Become crorepati with LIC Jeevan Shiromani Plan

 

LIC had launched earlier a plan which will make your crorepati.

Non-linked, individual, participating, life assurance savings plan from LIC (the JEEVAN SHIROMANI Plan). It is a money-back life insurance policy with a minimum Basic Sum Assured of Rs. 1 crore and is tailored to a specific demographic of High Net-Worth Individuals. In the first five years of the plan's premium-paying term, Guaranteed Additions will accumulate at a rate of Rs. 50 per 1,000 in Basic Sum Assured, and at a rate of Rs. 55/- per 1,000 from the sixth policy year until the conclusion of the premium-paying term. Moreover, the policy will share in the success through Loyalty Additions.

Payment of premimum

The premiums can be paid annually, semiannually, quarterly, and monthly (through NACH exclusively) or through payroll deductions (SSS).

Minimum Age at entry:	18 Years (completed)
Maximum Entry Age:	55 years (nbd) for policy term 14 years 51 years (nbd) for policy term 16 years 48 years (nbd) for policy term 18 years 45 years (nbd) for policy term 20 years
Age at Maturity:	69 years (nbd) for policy term 14 years 67 years (nbd) for policy term 16 years 66 years (nbd) for policy term 18 years 65 years (nbd) for policy term 20 years
Policy Term:	14, 16, 18, 20 years
Premium Paying Term:	(Policy term - 4) years
Minimum Basic Sum Assured:	Rs 1,00,00,000/-
Maximum Basic Sum Assured:	No Limit

Where nbd means- Next Business day

The BSA (basic sum assured) must be a whole number multiple of Rs 5,00,000/-.

 

Gains from the Policy:

Paid Upon Death Benefit

During the first five years, the "Sum Assured on Death" plus any Guaranteed Additions that have accrued will be paid out.

Payment of the "Sum Assured on Death," plus accumulated Guaranteed Additions and Loyalty Addition, if any, shall be made in the event of the insured's death after the completion of the first five policy years but before the date of maturity.

The "Sum Assured on Death" is equal to seven times the annualised premium or twelve and a half times the basic sum assured, whichever is greater. No less than 105% of all premiums paid as of the date of death shall be paid out as this death benefit. Taxes, additional amounts chargeable under the policy owing to underwriting decisions, and rider payments, if any, are not included in the premiums alluded to above.

Advantage to Survival

A predetermined percentage of the Basic Sum Assured will be paid out if the life assured lives to the policy's set durations. Percentages that remain constant over all policy durations are as follows:

1. 30% of the Basic Sum Assured is offered on the 10th and 12th policy anniversaries for policies with a 14-year duration.

2. On the 12th and 14th policy anniversaries for policies with a 16-year term, 35% of the Basic Sum Assured is guaranteed.

3. 40% of the Basic Sum Assured on each of the 14th and 16th policy anniversaries for policies with a period of 18 years.

4. For a 20-year policy term, the Basic Sum Assured is reduced by 45% on the 16th and 18th policy anniversaries.

Reward of Age i.e. Maturity benefits

 If the life guaranteed remains alive until the policy's maturity date, the "Sum Assured on Maturity" will be paid out to them, along with any Guaranteed Additions and Loyalty Additions that have accrued up to that point. Here's what "Sum Assured on Maturity" means: 40 percent of the BSA during a 14-year policy duration 30 percent of the BSA during a 16-year policy duration 18.0% of the BSA for a term of 18 years 4. Ten percent of the BSA over a 20-year policy duration

 

Benefits for which you can pay extra, known as "riders."

The following benefits and facilities shall be accessible upon the first diagnosis of any of the 15 Critical Illnesses as described under the insurance conditions, provided the policy is in effect on the date of diagnosis.

(1)  Lump-sum benefit: 10% of the basic sum assured as a critical illness benefit.

(2)  Premiums can be postponed if a claim is made under the Inbuilt Critical Illness Benefit.

(3)  Third, the policyholder has the option of getting a second medical opinion from one of the LIC-approved doctors or hospitals in India, or from one of the many available specialists in different locations, as determined by the Corporation's arrangements.

 

 

 

Additional coverage options

Each of the following four Riders is offered as an add-on to this policy. Nonetheless, the policyholder has the option of selecting either the LIC Accident Benefit Rider or the LIC Accidental Death and Disability Benefit Rider. As a result, this regulation limits participants to selecting no more than three Riders.

1.    LIC UIN for the Accidental Death and Disability Benefit Rider (512B209V02)

2.    The Uniform Identification Number (UIN) for LIC's Accident Benefit Rider is 512B203V03.

3.    New Term Assurance Rider from LIC (UIN 512B210V01)

4.    New Critical Illness Rider from LIC (UIN 512A212V01)

The plan includes a loan option known as a "Policy Loan" after the premiums for one year have been paid in full and the policy year has expired, subject to the terms and circumstances outlined in the policy itself.

Any and all statutory taxes levied by the Government of India or any other constitutional tax Authority of India on such insurance plans shall be calculated in accordance with the Tax laws and the rate of tax as applicable from time to time.