When it comes to opting for insurance plans, Indians mostly opt for LIC policies. As a result, LIC is introducing special strategies for certain groups of people.
LIC operates special policies suitable for all age groups. The fact that the interest offered by LIC does not change according to the ups and downs of the stock market and the fixed interest offered is the reason why many people choose it.
Jeevan Shiromani’s policy is the policy that most people choose in the present environment. It is a great savings plan. The minimum sum assured in this policy is Rs.1 crore.
Guaranteed additional benefits of Rs.50 per thousand will be provided in the basic sum assured during the first five years. 55 per thousand from the sixth year and will be available till the final premium period of the policy. Apart from this, this policy also offers benefits like a loyalty addon.
How many years to invest?
Under the Jeevan Siromani scheme, a basic sum assured of Rs.1 crore is provided to the customer. You only need to invest for up to 4 years to reap your benefits.
Four different maturity periods are offered in this policy. That means you can opt for maturity in terms of 14, 16, 18, and 20 years. The policyholder has to pay a monthly premium of Rs.94,000.
At every defined period of the policy term, a specified amount is paid as a survival benefit to the policyholder in this scheme.
* For 14-year term policy – 30 percent of the basic sum assured will be paid in the 10th and 12th years of the policy.
* If the policy tenure is 16 years – 35 percent of the basic sum assured will be paid in the 12th and 14th years of the policy.
* If the policy tenure is 18 years – 40 percent of the basic sum assured will be paid in the 14th and 16th years of the policy.
* If the policy tenure is 20 years – 45 percent of the basic sum assured will be paid in the 16th and 18th years of the policy.
Who can join the policy?
Must be at least 18 years of age to enroll in this policy. If your policy term limit is 14 years then your maximum age limit is 55. If your policy term limit is 16 years then your maximum age limit is 51.
If your policy term limit is 18 years then your maximum age limit is 48. If your policy has a term limit of 20 years then your maximum age limit is 45. So, the maximum age of the policyholders at maturity will be 69.