Jeevan Shiromani Plan-947: When it comes to securing your future and ensuring your loved ones are well-protected, LIC Jeevan Shiromani stands out as a comprehensive financial solution. This unique policy is tailored for high-net-worth individuals (HNWIs) and combines the benefits of savings, life insurance, and critical illness coverage.
Whether you’re planning for long-term wealth creation, safeguarding against unexpected health expenses, or ensuring your family’s financial security, LIC Jeevan Shiromani offers a complete package.
What is Jeevan Shiromani Plan-947?
Jeevan Shiromani Plan-947 is a non-linked, with-profits, limited premium payment plan. Designed for affluent individuals, it provides financial security through life insurance, guaranteed payouts, and protection against critical illnesses. The plan also ensures a steady return on investment with additional bonuses, making it a smart choice for wealth management.
This policy is ideal for those seeking both life protection and high-value savings with added health benefits.
Key Features of Jeevan Shiromani Plan-947
- Life Cover: Provides financial security for your family in case of your untimely demise.
- Guaranteed Additions: Offers fixed guaranteed additions at the rate of ₹50 per ₹1,000 of the Basic Sum Assured during the policy term.
- Critical Illness Benefit: Covers 15 major critical illnesses, offering a lump sum benefit to ease financial stress during health crises.
- Survival Benefits: Periodic payouts are provided during the policy term as a percentage of the Basic Sum Assured.
- Bonus Additions: Includes participation in LIC’s profits through bonuses declared during the policy term.
- Flexible Premium Payment: Limited premium payment options with shorter durations compared to the policy term.
- Tax Benefits: Enjoy tax savings on premiums and maturity benefits under applicable tax laws.
Why Choose Jeevan Shiromani Plan-947?
- Comprehensive Protection: Combines life insurance, critical illness coverage, and guaranteed returns in one policy.
- High-Value Savings: Designed for HNWIs looking to build wealth with guaranteed and bonus payouts.
- Health Coverage: Offers financial relief for major critical illnesses, ensuring you’re covered in tough times.
- Liquidity: Provides survival benefits and loan facilities during the policy term.
- Legacy Planning: Helps secure your family’s future while leaving a financial legacy.
Eligibility for LIC Jeevan Shiromani Plan
| Feature | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years (varies by policy term) |
| Policy Term | 14, 16, 18, or 20 years |
| Minimum Sum Assured | ₹1 crore |
| Premium Payment Term | Policy term minus 4 years |
| Critical Illness Cover | 15 specified critical illnesses |
Benefits of LIC Jeevan Shiromani
- Survival Benefits: Receive periodic payouts during the policy term to meet financial goals.
- Maturity Benefit: At the end of the policy term, you get the Sum Assured, along with bonuses and guaranteed additions.
- Critical Illness Coverage: A lump sum payout upon diagnosis of covered illnesses ensures financial stability during health emergencies.
- Death Benefit: Ensures your family’s financial future in case of your demise during the policy term.
- Loan Facility: Borrow against your policy to meet unexpected financial needs.
How to Apply for Jeevan Shiromani Plan-947?
- Step 1: Visit an LIC branch or their official website.
- Step 2: Speak to an LIC advisor to understand the policy details and select the best term and coverage amount.
- Step 3: Fill out the application form and submit necessary documents like identity proof, age proof, and income proof.
- Step 4: Make your premium payment based on the chosen mode.
- Step 5: Once approved, your policy will be issued, and you’ll be ready to enjoy its benefits.
FAQs
1. Who should buy LIC Jeevan Shiromani?
LIC Jeevan Shiromani is ideal for high-net-worth individuals (HNWIs) looking for life insurance, savings, and critical illness coverage in a single plan.
2. What is the minimum sum assured under this plan?
The minimum sum assured is ₹1 crore, making it suitable for individuals seeking high-value insurance.
3. Does this plan cover critical illnesses?
Yes, the plan covers 15 major critical illnesses, offering a lump sum payout to help with medical expenses.
4. What are guaranteed additions under this policy?
Guaranteed additions of ₹50 per ₹1,000 of the Basic Sum Assured are added during the policy term, enhancing your maturity benefits.
5. Are there tax benefits available?
Yes, premiums paid and maturity benefits are eligible for tax exemptions under Sections 80C and 10(10D) of the Income Tax Act.
Conclusion
Jeevan Shiromani Plan-947 is more than just a life insurance plan—it’s a comprehensive financial tool that ensures wealth creation, health protection, and life coverage.
Whether you’re planning for your family’s future, securing your legacy, or preparing for health emergencies, this plan offers the stability and benefits you need. With guaranteed payouts, critical illness coverage, and bonuses, LIC Jeevan Shiromani is a wise choice for those who value financial security and peace of mind.
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