LIC Jeevan Shree 1 PlanLIC Jeevan Shree-I Planis a special category plan as it is a Life Insurance Policy especially for the High Net Worth Individuals. It is basically anEndowment Planwith Limited premium Paying Term which caters to the requirements of high net worth individuals.In this plan, premium needs to be paid for a maximum period of 16 years but the life cover continues for the entire policy term of a maximum of 25 years.
The Sum Assured + accrued Reversionary Bonus + Guaranteed Additions would be paid to the Life Insured on the policy maturity or to his nominee on earlier death of the Life Insured.Hence this plan is a simple Endowment Plan along with Bonus and Guaranteed Additions. This plan caters to the high net worth individuals because theminimum Sum Assured is Rs 5, 00, 000. Key Features of LIC Jeevan Shree-I Plan§
This plan is an endowment plans which is especially for high net worth individuals§ This plan has limited premium paying term of a maximum of 16 years.§ The Sum Assured + Guaranteed Additions+ accrued Bonus is payable on policy maturity or on earlier death.§ There are Guaranteed Additions every year for the first 5 policy years.§ Optional higher cover through 3 additional riders Benefits you get from LIC Jeevan Shree-I PlanDeath Benefit –In case of death of the Life Insured, the nominee receives Sum Assured + Guaranteed Additions + Accrued Reversionary BonusMaturity Benefit –At the maturity of the policy, the insured will get the remaining Sum Assured + accrued Reversionary Bonus + Guaranteed Additions.Income Tax Benefit –Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 ( 10D)
