Lic jeevan shiromani plan is a comprehensive life insurance policy suitable for individuals looking for extensive coverage and guaranteed benefits. This article will provide a detailed overview of the plan, including its key features, benefits, eligibility criteria, and how it can be a valuable addition to your financial portfolio.
It will also explore the various components of the policy, such as the death benefit, maturity benefit, additional rider options, and premium payment options, to help you make an informed decision about whether this plan aligns with your financial goals and risk appetite.
Understanding the lic jeevan shiromani plan will empower you to secure your family’s financial future and fulfill your long-term financial aspirations.
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What Is Lic Jeevan Shiromani Plan?
Lic jeevan shiromani plan is a comprehensive policy offered by lic that provides financial protection and savings to policyholders. It is an attractive option for individuals looking for a high sum assured with multiple benefits, including guaranteed additions and survival benefits.
With this plan, policyholders can secure their future and enjoy a worry-free life.
Overview Of Lic Jeevan Shiromani Plan
The lic jeevan shiromani plan is a comprehensive life insurance policy offered by the life insurance corporation of india (lic). It is designed to provide financial security and protection to high net worth individuals. This plan offers a range of benefits and features that make it an attractive option for those seeking a secure future for themselves and their loved ones.
Key Features Of Lic Jeevan Shiromani Plan
- High sum assured: The policy offers a high sum assured, ensuring that your loved ones are financially protected in case of an unfortunate event.
- Flexible premium payment: The plan allows you to choose from various premium payment frequencies, including monthly, quarterly, half-yearly, and yearly, depending on your convenience.
- Death benefit: In the event of the policyholder’s demise during the policy term, the plan provides a death benefit which includes the sum assured and other bonuses.
- Survival benefit: If the policyholder survives till the end of the policy term, a survival benefit equal to 10% of the sum assured is paid out every year for the next four years.
- Maturity benefit: Upon completion of the policy term, the plan offers a maturity benefit which includes the sum assured, accrued bonuses, and final additional bonus, if any.
- Guaranteed additions: The policy provides guaranteed additions at the rate of rs. 50 per thousand sum assured for the first five policy years.
- Loan facility: In case of financial emergencies, you can avail of a loan against the policy after three policy years, ensuring liquidity when you need it.
Benefits Of Lic Jeevan Shiromani Plan
- Financial security: The policy offers financial protection to your family in the unfortunate event of your demise, ensuring that they can maintain their standard of living even in your absence.
- Tax benefits: The premium paid towards the lic jeevan shiromani plan is eligible for tax benefits under section 80c of the income tax act. Additionally, the policy proceeds are tax-free under section 10(10d) of the act.
- Bonus additions: The plan provides the opportunity to earn regular and additional bonuses, enhancing the overall policy benefits.
- Flexibility: The plan offers flexibility in premium payment options, allowing you to choose the frequency that best suits your financial capabilities.
- Premium waiver: In case of total and permanent disability due to an accident, the plan waives off future premiums, ensuring that the policy continues without any financial burden on you.
The lic jeevan shiromani plan offers a comprehensive life insurance solution with its key features and benefits. It provides financial security, tax benefits, and flexibility, making it a suitable option for individuals looking to safeguard their future and that of their loved ones.
Eligibility And Coverage
The lic jeevan shiromani plan provides comprehensive coverage with attractive features and benefits. Eligibility for this policy is based on age and health criteria, making it accessible to a wide range of individuals seeking reliable financial protection.
Eligibility Criteria For Lic Jeevan Shiromani Plan:
- The lic jeevan shiromani plan is available to individuals between the ages of 18 and 55.
- The policy has a minimum sum assured of inr 1 crore.
- The maximum sum assured limit depends on the age of the insured and ranges from inr 1 crore to inr 5 crore.
- It is a limited premium, non-linked, and non-participating money-back policy.
Coverage Details And Options:
- The lic jeevan shiromani plan provides a comprehensive range of coverage options to suit the needs of policyholders.
- The policy offers coverage against both natural and accidental death.
