LIC's Jeevan Shiromani scheme. The policy term also determines the maximum entry age:

- People want to buy a 14-year term- The age should be up to 55 years

- For 16-year term- The age should be up to 51 years

- People want to buy an 18-year term- The age should be up to 48 years

- For 20-year term- the age should be up to 45 years

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A Money-Back Plan with Periodic Payouts

During the policy term, Jeevan Shiromani provides periodic payouts and is classified as a money-back policy.

30% of the basic sum assured is paid in the tenth and twelfth years of a fourteen-year policy.

35% in the 12th and 14th years of a 16-year policy

18-year policy: 40% during the 14th and 16th years

20-year policy: 45% during the 16th and 18th years

After the policy term, a lump sum payment is made for the remaining balance plus any applicable benefits.

Health Coverage and Loan Facilities

Policyholders are eligible for loans against the policy, subject to specific terms and conditions after the policy has been in effect for a full year and they have paid premiums for at least that length of time. The surrender value of the policy is used to approve loans, and LIC periodically determines the applicable interest rate.

The policy also offers a benefit for health protection. 10% of the sum assured is paid out right away if the policyholder is found to have a serious illness. According to the terms of the policy, the nominee is entitled to the death benefit in the regrettable event that the policyholder passes away during the policy term.

For More Information, one should visit the official website of the LIC.

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