Life Insurance Corporation of India (LIC) has always launched several plans with a focus on various target groups and segments in order to provide more suitable propositions as far as insurance plans are concerned. LIC has now launched its exclusive plan called LIC Jeevan Shiromani and this is a with profit, non-linked, money back life insurance scheme with limited premium payments. This has been specially tailored for the HNIs or high net-worth individuals category.
This insurance plan has been lauded by the market with many experts hailing this as a concrete step towards addressing concerns of HNIs and their specific requirements. As per the official statement released by LIC, Rs. 1 crore will be the sum assured under this particular plan and there is no upper limit for the same as well.
This will definitely help LIC reach out to a wider target audience in this segment. To keep things in perspective, Rs. 1 crore is the minimum basic amount that will be assured for customers and this can be increased depending on the terms and conditions opted for by the customer. The plan is available for customers between the ages of 18 and 55. There is full financial support offered to the customer’s family. This is ensured not just in cases of death of life assured in the tenor of the life insurance policy. The biggest benefit is that a lump sum amount is paid out if any critical illness is diagnosed. There are a list of such critical illnesses that are specified accordingly.