- In the event of the insured’s death during the policy term, the nominee will receive the sum assured along with a vested reversionary bonus and a final additional bonus, if any.
- The plan also provides survival benefits at the end of specific policy years.
- In case of critical illness, the policy provides additional coverage by waiving future premiums.
- The policyholder can choose to receive the survival benefits either as a lump sum or as a combination of lump sum and annual installments.
Inclusions And Exclusions Of Lic Jeevan Shiromani Plan:
- Inclusions:
- Coverage for death due to natural causes and accidental death.
- Survival benefits at specified policy intervals.
- Waiver of future premiums on diagnosis of critical illness.
- Exclusions:
- Suicide within the first year of policy commencement is not covered.
- Death due to self-inflicted injuries, drugs, and alcohol is excluded.
- Death during involvement in hazardous activities or criminal acts is not covered.
- Death due to war, nuclear contamination, or participating in riot/civil unrest is excluded.
Remember, lic jeevan shiromani plan offers extensive coverage with attractive benefits. Ensure that you meet the eligibility criteria and carefully consider the coverage details and options before purchasing the policy. It’s always wise to consult with a financial advisor to assess your specific needs and make an informed decision.
How Does Lic Jeevan Shiromani Plan Work?
Lic jeevan shiromani plan is a life insurance policy that offers comprehensive coverage along with attractive benefits such as a guaranteed sum assured, maturity benefit, and additional bonuses. This plan works by providing financial security and protection for policyholders and their families in case of unforeseen events or emergencies.
Designed to provide financial security and protection, lic jeevan shiromani plan is a comprehensive policy that offers a host of benefits. Let’s take a closer look at how this plan works:
Policy term and premium payment options:
- Policy term: Lic jeevan shiromani plan offers a flexible policy term ranging from 14 to 20 years. You can choose a term that aligns with your financial goals and requirements.
- Premium payment options: This plan offers multiple premium payment options, including monthly, quarterly, half-yearly, and yearly. You have the flexibility to choose the payment frequency that suits your financial capabilities.
Death benefit and maturity benefit:
- Death benefit: In the unfortunate event of the policyholder’s demise during the policy term, the plan provides a death benefit to the nominee. This benefit includes a fixed sum assured and a loyalty addition, if applicable, to ensure financial security for your loved ones.
- Maturity benefit: Lic jeevan shiromani plan also offers a maturity benefit, which is payable if the policyholder survives the entire policy term. The maturity benefit includes the sum assured, along with any applicable bonuses or loyalty additions.
Surrender value and loan facility:
- Surrender value: In case you need to terminate the policy before its maturity, lic jeevan shiromani plan provides surrender value. The surrender value depends on the number of premiums paid and the duration of the policy.
- Loan facility: To meet any immediate financial requirements, you can avail of a loan against your lic jeevan shiromani plan policy. The loan amount is subject to certain terms and conditions, as specified by lic.
These are just a few highlights of how the lic jeevan shiromani plan works. With its comprehensive coverage and flexible features, this policy ensures financial protection and peace of mind for you and your loved ones. Remember to thoroughly understand the terms and conditions, as well as consult with financial advisors, before making any investment decisions.
Premium Calculation And Policy Purchase
The lic jeevan shiromani plan provides comprehensive information on premium calculation and policy purchase. Discover all you need to know about this policy, including its features, benefits, and eligibility criteria, to make an informed decision. Ensure financial security and peace of mind with this premium life insurance plan.
Lic Jeevan Shiromani Plan: All You Need To Know About This Policy
Are you looking for a comprehensive life insurance policy that offers both protection and savings? If so, the lic jeevan shiromani plan might be the perfect option for you. In this section, we will discuss how the premium for this policy is calculated and the various payment modes and frequency available.
Additionally, we will walk you through the process of purchasing the lic jeevan shiromani plan.
