LIC Jeevan Shree 1 Policy
LIC Jeevan Shree-I Plan is a special category plan as it is a Life Insurance Policy especially for the High Net Worth Individuals. It is basically an Endowment Plan with Limited premium Paying Term which caters to the requirements of high net worth individuals.
In this plan, premium needs to be paid for a maximum period of 16 years but the life cover continues for the entire policy term of a maximum of 25 years. The Sum Assured + accrued Reversionary Bonus + Guaranteed Additions would be paid to the Life Insured on the policy maturity or to his nominee on earlier death of the Life Insured.
Hence this plan is a simple Endowment Plan along with Bonus and Guaranteed Additions. This plan caters to the high net worth individuals because the minimum Sum Assured is Rs 5,00,000.
Key Features
There are 3 Additional Riders available:
- Accident Benefit Rider
- Term Assurance Rider
- Critical Illness Rider
Benefits
In case of death of the Life Insured, the nominee receives Sum Assured + Guaranteed Additions + Accrued Reversionary Bonus
At the maturity of the policy, the insured will get the remaining Sum Assured + accrued Reversionary Bonus + Guaranteed Additions.
Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 5,00,000 | No Limit |
| Policy Term (in years) | 5 | 25 |
| Premium Payment Term (in years) | 1 | 16 |
| Entry Age of Policyholder | 18 | 65 |
| Age at Maturity | - | 75 |
| Single Premium (in Rs.) | NA | NA |
| Payment modes | Single, Yearly, Half-Yearly, Quarterly, Monthly and SSS | |
FAQs
You stop paying the premiumif you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
You want to surrender the policyThere is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
You want a loan against your policyLoan facility is available under this policy
Read Review of LIC Jeevan Shree 1 in Marathi > | LIC Jeevan Shree 1 in Hindi >
