The Life Insurance Corporation of India (LIC), has multiple insurance policies for its customers. Today in this article, we will talk about a LIC plan in which you have to invest little but in return, you can earn big.
In LIC Jeevan Shiromani which was launched in 2017, you can get Rs. 1 crore after making an investment for four years.
What is LIC Jeevan Shiromani Policy?
LIC Jeevan Shiromani Policy is a non-linked, participating, individual life insurance savings plan. It is a limited premium payment money back life insurance plan with a minimum Basic Sum Assured of Rs. 1 crore especially designed for the targeted segments of High Net-worth Individuals. If a policyholder dies within the period of the insurance, the LIC Jeevan Shiromani plan offers financial assistance to his or her family.
Policyholders for this plan have the option to pay premium on a yearly, half-yearly, quarterly, or monthly basis. The legal minimum age to buy this policy should be 18. The policyholder has to pay a monthly premium of around Rs 94,000 each month to receive the benefits of the LIC Jeevan Shiromani policy.
Why you should buy this policy?
You get an investment tax exemption with this LIC scheme. The unique feature of this insurance scheme is that the customer can obtain a loan based on the surrender value of the policy at any time during the policy term. However, this loan would only be provided under LIC's terms and conditions. The policy loan will be offered at an interest rate as decided from time to time.
About the policy
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Minimum Sum Assured - Rs 1 crore
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Maximum Sum Assured: No Limit (Basic Sum Assured will be in multiples of 5 lakhs)
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Policy Term: 14, 16, 18, and 20 years
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Premium is to be paid in 4 years (Time Period)
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Minimum age for entry: 18 years
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Maximum age for entry: 55 years for a policy of 14 years;51 years for a 16-year policy;48 years for an 18-year policy;45 years for a 20-year policy