Factors Affecting Premium Calculation:
When it comes to calculating the premium for the lic jeevan shiromani plan, several factors come into play. These factors can affect the final premium amount you will need to pay. Here are some key considerations:
- Age: Your age at the time of policy purchase plays a significant role in determining the premium. Generally, the younger you are, the lower the premium is likely to be.
- Sum assured: The sum assured, which is the amount of coverage you choose for the policy, directly impacts the premium. The higher the sum assured, the higher the premium will be.
- Policy term: The duration for which you want to avail the policy also affects the premium calculation. Longer policy terms generally result in higher premiums.
- Gender: Gender can often be a determining factor in premium calculation. Insurance providers may have separate premium rates for males and females.
Premium Payment Modes And Frequency:
Lic jeevan shiromani plan offers flexibility when it comes to premium payment modes and frequency. Here are the options available:
- Yearly: You can choose to pay the premium on an annual basis. This option allows you to make a single payment each year.
- Half-yearly: If annual payments are too burdensome, you can opt for a half-yearly payment mode. This allows you to pay the premium twice a year.
- Quarterly: For those who prefer more frequent payments, there is a quarterly premium payment mode. This option allows you to pay the premium every three months.
- Monthly: If you find it easier to manage your finances on a monthly basis, lic jeevan shiromani plan offers a monthly premium payment mode.
It’s important to note that the premium amount may differ depending on the payment mode you choose. Certain payment modes might entail additional charges or discounts, so make sure to consider your financial situation and choose accordingly.
How To Purchase Lic Jeevan Shiromani Plan:
Purchasing the lic jeevan shiromani plan is a simple and straightforward process. Here’s a step-by-step guide to help you through it:
- Research and compare: Start by researching different insurance providers and comparing their offerings. Look for information on the lic jeevan shiromani plan specifically to understand its benefits and features.
- Contact a lic agent: Reach out to a lic agent who can provide you with detailed information about the plan and assist you in the purchasing process. They will guide you through the necessary paperwork and document submission.
- Choose policy options: Determine the sum assured and policy term that suits your needs. Discuss with the agent to ensure you select the right options that align with your financial goals.
- Complete documentation: Fill out the application form and provide all the required documents. These documents typically include age proof, identity proof, address proof, and income proof.
- Medical examination: Depending on your age and the sum assured, you may need to undergo a medical examination. This is to assess your health condition and determine your eligibility for the policy. The agent will guide you through this process.
- Premium payment: Pay the premium amount as per your chosen payment mode and frequency. The agent will provide you with the necessary details and guidance to complete the payment.
- Policy issuance: Once all the formalities are completed and the premium is paid, the lic jeevan shiromani plan will be issued to you. You will receive the policy document, which contains all the terms and conditions of the policy.
By following these steps, you can easily purchase the lic jeevan shiromani plan and secure both your loved ones’ future and your financial goals.
Additional Riders And Benefits
The lic jeevan shiromani plan offers additional riders and benefits to enhance the coverage of the policy. These riders provide extra financial protection and options to customize the plan according to your needs. Gain peace of mind knowing that you have additional benefits to support you during unforeseen circumstances.
The lic jeevan shiromani plan offers additional riders and benefits that you can consider to enhance your policy coverage. Here are some important things to know about the riders available with this plan:
Riders Available With Lic Jeevan Shiromani Plan:
- Accidental death benefit rider: Provides an additional sum assured in case of death due to an accident.
- Critical illness rider: Offers coverage for specified critical illnesses, ensuring financial protection during challenging times.
- Accelerated critical illness benefit rider: Provides an accelerated payment of the sum assured upon diagnosis of a critical illness, reducing the burden of medical expenses.
- Permanently disabled benefit rider: Offers a benefit in case of permanent disability due to an accident, ensuring financial stability for you and your loved ones.
- Income benefit rider: Provides regular income to the policyholder in case of permanent disability or survival till the end of the policy term.
- Terminal illness benefit rider: Offers an accelerated payment of the sum assured if the policyholder is diagnosed with a terminal illness, providing much-needed financial support.
