LIC Jeevan Shiromani Plan 2023: The Life Insurance Corporation of India (LIC) has introduced an exclusive policy for those looking to secure their financial future while ensuring a substantial life cover. The Jeevan Shiromani Plan is designed for high-net-worth individuals, offering a life cover of ₹1,00,00,000 with just a four-year premium payment term.
Understanding LIC’s Jeevan Shiromani Plan Benefits
The LIC Jeevan Shiromani Plan is not just about life coverage; it combines the benefits of a savings plan with protection. This plan is crafted for those seeking a robust financial backup with the added advantage of returns.
Key Highlights of LIC Jeevan Shiromani
- Minimum Sum Assured: ₹1 crore.
- Policy Term: 14, 16, 18, and 20 years.
- Premium Payment Term: 4 years only.
- Guaranteed Additions: ₹50 per ₹1,000 of the sum assured for the first five years.
- Money Back Benefits: Available during the policy term.
- Critical Illness Rider: Additional coverage for 15 critical illnesses.
- Tax Benefits: Under Section 80C and 10(10D) of the Income Tax Act.
Eligibility Criteria for Jeevan Shiromani Plan
The plan is tailored for a specific segment of policyholders. Here’s what you need to know about eligibility:
| Criteria | Details |
|---|---|
| Minimum Age | 18 years |
| Maximum Age | 55 years |
| Policy Term | 14, 16, 18, 20 years |
| Minimum Sum Assured | ₹1 crore |
| Premium Payment Term | 4 years |
| Riders Available | Critical Illness, Accidental Death |
| Tax Benefits | Section 80C, 10(10D) |
| Loan Facility | Available |
Premium Payment and Benefits
The premium payment structure of the Jeevan Shiromani Plan is designed to be customer-friendly, ensuring that policyholders can easily manage their finances without feeling the burden.
| Age | Premium (Yearly) | Policy Term | Sum Assured | Additional Benefits |
|---|---|---|---|---|
| 30 | ₹2,50,000 | 14 years | ₹1 crore | Riders |
| 35 | ₹3,00,000 | 16 years | ₹1 crore | Riders |
| 40 | ₹3,50,000 | 18 years | ₹1 crore | Riders |
| 45 | ₹4,00,000 | 20 years | ₹1 crore | Riders |
| 50 | ₹4,50,000 | 20 years | ₹1 crore | Riders |
This plan not only provides a life cover but also offers survival benefits that are paid periodically during the policy term, ensuring liquidity when needed.
Why Choose LIC Jeevan Shiromani?
Advantages of Investing in Jeevan Shiromani
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- Comprehensive Coverage: Life cover along with critical illness benefits.
- Guaranteed Additions: Enhances the value of the sum assured.
- Flexibility: Choose the policy term as per financial goals.
Additional Benefits
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- Loan Facility: Available against the policy, offering liquidity.
- Tax Exemptions: Enjoy tax benefits under prevailing laws.
- Accidental Death Benefits: Ensures additional support for family.
How Jeevan Shiromani Plan Works
The Jeevan Shiromani Plan is structured to ensure maximum benefits for the policyholder. Upon maturity, the policyholder receives the sum assured along with loyalty additions.
Step-by-Step Process
- Choose the sum assured and policy term.
- Pay premiums for 4 years.
- Receive periodic money-back benefits during the policy term.
- Get the maturity benefit along with loyalty additions.
- In the event of the unfortunate demise, the nominee receives the death benefits.
- Avail of critical illness benefits if required.
- Opt for a loan against the policy if needed.
- Enjoy tax benefits throughout the policy term.
Frequently Asked Questions about LIC Jeevan Shiromani
- What is the minimum sum assured under this plan? The minimum sum assured is ₹1 crore.
- How long do I need to pay premiums? Premiums are to be paid for 4 years only.
- Are there any tax benefits? Yes, under Section 80C and 10(10D) of the Income Tax Act.
- Can I avail a loan against this policy? Yes, loans can be availed against the policy.
- Does the plan cover critical illnesses? Yes, it provides coverage for 15 critical illnesses.
Important Considerations for Policyholders
| Factor | Details | Impact | Consideration |
|---|---|---|---|
| Age | 18-55 years | Premium varies with age | Choose early for lower premiums |
| Sum Assured | ₹1 crore minimum | Protection and financial security | Assess financial goals |
| Policy Term | 14-20 years | Long-term planning | Match with life goals |
| Riders | Available | Enhanced protection | Consider additional needs |
| Loan Facility | Available | Financial liquidity | Manage emergencies |
| Tax Benefits | 80C, 10(10D) | Tax savings | Plan tax strategy |
The LIC Jeevan Shiromani Plan is an excellent choice for those looking to secure their future with a substantial life cover while enjoying savings and tax benefits. With a blend of protection and return on investment, it stands out as a premier choice for high-net-worth individuals in India.
सिर्फ ₹50,000 निवेश से ₹13.56 लाख का रिटर्न – SBI की PPF योजना में जानिए पूरी मैच्योरिटी कैलकुलेशन
Additional Resources
Contact LIC Agents:
Reach out for personalized advice.
Explore Online Tools:
Use calculators to estimate premiums.
Attend LIC Seminars:
Get insights and updates on policies.
Review Policy Documents:
Understand terms and conditions thoroughly.
Stay Informed: Follow official LIC channels for news and updates.
