LIC policies come out with tailored policies based on gender, age and economic background. LIC has government backed insurance schemes for almost all age groups and categories of people. Apart from the best insurance policies for the middle or lower category, LIC has some policies that are suitable for High Net Worth Individuals.
The reason for introduction of life insurance for the HNI category is to provide a stable life to the family in the absence of a family caregiver even if they have a lot of wealth. Hence it is essential for HNIs to have a good insurance policy to weather the uncertain times their families may face. One of the useful policies introduced for them is the LIC Jeevan Shiromani Policy.
What is LIC Jeevan Chiromani Policy?
LIC Jeevan Shiromani Policy is a non-linked, participating, individual life insurance plan. This is a minimum base amount of Rs. 1 crore is a limited premium money back life insurance plan specially designed for the High Net-Worth Individuals segment.
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Guaranteed Additions under this scheme are available at the rate of Rs.50/- per thousand base amount for the first 5 years and Rs.55/- base amount from the 6th policy year till the end of the premium payment period.
Eligibility:
For LIC Jeevan Shiromani Plan the minimum age is 18 years and maximum age is 55 years depending on the policy tenure. Policy tenure is 14, 16, 18 and 20 years. Maximum age limit is 55 for 14 years policy term, 51 for 16 year policy term, 48 for 18 year policy term and 45 for 20 year policy term.
How to get Rs 1 Crore through this policy?
This policy offers a base sum of Rs.1 crore and the policyholder has to invest in this policy for only 4 years. Then he gets the income. LIC Jeevan Chiromani policy matures in 4 different terms of 14, 16, 18 and 20 years. To avail the benefits of this policy the policyholder has to pay a monthly premium of around Rs.94,000 every month. A loan facility is also available to the policyholder on completion of a policy year subject to certain conditions by paying the premium for at least 1 full year’s premium under this policy.
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