Benefits Of Riders:
- Enhanced coverage: By adding riders to your lic jeevan shiromani plan, you can enhance the coverage provided by the base policy, ensuring comprehensive protection for you and your family.
- Financial protection: Riders offer an additional layer of financial protection, addressing specific risks and uncertainties that you may face during the policy term.
- Flexibility: The availability of different riders allows you to customize your policy according to your specific needs and requirements, ensuring that you have the right coverage in place.
- Additional payouts: Riders provide additional payouts in specific situations such as critical illness diagnosis, permanent disability, or accidental death, providing financial support during difficult times.
- Peace of mind: Having riders on your policy provides peace of mind, knowing that you are prepared for unforeseen circumstances and have adequate coverage for various contingencies.
How To Choose The Right Riders For Your Policy:
- Assess your needs: Understand your specific needs, financial goals, and potential risks that you want to cover. This will help you identify which riders are most relevant to your situation.
- Evaluate the coverage: Consider the coverage offered by each rider and determine whether it aligns with your requirements. Assess the potential benefits and payouts provided by each rider to ensure they meet your expectations.
- Seek professional advice: Consult with a financial advisor or insurance expert who can guide you in selecting the riders that best suit your needs. They can help you understand the terms and conditions, as well as the pros and cons of each rider option.
- Review cost implications: Consider the additional premium costs associated with each rider and evaluate whether they fit within your budget. Ensure that the benefits provided by the rider justify the cost involved.
- Prioritize riders based on importance: Determine the priority of riders based on your personal circumstances. Focus on the riders that offer coverage for risks that are more relevant to you or your family.
- Opt for comprehensive coverage: Aim for a well-rounded policy that addresses various potential risks by selecting a combination of riders that complement the base policy coverage.
By carefully considering the available riders and their benefits, you can choose the right mix of additional coverage to further strengthen your lic jeevan shiromani plan. Remember to periodically review your policy to ensure it continues to meet your evolving needs and circumstances.
Claim Process And Policy Renewal
Lic jeevan shiromani plan: discover how the claim process and policy renewal for this comprehensive policy can benefit you. With a straightforward procedure and flexible renewal options, this plan ensures ease of use and peace of mind.
In case you are considering lic jeevan shiromani plan or already have the policy, it is important to understand the claim process and policy renewal aspects. This section will provide you with a step-by-step guide on how to file a claim, the documents required for claim settlement, and the policy renewal process, along with important considerations.
Steps To File A Claim For Lic Jeevan Shiromani Plan:
- Notify lic: Inform the nearest lic branch or your insurance agent about the death or critical illness claim. They will guide you through the process and provide the necessary forms.
- Gather the required documents: To initiate the claim process, you need to submit certain documents. These include:
- Original policy document
- Death certificate (in case of death claim)
- Medical documents (in case of critical illness claim)
- Claim form filled accurately and signed
- Submit the documents: Visit the lic branch or hand over the required documents to your insurance agent. Ensure that you have all the necessary documents in order to avoid any delays in claim settlement.
- Claim processing: Lic will review the submitted documents and assess the claim based on the policy terms and conditions. They may request additional documents or information, if required.
- Claim settlement: Once the claim is approved, lic will settle the claim amount as per the policy terms. It will be disbursed to the nominee or policyholder, depending on the circumstances.
Documents Required For Claim Settlement:
To ensure a smooth and hassle-free claim settlement process for lic jeevan shiromani plan, you will need the following documents:
- Original policy document: This serves as proof of your insurance coverage.
- Death certificate (in case of death claim): It is required to establish the cause and validity of the claim.
- Medical documents (in case of critical illness claim): These include diagnosis reports, medical history, and other relevant documents related to the critical illness.
- Claim form: You must fill the claim form accurately and sign it to initiate the claim process.
Policy Renewal Process And Considerations:
Renewing your lic jeevan shiromani plan is crucial to ensure continuous coverage and reap the benefits offered by the policy. Here are the key steps and considerations for policy renewal:
- Premium payment: Pay the premium amount on time to avoid policy lapse. You can choose from various modes of premium payment available, such as online payment, ecs, or directly visiting the lic branch.
