LIC's amazing policy! Get a death benefit and loan facility with a ₹1 crore insurance cover..

LIC Jeevan Shiromani Policy: Those who invest in LIC's Jeevan Shiromani policy can easily get excellent benefits. This policy is ideal for those with a good income who want to invest for a short period and receive a large sum later. In this plan, the policyholder only has to pay premiums for 4 years, after which a lump sum is received upon maturity. Although the premium is higher compared to regular policies, it offers better returns along with security.

LIC's Jeevan Shiromani policy guarantees a minimum sum assured of Rs. 1 crore, while there is no limit on the maximum amount. This plan is not linked to the stock market; it is a secure life insurance and savings plan. The policyholder has to invest for 4 years, and the premium can be paid monthly, quarterly, half-yearly, or annually. For example, the monthly premium is approximately Rs. 94,000.

Who can invest in this policy?
The minimum age to take the LIC Jeevan Shiromani policy is 18 years. The maximum age is determined according to the policy term, such as 55 years for a 14-year policy, 51 years for a 16-year policy, 48 years for an 18-year policy, and a maximum of 45 years for a 20-year policy. Since money is returned at fixed intervals in this plan, it is also called a money-back plan.

When do you receive the money?
In the LIC Jeevan Shiromani policy, money is received at intervals depending on the policy term. In the 14-year plan, 30% of the sum assured is received in the 10th and 12th years. In the 16-year policy, 35% is received in the 12th and 14th years, in the 18-year policy, 40% is received in the 14th and 16th years, and in the 20-year plan, 45% of the amount is received in the 16th and 18th years. The remaining amount is paid in a lump sum upon policy maturity.

A death benefit is also provided.
The LIC Jeevan Shiromani policy also offers a loan facility under certain conditions. A loan can be availed after paying the full premium for one year, based on the policy's surrender value, with the interest rate determined from time to time. This plan also includes a death benefit, and if the policyholder is diagnosed with a critical illness, 10% of the sum assured is paid as a lump sum. Complete information related to this policy is available on the official LIC website.

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