LIC Jeevan Shree

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.

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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-

Tax Benefits*-

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. 

Maturity Benefits-

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.

Accident Benefits-

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.

Special Benefits-

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.

Death Benefits-

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 policies, 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.

Documents Required

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-

  • Identity proof
  • Proof of address
  • Proof of age ( only standard proof regarding age is acceptable for the LIC Jeevan Shree plan)
  • Passport size photo 

Few standard documents required for raising a claim are-

  • Claim form as prescribed by the Corporation
  • Proof of title (if and when applicable)
  • Death certificate (if and when applicable)
  • Medical reports (if and when applicable)

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-

  • Death caused through suicide, irrespective of the mental health status of the deceased.
  • Death caused through injuries occurred while participating in riots or any incidents that breach the law of the country.

FAQs 

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Standard T&C apply.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 26 Reviews)

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LIC Jeevan Shree Reviews & Ratings

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Jyotsana
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Nimesh
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amit
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Seema
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Ashraf
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Naman
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Chetan
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Bibek
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
Himanshi
Bablabona, February 22, 2021
Sufficient plan
I have recently bought a lic India term insurance plan and it has been a wonderful plan for me and my family. A sufficient plan for the safety and security of my family. It has given me few benefits too which makes the plan a wonderful.
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