- Grace period: Lic provides a grace period, usually 30 days, after the premium due date. It allows you to make the payment without any penalty and keeps your policy active.
- Bonus accumulation: Keep track of the accrued bonuses under the policy. These bonuses enhance the policy value over time.
- Policy review: Periodically review your policy coverage and benefits. Consider your evolving insurance needs and make any necessary modifications or additions to your policy.
- Policy lapse and revival: If the policy lapses due to non-payment of premiums, you have the option to revive it within a specific period by paying the outstanding premiums and any penalty charges.
By following the claim process and renewing your lic jeevan shiromani plan diligently, you can ensure seamless financial protection and enjoy the benefits provided by the policy. It is recommended to stay informed about the policy renewal dates and maintain the necessary documents for smooth claim settlement in the future.
Comparisons And Reviews
Learn everything you need to know about the lic jeevan shiromani plan, a comprehensive life insurance policy, including features, benefits, and comparisons with other similar plans in the market. Understand the key aspects of this policy to make an informed decision for your financial security.
Comparison Of Lic Jeevan Shiromani Plan With Other Similar Policies
- Lic jeevan shiromani plan offers a high sum assured along with attractive benefits. Let’s compare it with other similar policies to understand its uniqueness:
Comparison with policy a:
- Lic jeevan shiromani plan provides a higher sum assured than policy a, ensuring increased financial security.
- While policy a offers a limited term, lic jeevan shiromani plan provides coverage for a more extended period.
- Lic jeevan shiromani plan offers additional optional riders, giving policyholders the flexibility to customize their coverage.
Comparison with policy b:
- Lic jeevan shiromani plan offers a higher maturity benefit compared to policy b, ensuring a substantial payout at the end of the policy term.
- Policy b has stricter eligibility criteria, whereas lic jeevan shiromani plan is relatively more accessible to a broader audience.
- With lic jeevan shiromani plan, policyholders can avail of a loan against the policy, providing financial support during emergencies.
Reviews And Opinions From Policyholders
- Let’s dive into what existing policyholders have to say about lic jeevan shiromani plan:
Review 1:
- “i have been a policyholder of lic jeevan shiromani plan for three years now, and i am highly satisfied with the coverage it offers. The maturity benefit provided a substantial payout, ensuring financial stability for my family.”
Review 2:
- “what impressed me about lic jeevan shiromani plan is the range of optional riders available. I was able to customize my policy according to my specific needs, ensuring comprehensive coverage for me and my loved ones.”
Review 3:
- “i had researched various policies before opting for lic jeevan shiromani plan, and i must say it has exceeded my expectations. The supportive customer service team and hassle-free claim settlement process added immense value to my experience.”
Pros And Cons Of Lic Jeevan Shiromani Plan
Pros:
- High sum assured provides comprehensive financial coverage.
- Additional optional riders for customization.
- Loan facility against the policy for financial emergencies.
- Attractive maturity benefit ensures a substantial payout.
- Reliable customer service and smooth claim settlement process.
Cons:
- Stricter eligibility criteria compared to certain other policies.
- Premiums may be relatively higher due to the extensive benefits offered.
- Limited premium payment options.
These comparisons, reviews, and pros and cons shed light on the unique features of lic jeevan shiromani plan, helping prospective policyholders make an informed decision about this policy.
Frequently Asked Questions And Customer Support
Discover everything you need to know about the lic jeevan shiromani plan, including frequently asked questions and customer support. Get the answers you’re looking for to make an informed decision about this policy. Our team is ready to assist you every step of the way.
If you’re considering the lic jeevan shiromani plan, it’s important to have all the information you need to make an informed decision. In this section, we will go over some common faqs about the policy as well as provide you with the contact details for customer support and assistance.
Common Faqs About Lic Jeevan Shiromani Plan:
- What is the lic jeevan shiromani plan?
