The LIC Jeevan Shiromani Plan is a non-linked scheme. This is a limited premium money-back programme with a Rs 1 crore minimum basic sum assured. This programme was developed by the Life Insurance Corporation of India for people with high incomes. This policy requires a monthly investment of Rs 94,000 for a period of four years. This can be done on an annual, six-monthly, three-monthly, or monthly basis. After that, you will begin to receive its returns. In this scheme, you will receive a basic sum assured at a rate of Rs. 50 per thousand for the first five years and Rs. 55 per thousand from the sixth year until the date of premium payment.

This scheme is unique in that it provides both savings and security. As a result, if the policyholder dies during the policy term, the nominee receives a predetermined sum of money. Furthermore, the Jeevan Shiromani policy allows you to borrow money. For this, you must pay the equivalent of one year’s premiums. This also necessitates following a few rules.

The survival benefit of the Jeevan Shiromani policy is available as a fixed percentage of the total sum assured. For example, in years 10 and 12 of a 14-year policy, 30% of the total guaranteed is available. In contrast, a sum insured of 35% is available in years 12 and 14 of a 16-year policy. With an 18-year policy, you will receive 40% of the Sum Assured in years 14 and 16. Similarly, 45 percent of the sum insured is available in years 16 and 18 of a 20-year policy.

Individuals between the ages of 18 and 55 can invest in the Jeevan Shiromani policy. This scheme consists of four policy terms. The age limit for policy terms of up to 14 years is 55. Similarly, a 16-year policy term takes 51 years, an 18-year policy term takes 48 years, and a 20-year policy term takes 45 years. The policy’s distinguishing feature is that the highest sum assured has no upper limit.