LIC launches Jeevan Shiromani plan for HNIs

State-owned Life Insurance Corporation (LIC) recently launched a new policy called ‘LIC’s Jeevan Shiromani’ a couple of days back, a non-linked, limited premium, with profit payment money back life insurance plan especially designed by keeping the high net-worth individuals segment of the nation in mind.

As per LIC, the new policy has a minimum basic sum assured under the plan of Rs 1 crore with no upper limit.

The plan can be availed by anyone with age range from 18 to 55 years. The policy provides financial support for the family not only in case of death of life assured during the policy term but also offers payment of a total amount on diagnosis of any of the specified critical illnesses to the policy holder.

Eligibility of LIC Jeevan Shiromani Plan 847

Here is a deep look at the eligibility criteria of LIC Jeevan Shiromani Plan 847.

As claimed by LIC, the minimum sum assured under this plan is Rs.1 Crore. Hence, the policy is not meant for ordinary earning individual.

Features of LIC Jeevan Shiromani Plan 847

Along with above mentioned eligibility criteria, let us look at the features of this policy:

Unlike the typical traditional LIC plans, this plan will be eligible for paid-up immediately after the completion of 1st year  of the policy. For all other policies of LIC, paid up feature will be applicable if you paid the premium for at least a duration of 3 years.

• As the policy is eligible for paid up after a year, policy holder will be eligible to surrender the policy immediately after the 1st year completion.
• You can avail the loan after completing a year of the policy.
• Along with inbuilt Critical Illness rider, this plan offers other 3 types of riders and they are Disability Benefit Rider, Accidental Death and Accident benefit rider, New Term Assurance Rider. However, the policy includes critical illness rider, you can opt for the maximum of 3 riders ONLY from the list.
• You can pay the premium yearly, half-yearly, quarterly or monthly.