LIC - Jeevan Shree Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
This is an Endowment Assurance plan offering the choice of many convenient premium paying terms. It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term.
Product Description
- Jeevan Shree Policy provides guaranteed addition @ 75/- per 1000 sum assured plus Loyalty addition on maturity or death.Highest guarantee ever in the insurance market.
- Loyalty additions may also be payable provided the policy has run for a minimum of 5 years.
- 2 Additional Rider also Available
COMPARE & BUY SIMILAR PLANS
Unique Features
- Endowment plan with limited premium paying term
- One of the highest Guarantee of 7.5% of sum assured plus loyalty bonus is any
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Age at Entry (Min) | 18 years | |||||
| Age at Entry (Max) | 60 years(65 years in case of keyman) | |||||
| Max age of Maturity | 70 years(75 years in case of keyman) | |||||
| Min Premium Payable | Rs. 2,500 | |||||
| Min Sum Assured | Rs. 500,000(increment in multiples of 1 lac) | |||||
| Max Sum Assured | No limit subject to medical and financial underwriting | |||||
| Mode Available | Single, Annual, Semi Annual, Quarterly, Monthly, payroll savings program | |||||
| Policy Term wise PPT | Policy Term | Premium Paying Term | ||||
| 5 | 1,2,3 | |||||
| 10 | 1,2,3,4,6 | |||||
| 15 | 1,2,3,4,6,8,10 | |||||
| 20 | 1,2,3,4,6,8,10,12 | |||||
| 25 | 1,2,3,4,6,8,10,12,16 | |||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit:
The Sum Assured along with guaranteed additions and reversionary bonuses, if any is payable in a lump sum on survival to the end of the policy term.
- Death Benefit:
The Sum Assured along with guaranteed additions and vested bonuses, if any, is payable in a lump sum on death of the life assured during the policy term.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Bonus Types | Guaranteed Addition | Guaranteed additions are given at the rate of Rs. 75/- per 1000 sum assured, at the end of each policy anniversary, in case the policy is inforce. | ||||
| Loyalty Addition | Loyalty additions may also be payable provided the policy has run for a minimum of 5 years. | |||||
| Reduced paid-up | In case of single premium policies, paid up value will be always equal to sum assured.Other than single premium policies paid up value will be calculated as,Paid up value = sum assured x no of years premiums paid/No of years premiums payable as per PPT (not policy term) | |||||
| Surrender | Regular Premium | After completion of 3 years Jeevan Shree Policy can be surrendered for cash, provided all premiums are paid under the policy with PPT of 2 years or less OR 3 years premiums are paid where PPT is 3 years or more.GSV = 30% ( premiums paid ) – premiums for the 1st year and/or extra premiums | ||||
| Single Premium | In case of single premium policies, GSV is payable after completion of 3 policy years from the starting date.GSV = 90% (premiums paid) – extra premiums | |||||
| Special Surrender Value(SSV) | The policy will acquire special surrender value after completion of 1 policy year. SSV is calculated by,SSV = ( paid up value + guaranteed addition) x SV factor. | |||||
Add-ons
- Accidental Death Benefit (In built):
In case of death due to an accidentof the Life Assured, the Rider Sum Assured chosen will be paid to the nominee.
- Critical Illness:
The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit.
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy,
the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of LIC Jeevan Shree Plan
Company Overview
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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