New Delhi: Life Insurance Corporation of India (LIC) offers a slew of various investment options to investors seeking safe instruments providing bumper returns. In one such scheme named LIC Jeevan Shiromani Plan, investors get the option of receiving a minimum basic sum assured of Rs 1 crore.
LIC’s Jeevan Shiromani Plan Benefits is a non-linked plan that offers a guaranteed return of Rs 1 crore at the time of death of the investor. The scheme which was started by LIC on December 19, 2017, is a market-linked benefit scheme.
Besides guaranteed returns, investors also get cover for critical illnesses. Investors can choose from three options that are available under the LIC Jeevan Shiromani Plan depending on their preference.
Jeevan Shiromani plan also provides financial support to the policyholder’s family in case of the death of the investor during the policy term. Investors also get the facility of getting a lump sum amount at the time of maturity.
LIC’s Jeevan Shiromani Plan details:
– Investors can pay premiums on a yearly, half-yearly, quarterly, or monthly basis via NACH or salary deductions.
– Investors can start investing in the scheme from the minimum age of 18 years while the maximum age of entry in the plan is 55 years. The maximum tenure for the policy is 14 years if the investor starts investing at the age of 55 while an investor can invest in the policy for 45 years if he or she starts investing from 20 years of age. Also Read: Own a Rs 5, Rs 10 Mata Vaishno Devi coin? Get up to Rs 10 lakh by selling it online, check how
Sum Assured benefits worth Rs 1 crore
In case of the death of the investor, the nominee receives the “Sum Assured on Death” during the first five years of investment along with accrued Guaranteed Additions. After five years of investment, the nominee gets “Sum Assured on Death” along with accrued Guaranteed Additions and Loyalty Addition, if applicable, according to a report by Zee Business. Also Read: IRCTC POD Stays: Indian Railways to soon offer compact rooms at Mumbai station