LIC’s Jeevan Shiromani

Description

 

Key features and benefits of LIC Jeevan Shiromani:

1. Death Benefit:

• In the sad event that the policyholder passes away during the first five years of the policy, the nominee will be entitled to the loyalty adds and cumulative guaranteed as well as the “Sum Assured on Death”. 125% of the minimum sum assured or seven times the yearly premium, whichever is larger, is the death benefit calculation. It ought to represent at least 105% of all premiums paid through the death date.

2. Survival Benefit:

• A portion of the Basic Sum Assured will be paid if the policyholder lives for a predetermined amount of time throughout the policy term and all premiums are paid. The amount might be anything from 30% and 45%, depending on the length of the coverage.

3. Grace Period:

• The grace period under the policy is fifteen days for monthly premiums and thirty days for annual, half-yearly, or quarterly premiums. The policy is still in effect throughout this time, and the risk cover is being provided in accordance with the terms of the policy.

4. Paid-up Policy:

• The coverage does not expire if payments are paid for at least a full year and no further premiums are due. Rather, it keeps on until the end of the policy term as a paid-up policy. There is a reduction in the Sum Assured on Death to the “Death Paid-up Sum Assured.”

5. Surrender:

• After a year, if the entire year’s payment has been paid, the insurance may be canceled. The surrender value, which is more than the guaranteed and exceptional surrender values, is payable.

6. Loan Against Policy:

• As long as they have paid premiums for the whole policy year, policyholders are eligible to borrow against their coverage. For plans that are still in effect, the maximum loan amount is set at 90% of the surrender value; for completely paid-up policies, it is set at 80%.

7. Free Look Period:

• If policyholders are unhappy with the terms and conditions, they have the option to return the insurance within 15 days of receiving the policy bond. The Corporation will subtract various fees before returning the full premium amount.

8. Flexible Premium Payment:

• Policyholders can choose to pay premiums on a monthly, quarterly, half-yearly, or yearly basis, offering flexibility in payment options.

9. Guaranteed Additions:

• Guaranteed Additions accrue during the Premium Paying Term (PPT) after each policy year if all premiums have been paid. They are added to the policy’s value and contribute to the overall returns.

10. Maturity Benefit:

• In addition to accumulated Guaranteed Additions and Loyalty Addition, the policyholder will get the “Sum Assured on Maturity” if they live to the end of the insurance term. The maturity benefit might be anything between 10% and 40% of the Basic Sum Assured, depending on the length of the policy.

 

Eligibility Conditions:

Minimum Years	18 Years (Completed)
Maximum Years	55 years (nearer birthday) for the policy term 14 years 51 years (nearer birthday) for policy term 16 years 48 years (nearer birthday) for the policy term 18 years 45 years (nearest birthday) for the policy term 20 years
Premium Paying Term	(Policy term – 4) years
Policy Term	14, 16, 18 and 20 years
Minimum Basic Sum Assured	Rs. 1,00,00,000
Maximum Basic Sum Assured	No limit (The Basic Sum Assured shall be in multiples of Rs. 5,00,000/-)
Maximum Age at Maturity	69 years (nearer birthday) for the policy term- 14 years 67 years (nearer birthday) for policy term-16 years 66 years (nearer birthday) for policy term-18 years 65 years (nearer birthday) for the policy term- 20 years