The Jeevan Shree-I Plan is an endowment assurance plan that offers financial protection against the death of the policyholder. The beneficiary can claim the sum assured on the death of the policyholder. Tax benefits under Section 80C of the Income Tax Act can be availed by the policyholder.
Certain age requirements are specified by the insurance company for certain life insurance plans. One can avail the insurance plan if one meets the requirements.
The sum assured is the total sum payable to the nominee on the death of the life assured. Each life insurance plan generally has a range of sum assured amounts. One can choose the plan with an adequate sum assured that will offer financial protection for the family in the absence of the life assured.
A nominal amount termed the premium is paid at regular intervals by the policyholder to avail the benefits of the policy.
|Mode of payment||
*Premiums vary based on age, location, plan term and other factors
|Death Benefit||On the death of the life assured during the policy term, the sum assured along with vested bonuses and guaranteed additions are paid as a lump sum.|
|Maturity Benefit||On survival of the policy holder up to the date of maturity, the sum assured along with guaranteed additions and reversionary bonuses are payable as a lump sum.|
|Supplementary Benefits||On paying an additional premium, certain extra benefits can be availed.|
|Surrender Benefit||If the policy is terminated before the completion of the policy term, a surrender value is payable to the policyholder. The guaranteed surrender value is equal to 30% of the regular premiums paid or 90% of the single premium paid. The special surrender value, on the other hand, is the reduced claim amount payable at maturity. The company will pay the surrender benefit that is higher of the two surrender values.|
|Simple Reversionary Bonus||The Simple Reversionary Bonus is a certain amount, per thousand of the basic sum assured, declared at the end of every financial year. The amount declared will then become a guaranteed benefit of the plan.|
|Guaranteed Additions||For the first five years of the policy term, Rs.50 per thousand of the sum assured, for every completed year is added to the sum assured.|
|Online Registration||LIC customers can register themselves on the LIC website to access the product details online.|
|Premium Payment Channels||Premiums can be paid through the many premium payment options available, both online and offline.|
|Phone helpline||Customers can use the toll-free helpline number to make enquiries with regard to their policies.|
LIC is an esteemed life insurance company that has been in existence for nearly 61 years. The objective of the company is to reach even the socially and economically backward classes of the society and provide them with a risk cover at a reasonable cost. With a claim settlement ratio of 98.31%, they are one of the few elite companies that provide excellent services to their clients.
Note: This plan has been withdrawn by LIC.