LIC schemes: Get Rs 1 crore to Rs 10 lakh guaranteed return, insurance benefits!

LIC Bima Shree Policy vs Jeevan Shiromani Plan: The Life Insurance Corporation of India (LIC) provides several schemes that come with moneyback guarantee. While the LIC Jeevan Shiromani guarantees Rs 1 crore money back, the LIC Bima Shree assures Rs 10 lakh. Both schemes come with several other features for the benefit of customers and target high net individuals. Take a look:

LIC Bima Shree plan Features: 

This plan provides a combination of protection and savings to customers. The official LIC document says, "It is specially designed for High Net-worth Individuals. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term."

"Periodic payments shall also be made on survival of the policyholder at specified durations during the policy term and a lump sum payment to the surviving policyholder at the time of maturity," it adds. 

- Rs 10 lakh: Minimum basic sum assured; 
- No limit: On Maximum Sum assured. Basic 
- Policy term: 14, 16, 18 and 20 years
- Guaranteed benefits: Rs 50/thousand Basic Sum ssured for the first 5 years; Rs 55 per thousand Basic Sum Assured for the subsequent years till the end of the Premium Paying term.

- Minimum/Maximum age at entry: 8 years (completed); 55 years for policy term of 14 years; 51 years for policy term of 16 years; 48 years for policy term of 18 years; 45 years for policy term of 20 years.

- Mode of installment payment: Monthly Rs. 5000; Quarterly Rs. 15000; Half-Yearly Rs. 25000; Yearly Rs. 50000.

- Loan at 9.5% per annum interest: Loan can be availed during the policy term provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time. The interest rate to be applied for policy loan and as applicable for full term of the loan is determined at periodic intervals. For loan sanctioned in Financial Year 2017-18, the applicable interest rate was 9.5% p.a.  

Read Policy Document

LIC Jeevan Shiromani features

- Minimum Basic Sum Assured: Rs. 100,00,000
- Maximum Basic Sum Assured: No limit (The Basic Sum Assured shall be in multiples of Rs. 500,000/-)
- Policy Term: 14, 16, 18 and 20 years.
- Premium Paying Term: (Policy term – 4) years
- Minimum Age at entry: 18 years (completed)
- Maximum Age at entry: 55 years (nearer birthday) for policy term 14 years; 51 years (nearer birthday) for policy term 16 years;  48 years (nearer birthday) for policy term 18 years; 45 years (nearest birthday) for policy term 20 years

- Maximum Age at Maturity: 69 years (nearer birthday) for policy term 14 years; 67 years (nearer birthday) for policy term 16 years; 66 years (nearer birthday) for policy term 18 years; 65 years (nearer birthday) for policy term 20 years; Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals 

Loan facility: A customer can get loan during the policy term provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time. The interest rate applied for policy loan and as applicable for full term of the loan shall be determined at periodic intervals. For loan sanctioned in Financial Year 2017-18, the applicable interest rate is 9.5% p.a. payable half-yearly for entire loan term. 

(All inputs from LIC policy documents)