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Date Posted:
Sep 26, 2018 Apply Now

LIC Jeevan Shiromani Policy is a non-linked money back plan especially for a high-income group with a minimum sum assured 1 Crore. This plan comes with a guaranteed addition at the rated of Rs. 50 per thousand of basic sum assured for first 5 policy years and Rs 55 per thousand of sum assured from sixth policy year till the year of last premium payment. Available premium payment terms in this plan are 10, 12, 14 and 16 years with 14, 16, 18 and 20 years as a maturity term respectively. Apart from Inbuilt critical illness rider which provides benefits against 15 critical illnesses like cancer and kidney failure, it has the option to opt riders like Accidental Death & Disability Benefit (AD & DB), Critical Illness Rider, Accidental Benefit riders, Term Assurance rider. This plan has been explained with the help of an example in the later part of this article.

Key Features
Guaranteed Additions during premium payment term.
Critical Illness benefits against 15 diseases.
Availability of Accidental Death & Disability Benefit (AD & DB), Term Assurance riders.
Paid premiums are exempted from income tax under 80C.
Tax-free Money Backs and Maturity.

The Life Insurance Corporation of India recently launched a new pension plan - Jeevan Shanti Plan. LIC says on its official website: "This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity." "The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the lifetime of Annuitant(s)," it adds.  An annuity is an annual income the subscriber gets in return for a lump sum, or money s/he has saved with an insurer.

Jeevan Shanti Lic Plan