LIC Policy: Invest in THIS plan to become crorepati in just 4 years, here’s how

New Delhi: When it comes to purchasing insurance plans, Indians often turn to the Life Insurance Corporation, or LIC. As a result, the LIC has selected specialised strategies for a certain group of people. The government-backed organisation offers a variety of insurance options for persons of all ages and classifications. The fact that the interest rate on a LIC policy is not affected by stock market movements makes it a good alternative, especially when markets are turbulent, as they are right now. One of the most advantageous policies introduced by the corporation is the LIC Jeevan Shiromani Policy.

The LIC Jeevan Shiromani policy is a participating, non-linked individual life assurance savings plan. It is a limited premium payment money back life insurance plan with a minimum Basic Sum Assured of Rs. 1 crore, created specifically for the targeted category of High Net-worth Individuals. Guaranteed Additions will accumulate at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs 55/- per thousand Basic Sum Assured from the sixth policy year until the end of the premium payment period under this plan. Furthermore, the policy will share in the profits in the form of Loyalty Additions.

The Jeevan Shiromani Policy provides a basic sum assured of Rs 1 crore, and the policyholder must invest in this policy for only four years before receiving the profits. The LIC Jeevan Shiromani Policy has four maturities: 14, 16, 18, and 20 years. To get the benefits of the coverage, the policyholder must pay a monthly premium of around Rs 94,000.

Under the LIC Jeevan Shiromani policy, a fixed percentage of the Basic Sum Assured is payable if the policyholder survives for each of the stipulated durations during the policy term. The fixed proportion for different policy terms is as follows:

1. For policy term 14 years: 30% of the Basic Sum Assured on the 10th and 12th policy anniversary

2. For policy term 16 years: On the 12th and 14th policy anniversary, 35% of the Basic Sum Assured is paid out.

3. For policy term 18 years: 40% of the Basic Sum Assured on the 14th and 16th policy anniversary

4. For policy term 20 years: On the 16th and 18th policy anniversary, 45 percent of the Basic Sum Assured is paid out.

Under the LIC Jeevan Shiromani plan, a loan facility is also available after paying at least one full year's premium and completing one policy year, subject to certain criteria.

To be eligible for the LIC Jeevan Shiromani plan, the policyholder must be at least 18 years old. For policy terms of 14 years, the maximum age limit is 55 years, 51 years for policy terms of 16 years, 48 years for policy terms of 18 years, and 45 years for policy terms of 20 years. As a result, the policyholder cannot be older than 69 years at the time of maturity.