Life Insurance Corporation of India, also known as LIC, offers a range of life insurance products with varied benefits and features. The diverse product suite helps the company to cater to the coverage needs of its large customer base. In this article, we will review the key features of LIC’s Bima Shree Plan and LIC’s Jeevan Shiromani Plan. Read on to know which money-back insurance policy you should opt for.
LIC’s Bima Shree Plan is a with-profit, limited premium payment, non-linked, money-back life insurance policy. The policy serves as a savings-cum-protection instrument. The Bima Shree plan is specially catered towards high net-worth individuals (HNIs). In the event of the policyholder’s death during the policy term, this policy will provide financial support to the concerned individual’s beneficiaries. In addition to offering a maturity benefit at the completion of the policy term, the Bima Shree Plan offers periodic payouts in the form of survival benefits. Thus, this policy can help policy buyers plan for future milestones in their lives with ease.
Features of the LIC’s Bima Shree Plan
LIC’s Jeevan Shiromani Plan is a with-profit, non-linked, limited premium payment, money-back life insurance policy that serves as a savings instrument, in addition to offering protection benefits to the policyholder. This policy is designed by LIC to cater to the needs of high net-worth individuals specifically. A unique benefit of this policy is that it comes with an inbuilt critical illness benefit. Thus, if the policyholder happens to be diagnosed with any critical illness that is specified in the policy brochure, the insurer will offer a certain payout to the policyholder. The policy offers financial protection to the policyholder’s dependents in case of an untimely eventuality. In addition, the Jeevan Shiromani Plan also offers regular payouts in the form of survival benefits and a maturity benefit at the completion of the policy term.
Which Should You Choose?
LIC’s Bima Shree Plan and Jeevan Shiromani Plan are both money-back life insurance products. These plans are ideal for individuals who wish to opt for a high sum assured. The benefits offered by these policies also allow policyholders to plan for significant events in their lives. Further, both policies also give policyholders the option to avail a loan against the policy, thus helping them pay for any immediate financial expenses that might arise.
The key difference between both plans is that LIC’s Jeevan Shiromani Plan comes with an inbuilt critical illness benefit, which provides an additional payout in case the concerned individual was to be diagnosed with a critical illness.
Given that both policies offer attractive features and benefits, you, as a prospective policy buyer, should purchase a policy after assessing your needs, the needs of your dependents, liabilities, investments/savings, and premium payment ability. Make sure to also familiarise yourself with the terms and conditions of both policies in order to make an informed decision.
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