You may be familiar with LIC (Life Insurance Corporation of India), which is known for offering a range of insurance plans tailored to different income groups.
Today, we’ll discuss a special plan called LIC Jeevan Shiromani. It’s ideal for individuals looking to make a large investment with guaranteed returns and security.
What is LIC Jeevan Shiromani?
LIC’s Jeevan Shiromani is a non-linked, individual savings and insurance plan.
Being a non-linked plan, your money is not tied to the stock market, ensuring your investment remains safe. It provides life coverage along with returns on your investment.
One of the standout features of this plan is that you only need to pay premiums for 4 years, after which you continue receiving benefits throughout the policy term.
Minimum Sum Assured: ₹1 crore (with no upper limit)
Policy Type: Money-back policy – you receive money at regular intervals before the policy matures.
Who is Eligible for Jeevan Shiromani?
To purchase this policy, you need to be at least 18 years old. The maximum age for eligibility depends on the policy term you choose:
14-year policy: Maximum age of 55 years
16-year policy: Maximum age of 51 years
18-year policy: Maximum age of 48 years
20-year policy: Maximum age of 45 years
When Will You Receive the Money?
With Jeevan Shiromani, you’ll receive part of your money at fixed intervals during the policy term. Here’s how the payouts are structured:
14-year policy: 30% of the sum in the 10th and 12th year
16-year policy: 35% of the sum in the 12th and 14th year
18-year policy: 40% of the sum in the 14th and 16th year
20-year policy: 45% of the sum in the 16th and 18th year
The remaining amount, along with any bonus, is paid out at the policy’s maturity.
Additional Benefits
Critical Illness Cover: The plan includes coverage for 15 serious illnesses. If diagnosed, you’ll receive a lump sum amount to assist with treatment.
Bonus: As a participating plan, Jeevan Shiromani also entitles you to share in LIC’s profits. The bonus is added to your maturity amount.
A Great Investment for High-Income Earners
For individuals with a high income who are seeking a safe investment with good returns, LIC Jeevan Shiromani is an excellent choice.
Although the premium is on the higher side, the benefits and payouts make it worthwhile.
With guaranteed money-back, critical illness coverage, and bonus earnings, this policy offers both financial security and potential growth.
