Unlock ₹1 Crore with LIC Jeevan Shiromani: In a landscape where financial security is paramount, LIC offers a golden opportunity through its Jeevan Shiromani policy. This plan is designed for those who aspire to build a substantial corpus with a limited premium payment term. Let’s delve into the details of how you can unlock ₹1 Crore with just a 4-year premium commitment.
LIC Jeevan Shiromani Plan Overview
The LIC Jeevan Shiromani is a non-linked, participating, individual life assurance savings plan. Tailored for high-net-worth individuals, it offers a blend of savings and protection features. Notably, it includes a critical illness cover, adding an extra layer of security for policyholders.
Key Features of LIC Jeevan Shiromani
- Limited Premium Payment: Pay premiums only for 4 years.
- Maturity Benefit: Receive a lump sum, including bonuses.
- Critical Illness Cover: Coverage for 15 critical illnesses.
- Loan Facility: Avail loans against the policy.
- Tax benefits under Section 80C and 10(10D).
- Participation in profits of LIC.
How to Maximize Returns from LIC Jeevan Shiromani
To maximize the returns from this policy, it is essential to understand its structure and benefits comprehensively. Here are some strategies:
Invest Early: Start investing at a younger age to lower premium rates and enjoy longer policy benefits.
30 जून से पेंशन सिस्टम में बड़ा बदलाव – बुजुर्ग, विधवा और विकलांग लाभार्थियों को मिलेंगे नए फायदे
| Age at Entry | Policy Term (Years) |
|---|---|
| 18-30 | 14, 16, 18, 20 |
| 31-40 | 14, 16, 18 |
| 41-50 | 14, 16 |
| 51-55 | 14 |
| 56-60 | 14 |
Understanding the Payout Structure
The payout structure of LIC Jeevan Shiromani is designed to cater to both immediate and future financial needs. This includes survival benefits and maturity benefits, along with critical illness benefits.
| Year | Survival Benefit (%) | Maturity Benefit | Critical Illness Benefit | Loan Availability |
|---|---|---|---|---|
| Year 4 | 30% | – | Available | Available |
| Year 8 | 30% | – | – | Available |
| At Maturity | – | Sum Assured + Bonuses | – | – |
Eligibility Criteria for LIC Jeevan Shiromani
Before investing, ensure you meet the eligibility criteria for the LIC Jeevan Shiromani policy.
Basic Eligibility Requirements
- Minimum Age: 18 years
- Maximum Age: 55 years
Policy Term Options:
- 14 years
- 16 years
Application Process
Applying for the LIC Jeevan Shiromani policy involves a few straightforward steps:
- Contact a licensed LIC agent or visit a branch.
- Fill out the application form with necessary documents.
- Undergo a medical examination if required.
Comparing LIC Jeevan Shiromani with Other Policies
When considering LIC Jeevan Shiromani, it’s beneficial to compare it with similar policies to make an informed decision.
| Policy | Premium Payment Term | Maturity Benefit | Critical Illness Cover | Loan Facility | Tax Benefits |
|---|---|---|---|---|---|
| Jeevan Shiromani | 4 years | High | Yes | Yes | Yes |
| Other Policy A | 6 years | Medium | No | Yes | Yes |
| Other Policy B | 5 years | Low | Yes | No | Yes |
| Other Policy C | 7 years | High | No | Yes | Yes |
Market Position: LIC Jeevan Shiromani stands out due to its short premium payment term and robust benefits.
FAQs about LIC Jeevan Shiromani
Who can invest in LIC Jeevan Shiromani?
Any individual between the ages of 18 and 55 years can invest.
What is the premium payment term?
The premium is payable for only 4 years.
Does the policy provide loan facilities?
Yes, loans can be availed against the policy.
Are there tax benefits?
Yes, under sections 80C and 10(10D) of the Income Tax Act.
What critical illnesses are covered?
The policy covers 15 critical illnesses.
