LIC Jeevan Shree

LIC Jeevan Shree 162- An Overview

The LIC Jeevan Shree policy is a participating endowment assurance plan specifically designed and curated for the upper segments of society. The plan offered by the LIC of India aims to provide insurance protection that matches its customers' upper-strata profiles. An additional attraction of the plan is that the customer can limit their premium payment term and still benefit from a life insurance cover that lasts longer. The policy allows a window for the policyholders to enlist nominations. The policy also offers a surrender value if it ends before its contract ends. Further details of the plan are discussed in the below sections.

The plan, however, is no longer available for sale as it was withdrawn by the company in 2014.

Eligibility Criteria Of LIC Jeevan Shree

Below is the table to help you understand the eligibility criteria for the LIC Jeevan Shree Plan

Benefits of LIC Jeevan Shree-162

LIC policies offer a sense of security to the individual and provide certain benefits that aid the policyholder during times of uncertainty. The benefits of the LIC Jeevan Shree plan are noted and discussed in brief below-

• Death Benefits-

  Upon the policyholder's demise during the first five years of the policy tenure, the nominees would receive the amount assured along with the guaranteed addition of fifty rupees declared for every thousand rupees of the amount assured.

  If the policyholder passes away after five years since the commencement of the policy, then the policy nominees would receive the amount assured along with any accumulated additional simple reversionary bonuses and vested guaranteed additions. This payment would be exercised from the sixth year of the policy tenure.

• Maturity Benefits-

  Upon the arrival of the maturity period of the plan, the amount that has been assured, along with any vested simple reversionary bonuses (if and when applicable) are payable to the policyholder or the nominees of the policy.

  Additionally, at the end of every policy year, a guaranteed addition of seventy rupees is accrued for every thousand rupees of the sum assured.

• Accident Benefits-

  A maximum of ten lakhs is available to the policyholder or the policy nominees in the form of accidental benefits. This amount is cumulative after including the maximum aggregate limited sum of money of ten lakh rupees placed on other life insurance policies. The premium quotes for such accident benefits are declared separately under several terms and conditions and the premiums' paying terms.

• Special Benefits-

  A loyalty addition would be paid, if applicable, after four years from the commencement of the policy tenure or during the maturity period of the policy. The sum of money declared as the loyalty addition depends on the Corporation’s future experience in terms of investment returns, mortality, and expenses.

• Additional Rider for enhanced protection

  The policyholder is given a choice to select an additional death cover under the current plan. While deciding on the premium payment terms, the policyholder must also pay the premiums required for this additional benefit. Upon the policyholder's demise during the policy's tenure, a sum of money equivalent to the Term Assurance Sum Assured would be paid to the nominees of the policy. The customer has to note that the premium quotes for this additional option and benefit are quoted separately for different terms and payment terms of premiums.

• Tax Benefits

  The premiums paid by the policyholder are free from tax under Section 80C of the Indian Income Tax Act. The maturity amount of the life insurance policy is also exempt from tax under Section 10 (10D).

  *Tax benefits are subject to changes in tax laws. Standard T&C Apply. 

The Premium Structure of the Plan

The LIC Jeevan Shree 162 plan allows customers to make premium payments according to their selection of a suitable option. Like other LIC policies, the customer can pay the premiums regularly or choose to pay the premium using a single payment method.

The policyholder can pay their premiums monthly, quarterly, half-yearly, or annually.

Documents Required

The necessary documents must be handy for a hassle-free process of purchasing or availing of a life insurance plan. Authentic documentation records facilitate the process. A few standard proofs and documents required for availing of an LIC endowment plan are listed below-

• Identity proof

• Proof of address

• Proof of age ( only standard proof regarding age is acceptable for the LIC Jeevan Shree plan)

• Passport size photo 

Few standard documents required for raising a claim are-

• Claim form as prescribed by the Corporation

• Proof of title (if and when applicable)

• Death certificate (if and when applicable)

• Medical reports (if and when applicable)

How to Buy LIC Policy Online?

Take a look below to understand the buying process of LIC Plans:

Step 1: Visit the Policybazaar homepage

Step 2: Select LIC Plans

Step 3: Fill in the form with your name and contact number, and click on View Plans

Step 4: After this, on the next page, fill in your age, current city and annual income

Step 5: Once done, you can check the plans available and customize the amount and policy tenure for your investments

Step 6: Choose the plan and pay your premiums online.

Note: Policybazaar also provides door-to-door advisors to resolve your queries.

Key Exclusions of the Plan

Life insurance plans have their lists of exclusions depending on the accompanying terms and conditions. Out of such exclusions few common ones are listed below-

• Death caused through suicide, irrespective of the mental health status of the deceased.

• Death caused through injuries occurred while participating in riots or any incidents that breach the law of the country.

LIC Resources

FAQs