Jeevan Shree-I is an Endowment assurance plan. Jeevan Shree-I is 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. Jeevan Shree-I is suitable for high worth individuals i.e Corporate Executives, Professionals, Software Engineers, Industrialists, Consultants, Estate owners, Builders, NRIs, Models, Film stars, etc.
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the premium paying term or till earlier death. Alternatively premium may be paid in one lump sum (Single premium).
Jeevan Shree-I comes with Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy. The Guaranteed Additions are payable along with the Basic Sum Assured at the time of claim.
The policy participates in the profits of LIC Of India’s business from the 6th year onwards. Jeevan Shree-I will get a share of the profits in the form of bonuses. Also, a Simple Revisionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year. Bonuses once declared, they will form part of the guaranteed benefits of the plan and it will be included on maturity.
The Sum Assured alongwith guaranteed additions and reversionary bonuses, if any is payable in a lump sum on survival to the end of the policy term.
Sum Assured plus Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for first five years of the policy.
And Death after first 5 years, S.A. + vested G.A. of Rs.50/- per 1000 S.A. per year for the first 5 years + accrued Reversionary Bonuses declared from 6th year onwards.
Accident benefit is available under Jeevan Shree-I upto a maximum of Rs.25 lakhs (inclusive of all other life insurance plan) An additional amount equal to the accident benefit sum assured is payable on death. In case of total and permanent disability arising due to accident (within 180 days) this amount is paid over a period of 10 years in monthly installment.
Buying a life insurance policy is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract. The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium
Eligibility Conditions and Restrictions:
Minimum age at entry: 18 years completed
Maximum age at entry: 65 years
Maximum maturity age: 75 years
Minimum Term: 5 years
Maximum Term: 25 years
Minimum Sum Assured: Rs.5,00,000/-
Maximum Sum Assured: No Limit
Sum Assured should be in multiples of Rs.1,00,000/-
Accident Benefit per 1000/- S.A.: Allowed (With extra Premium)
Loan Available: Yes
Jeevan Shree-I is eligible for rebates depending on the mode of premium payment chosen and the extent of cover.
The yearly premium payment option entitles the policyholder to a 2 per cent rebate on premiums; a sum assured of Rs 50 lakh entitles the insuree a Rs 0.50 per thousand sum assured rebate.
15-Days Cooling-Off Period:
If you are not satisfied with this policy, you have an option to return the policy within 15 days.
The policyholder can revive his lapsed policy within 5 years from the date of first unpaid premium by paying arrears of premium together with interest to be decided by LIC Of India from time to time subject to satisfactory evidence of health.
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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