LIC Jeevan Shree 1 Policy

 

LIC Jeevan Shree 1 Plan

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 of LIC Jeevan Shree-I Plan

§  This plan is an endowment plans which is especially for high net worth individuals

§  This plan has limited premium paying term of a maximum of 16 years.

§  The Sum Assured + Guaranteed Additions + accrued Bonus is payable on policy maturity or on earlier death.

§  There are Guaranteed Additions every year for the first 5 policy years.

§  Optional higher cover through 3 additional riders 

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

Select City Mumbai, Maharashtra

I authorize MyInsuranceClub & its partners to Call/SMS & agree to the Terms of Use.

Show premiums

 

Benefits you get from LIC Jeevan Shree-I Plan

Death Benefit – In case of death of the Life Insured, the nominee receives Sum Assured + Guaranteed Additions + Accrued Reversionary Bonus

Maturity Benefit – At the maturity of the policy, the insured will get the remaining Sum Assured + accrued Reversionary Bonus + Guaranteed Additions.

Income Tax Benefit – 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 conditions and other restrictions in LIC Jeevan Shree-I Plan

	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

 

Sample illustration of premium of LIC Jeevan Shree-I Plan

The below illustration is for a healthy Male opting for a Sum Assured = Rs 5,00,000and Policy Term = 25 years and Premium Paying Term = 16 years respectively.

 

Additional Features and Benefits of LIC Jeevan Shree-I Plan

Riders – There are 3 Additional Riders available:

·         Accident Benefit Rider

·         Term Assurance Rider

·         Critical Illness Rider

 

What happens if?

You stop paying the premium – f 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 policy – There 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 policy – Loan facility is available under this policy

 

Alternate Endowment Plans from different insurance companies

 

Other Endowment Plans from Life Insurance Corporation of India