New Delhi: The Life Insurance Corporation of India, or LIC, offers tailored coverage based on gender, age, and economic background to practically every individual or group. Aside from excellent insurance policies for the middle and lower middle classes, the LIC has several policies in place for High Net Worth Individuals, or HNIs. Even if they have a lot of money, the point of getting life insurance is to provide a stable existence for their family when they are not around. As a result, HNIs must have a robust insurance policy in place to deal with difficult times.
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Furthermore, the fact that the interest rate of a LIC insurance is not affected by stock market movement makes it a good option, especially when markets are unpredictable. The LIC Jeevan Shiromani Policy is one of the most advantageous policies introduced by the firm for HNIs.
According to the insurer’s website, the LIC Jeevan Shiromani insurance is a non-linked, individual, life assurance savings plan. It is a limited premium payment money back life insurance plan with a minimum Basic Sum Assured of Rs 1 crore, created specifically for the targeted category of High Net-worth Individuals. Guaranteed Additions will accumulate at the rate of Rs 50 per thousand Basic Sum Assured for the first five years and Rs 55 per thousand Basic Sum Assured from the sixth policy year until the end of the premium payment term under this plan. Furthermore, the policy will share in the profits in the form of Loyalty Additions.
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To be eligible for the LIC Jeevan Shiromani plan, the policyholder must be at least 18 years old. For policy terms of 14 years, the maximum age limit is 55 years, 51 years for policy terms of 16 years, 48 years for policy terms of 18 years, and 45 years for policy terms of 20 years. As a result, the policyholder cannot be older than 69 years at the time of maturity.
The Jeevan Shiromani Policy provides a basic sum assured of Rs 1 crore, and the policyholder must invest in this policy for only four years before receiving the profits. The LIC Jeevan Shiromani Policy has four maturities: 14, 16, 18, and 20 years. To get the benefits of the LIC Jeevan Shiromani insurance, the policyholder must pay a monthly premium of around Rs 94,000.
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Under the LIC Jeevan Shiromani plan, a loan facility is also available after paying at least one full year’s premium and completing one policy year, subject to certain criteria.
