LIC Jeevan Shree Plan is essentially an endowment (limited payment) plan that is accompanied by Guaranteed and Loyalty additions. The plan also offers various options in terms of premium payment terms. The maximum policy term available under this plan is twenty-five years. The premium payment term of the plan can be for one, two, three, four, six, eight, ten, twelve, or sixteen years.Read more
The LIC Jeevan Shree policy, a participating endowment assurance plan, is specifically designed and curated for the upper segments of the society; this includes professions like movie stars, NRIs, industrialists, and estate owners. It aims to provide the kind of insurance protection that matches its customers' upper-strata profiles. An additional attraction of the plan is that the customer can limit their premium payment term and still have the benefit of a life insurance cover that lasts for a more extended period of time. The policy allows a window for the policyholders to enlist nominations. The policy also offers a surrender value if it is put to an end prior to its contract end period. Further details of the plan are discussed in the below sections.
Eligibility Criteria for LIC Jeevan Shree
The eligibility criteria for both the primary plan and the Term Assurance Option offered by the LIC Jeevan Shree policy is noted as follows-
For the main plan-
Minimum age required for the time of entry-18 years old (completed)
Maximum age for entry-60 years old (age close to birthday)
Maximum age required at the time of maturity-70 years old (age close to birthday)
For Term Assurance Option-
Minimum age required at the time of entry-18 years old (completed)
Maximum age at the time of entry-50 years old (age close to birthday)
Maximum age required at the time of maturity-60 years old (age close to birthday)
Core Benefits of LIC Jeevan Shree
Life insurance policies not only offer a sense of security to the individual but also provide certain benefits that aid the policyholder during times of uncertainty. The benefits of the LIC Jeevan Shree plan are noted and discussed in brief below-
The premiums paid by the policyholder are free from tax on the basis of Section 80C of the Indian Income Tax Act. The maturity amount of the life insurance policy is also exempted from tax on the basis of Section 10 (10D).
*Tax benefit is subject to changes in tax laws. Standard T&C Apply.
Upon the arrival of the maturity period of the plan, the amount that has been assured along with any vested simple reversionary bonuses (if and when applicable) are payable to the policyholder or the nominees of the policy.
Additionally, at the end of every year of the policy, a guaranteed addition of seventy rupees is accrued for every thousand rupees of the sum assured.
A maximum amount of ten lakhs is available, to the policyholder or the nominees of the policy, in the form of accidental benefits. This amount is a cumulative total after including the maximum aggregate limited sum of money of ten lakh rupees placed on other life insurance policies. The premium quotes for such accident benefits are declared separately under several terms and conditions and the paying terms of the premiums.
After four years from the commencement of the policy tenure or during the maturity period of the policy, a loyalty addition would be paid, if applicable. The sum of money declared as the loyalty addition is dependent on the Corporation’s future experience in terms of investment returns, mortality, and expenses.
Additional Term Assurance Option-
The policyholder is given a choice to select an additional death cover under the current plan. While deciding on the premium payment terms, the premiums required for this additional benefit are also to be paid by the policyholder. Upon the demise of the policyholder during the tenure of the policy, a sum of money that is equivalent to the Term Assurance Sum Assured would be paid to the nominees of the policy. The customer has to note that the premium quotes for this additional option and benefit is quoted separately for different terms and payment terms of premiums.
Upon the demise of the policyholder during the first five years of the policy tenure, the nominees of the policy would receive the amount assured along with the guaranteed addition of fifty rupees declared for every thousand rupees of the amount assured.
If the policyholder passes away after the period of five years since the commencement of the policy, then the nominees of the policy would receive the amount assured along with any accumulated additional simple reversionary bonuses and vested guaranteed additions. This payment would be exercised from the sixth year of the policy tenure.
The Premium Structure of the Plan
The LIC Jeevan Shree plan allows the customer to make premium payments according to their selection of a suitable option. Like other LIC policy, the customer can make the payment of the premiums regularly or can choose to pay the premium in a single payment method.
The policyholder can pay their premiums monthly, quarterly, half-yearly, or annually.
For a hassle-free process of purchasing or availing of a life insurance plan, the necessary documents need to be handy. Authentic documentation records facilitate the process. Few standard proofs and documents required for availing a LIC endowment plan are listed below-
Few standard documents required for raising a claim are-
The Process to Buy Online
Like several other industries, the insurance sector has also started to offer its services through online portals. This allows the existing customers to check their policy details and also make their premium payments from the comfort of their homes. New customers can avail of the services of the insurance providers through their respective websites. The standard process to buy a life insurance plan is listed in points below-
Step 1:From the website of the insurance provider, browse and select from the insurance plans available.
Step 2:After acknowledging the terms and conditions of the plan, proceed to buy the plan.
Step 3:To complete the purchasing process, enter the required details. Details often include personal and lifestyle information.
Step 4:After entering the details, make the payment by selecting one of the trusted payment gateways provided by the insurer. This completes the online purchasing process.
Key Exclusions of the Plan
Life insurance plans have their lists of exclusions depending on the accompanying terms and conditions. Out of such exclusions few common ones are listed below-
LIC Online Services
LIC Investment Plans
LIC Other Plans
A1. Yes, one can avail of a loan under this endowment plan. The loan and its interest are subject to terms and conditions laid out by the insurance provider. The interest can be revised from time to time by the Corporation.
A2. Yes, the customer can get a rebate or a discount on this plan's premiums that are laid out to be paid regularly.
For premiums paid annually, the rebate would be at three percent of the tabular premium.
For premiums paid half-yearly, the rebate would be at one and a half percent of the tabular premium.
There is no rebate option available for premiums that are paid for every quarter or month.
A3. The single premium policy is a preferable choice to be given as a gift.
A4. This plan allows the customer to make alterations to the frequency of the payment of premiums.
A5. For the main plan, the minimum sum of money to be assured is five lakh rupees.
For the Term Assurance Option, the minimum sum of money to be assured is one lakh rupees.
A6. Yes, this plan can be revived within a period of five years from the date of the first premium left unpaid. To revive the policy, the customer would need to clear all the arrears in respect to the premiums and the interest, as decided by the Corporation. The Corporation holds the right to accept or reject the revival of the policy.
A7. The cooling-off period for this plan is fifteen days from the commencement of the policy tenure.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Standard T&C apply.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
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