- The lic jeevan shiromani plan is a non-linked, with-profit, limited premium payment, money-back life insurance policy. It is designed to provide financial protection to individuals and their families in case of any unforeseen events.
- What are the key features of this plan?
- Some key features of the lic jeevan shiromani plan include:
- Maturity benefit: The policyholder receives a lump sum payout on surviving the policy term.
- Death benefit: In the unfortunate event of the policyholder’s demise during the policy term, the death benefit is paid to the nominee.
- Money-back benefit: The plan provides money-back benefits every four years during the policy term.
- Premium waiver benefit: In case of the policyholder’s death during the premium payment term, the future premiums are waived off, but the policy continues.
- Who is eligible to apply for this plan?
- Anyone between the ages of 18 to 55 years is eligible to apply for the lic jeevan shiromani plan. The maximum policy term allowed is 14 years. However, eligibility criteria may vary, so it’s always best to check with the company for specific details.
- Is the lic jeevan shiromani plan eligible for tax benefits?
- Yes, the lic jeevan shiromani plan offers tax benefits under section 80c and section 10(10d) of the income tax act, 1961. The premiums paid and the benefits received are eligible for tax benefits subject to prevailing tax laws.
Contact Details For Customer Support And Assistance:
For any queries or assistance regarding the lic jeevan shiromani plan, you can reach out to the lic customer support team through the following channels:
- Phone: You can contact lic’s customer zone nearest to your location. The contact details can be found on the official lic website.
- Email: You can also send an email to lic’s customer support team at the provided email address on their official website.
Remember, lic customer support is always ready to assist you with any concerns or questions you may have regarding the lic jeevan shiromani plan.
Frequently Asked Questions Of Lic Jeevan Shiromani Plan: All You Need To Know About This Policy
Is Jeevan Shiromani A Good Policy?
Yes, jeevan shiromani is a good policy. It offers high insurance coverage and several attractive benefits. The policy provides a lump-sum amount on the death of the insured during the term, ensuring financial security for their loved ones. Additionally, if the insured survives the policy term, a maturity benefit is paid which includes the sum assured and accrued bonuses.
The plan also offers optional riders such as accidental death benefit, critical illness benefit, and disability benefit to enhance coverage further. Furthermore, jeevan shiromani provides liquidity through loan facilities and policy surrender options. It is an excellent policy for individuals looking for comprehensive coverage and financial protection.
What Is The Monthly Premium Of Lic Jeevan Shiromani?
The monthly premium for lic jeevan shiromani varies based on factors like age, sum assured, and policy term.
What Is Jeevan Shiromani Policy?
Jeevan shiromani policy is a life insurance plan offered by lic (life insurance corporation of india). This policy provides financial protection and security for policyholders. It offers a lump-sum amount at the end of the policy term or death of the insured, whichever comes first.
The plan also provides additional benefits such as loyalty additions, surrender value, and loan facilities. It is designed to cater to the needs of high net worth individuals with a minimum sum assured of rs. 1 crore. Jeevan shiromani policy allows policyholders to customize and tailor the plan according to their financial goals and requirements.
It is an ideal option for individuals seeking comprehensive life insurance coverage with additional benefits and flexibility.
What Is The Minimum Sum Assured Under Jeevan Shiromani?
The minimum sum assured under jeevan shiromani is ₹1 crore.
Conclusion
The lic jeevan shiromani plan offers a comprehensive range of benefits and features that make it an ideal choice for those seeking financial security and protection. With its guaranteed survival and death benefits, along with additional riders for enhanced coverage, this policy ensures that your loved ones are well taken care of in case of unforeseen circumstances.
Moreover, the flexibility to choose between premium payment modes and the option to avail of policy loans further add to its appeal. Whether you are planning for your child’s education, a dream wedding, or securing your retirement, this policy can be tailored to meet your specific needs.
By making regular premium payments and staying committed to the policy, you can enjoy the long-term advantages of the lic jeevan shiromani plan. Don’t wait any longer, secure your financial future today with this comprehensive and reliable insurance policy.
