LIC Policy: Life Insurance Corporation of India (LIC) caters to almost every category of individuals or groups and brings curated policies based on gender, age and economic background. Apart from offering great insurance policies for the middle or lower middle class, LIC has also created some policies for high net worth individuals or HNIs.
Even if one has a lot of money, the idea of taking life insurance can provide a stable life to their family. Therefore, it is important for HNIs to have a good insurance policy to deal with uncertain times.
Moreover, the interest rate of LIC policy is not dependent on the movements of the stock market, this also makes it a favorable option, especially when the stock market is volatile. LIC Jeevan Shiromani Policy is one of the most beneficial policies launched by the company for HNIs.
What is LIC Jeevan Shiromani Policy?
According to the LIC website, LIC Jeevan Shiromani Policy is a non-linked, participating, individual, life assurance savings plan. It is a limited premium paying money-back life insurance plan with a minimum basic sum assured of Rs 1 crore, specially designed for the money-minded.
Under this plan, a guaranteed additional amount will be earned at the rate of Rs 50 per thousand of Basic Sum Assured for the first five years and at the rate of Rs 55 per thousand of Basic Sum Assured from the sixth policy year till the end of the premium paying period. Apart from this, the policy also comes in the form of loyalty addition.
Who can participate in this scheme?
To participate in this scheme one must be 18 years of age. The maximum age limit a person can invest is 55 years for policy term 14 years, 51 years for policy term 16 years, 48 years for policy term 18 years and 45 years for policy term 20 years. Thus, at the time of maturity the age of the policyholder will not exceed 69 years.
How to become a millionaire?
Jeevan Shiromani policy offers a basic sum assured of Rs 1 crore and the policyholder has to invest in this policy only for four years, after which he will get returns. LIC Jeevan Shiromani policy matures in four different terms – 14, 16, 18 and 20 years. To avail the benefits of LIC Jeevan Shiromani Policy, the policyholder will have to pay a monthly premium of approximately Rs 94,000 every month.
