LIC Jeevan Shiromani Plan 847 | Life Insurance | – Features, Review And Benefit Full Details.
LIC’s Jeevan Shiromani plan no. 847
LIC’s Jeevan Shiromani plan offers a combination of protection and savings. This plan 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. In addition, this plan also provides for payment of a lumpsum amount equal to 10% of the chosen Basic Sum Assured on diagnosis of any of the specified Critical Illnesses.
This plan also takes care of liquidity needs through loan facility.
1. Benefits payable under an inforce policy (where all due premiums have been paid):
a) Death Benefit: On death during first five years: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable.
On death after completion of five policy years but before the date of maturity: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition and Loyalty Addition, if any, shall be payable.
b) Survival Benefit: On the life assured surviving to each of the specified durations during the policy term, provided all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable.
c) Maturity Benefit: On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with accrued Guaranteed Additions and Loyalty Addition
For more detail about the plan please watch the whole video and educate yourself.
Thanks to Jonny Easton (Credit)
Music provided by Jonny Easton: – Jonnyeaston@hotmail.com
Music: – Road Less Travelled –
NOTE: – Some contents are used for educational purpose under fair use. Copyright Disclaimer under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.