LIC Jeevan Shree 1 Plan

Key Features of LIC Jeevan Shree-I

Some of the most important features of this life insurance scheme include:

Benefits/Advantages of LIC Jeevan Shree-I

The following are the main advantages and features of this scheme:

1. Death Benefits: In the event of the untimely death within the policy term of the policy, the nominated will be able to claim the following:

1. Sum Assured and Guaranteed Additions which is calculated at the rate of Rs. 50/- for every thousand Sum Assured for the first 5 years of the policy.
2. If death occurs after first 5 years, then the nominated will receive the sum assured along with the vested guaranteed additions which is calculated at the rate of Rs. 50/- for every thousand Sum Assured as well as accrued Reversionary Bonuses declared from 6th year onwards.

1. Maturity Benefits: The Sum Assured as well as the guaranteed additions along with reversionary bonuses, (if payable in a lump sum on survival when the policy term ends.
2. Accidental Benefits: This benefit is available to the policyholder or his or her family for up to Rs.25 lakhs . This includes all other life insurance plans that the individual may have invested in. Also an added amount which is equal to the accident benefit sum assured is payable on death. In the case of complete or permanent disabilities resulted through the accident (within 180 days), the same amount would be paid through a period of 10 years as monthly installment.
3. Additional Bonuses: The policy participates in the profits of the company's life insurance profit from the 6th year of the policy term. Hence, the policy also gets a share of the profits in the form of bonuses. This is known as the simple Reversionary Bonus and is calculated per Rs. 1000 Basic Sum Assured annually at the end of each financial year. Once it has been declared by the company.
4. Loan against Policy: Loan against the policy can be taken after the individual has regularly paid their premiums for a particular period of time.
5. No Restrictions of Higher sum assured: This particular insurance plan is meant for people with very high net worth. Hence, the sum assured has no higher limit.
6. Income Tax Benefit: Premiums paid under life insurance policy are exempted from tax under Section 80C and maturity proceeds are exempted from tax under Section 10 (10D)

How The LIC Jeevan Shree-I Plan Works

The policyholder has the option to choose a premium payment period of 16 years, where he can make annual, monthly, half-yearly or quarterly premium payments or he or she can pay one-time lump-sum premium in the beginning of the policy. The policy term lasts for 25 years, in which the policyholder gets the advantage of death benefit and on the successful survival of the term he receives maturity benefits. In the case of permanent disability through an accident the sum assured is paid through monthly installments for a period of 10 years.

Premium Payments for LIC Jeevan Shree-I Plan

Here is the amount payable as premiums per year for the plan, upto a period of 16 years:

Riders

There are no designated riders for this particular plan, but some riders may be applicable after consulting the company and based on your requirements. This will require you to pay slightly higher premiums to avail the Rider benefits.