Who Can Apply for LIC Jeevan Shiromani Plan? Eligibility Criteria Made Simple

Are you looking for a life insurance plan that offers financial security and peace of mind? Look no further than LIC Jeevan Shiromani Plan! But who exactly can apply for this plan? Don’t worry, we’ve got you covered. In this post, we’ll break down the eligibility criteria in simple terms so you can determine if LIC Jeevan Shiromani Plan is right for you. So sit back, relax, and let’s dive into the world of life insurance eligibility requirements!

Introduction to LIC Jeevan Shiromani Plan

LIC’s Jeevan Shiromani Plan is a non-linked, with-profit whole life insurance plan which offers financial protection in case of death of the policyholder. The plan also provides for maturity benefits in the form of lump sum payment at the end of the policy term. This makes it a perfect investment cum insurance plan for those looking for long term financial security.

Who can apply for LIC Jeevan Shiromani Plan?

The minimum age at entry for this plan is 18 years and the maximum age is 55 years. The policy term is 20 years and the minimum sum assured is Rs.1 crore.

LIC Jeevan Shiromani Plan can be purchased by any Indian citizen who is above 18 years of age and below 55 years of age.

Eligibility Criteria

In order to be eligible for the LIC Jeevan Shiromani Plan, you must:

-Be between the ages of 18 and 55

-Be a resident of India

-Have a regular source of income

Core Benefits of the Plan

LIC Jeevan Shiromani Plan is a whole life insurance plan that offers a death benefit and also provides for cash accumulation. This makes it an ideal choice for those who are looking for both life insurance coverage and investment options. Some of the core benefits of this plan include:

1. Death Benefit: The death benefit under this plan is payable to the nominee in case of the policyholder’s demise. The benefit amount is equal to the sum assured plus accrued bonuses, less any outstanding loan amount.

2. Cash Accumulation: This plan also provides for cash accumulation through bonus additions. Bonuses are declared by LIC at the end of each financial year and are added to the policy account. These accumulated bonuses can be used for meeting various needs such as higher education, wedding, etc.

3. Loan Facility: The policyholders can avail loan against their policies from LIC after completion of 3 policy years. This loan can be used for meeting various personal or business requirements.

4. Tax Benefits: Premiums paid towards this plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the maturity proceeds are also exempt from taxation under Section 10(10D) of the Act.

Premium Structure

The LIC Jeevan Shiromani Plan is a Whole Life Assurance policy which offers financial protection to the policyholder’s family in the event of his/her death. The policy also provides for a lump sum payment at the end of the policy term, as well as an annuity income during retirement.

In order to be eligible for this plan, applicants must:

– Be between the ages of 18 and 55 years old

– Have a regular income

– Be citizens of India or Nepal

Documents Required for Application

If you are planning to apply for the LIC Jeevan Shiromani plan, you will need to submit the following documents:

-Proof of identity (PAN Card, Aadhar Card, Passport, Voter ID card)

-Proof of age ( Birth Certificate, School leaving certificate, Passport)

-Proof of address (Aadhar Card, Passport, Voter ID card, Driving License)

-Income Proof (last 3 months bank statements, salary slips)

-Medical examination report

Exclusions to the Plan

There are a few exclusions to the LIC Jeevan Shiromani Plan. They are as follows:

1. If the policyholder commits suicide within 12 months of the policy commencement date, then their nominees will not be eligible for the death benefit.

2. If the policyholder is diagnosed with HIV/AIDS, then their nominees will not be eligible for the death benefit.

3. If the policyholder is diagnosed with any terminal illness, then their nominees will not be eligible for the death benefit.

4. If the policyholder dies due to an accident, then their nominees will only be eligible for the Accidental Death Benefit and not the Death Benefit.

FAQs on LIC Jeevan Shiromani Plan

-What are the eligibility criteria for LIC Jeevan Shiromani Plan?

-What is the minimum and maximum age limit for this plan?

-What is the sum assured under this plan?

-How much premium do I need to pay for this plan?

-What are the features and benefits of LIC Jeevan Shiromani Plan?

Conclusion

Overall, the LIC Jeevan Shiromani plan is an excellent policy for individuals wanting to leave a legacy behind for their loved ones. It provides extensive coverage with multiple options to suit your individual needs and budget. With its simple eligibility criteria, anyone can apply for this plan and enjoy the added assurance of lifelong protection through it. If you are interested in learning more about this policy or would like to start the application process, please contact your nearest LIC branch today.