The New Jeevan Shree policy of LIC is one of the key man insurance policies. It is an exclusive policy for those people who enjoy an exclusive lifestyle. It is a policy which provides an insurance protection by matching an individual profile. The individual may be one of the following, professional, industrialist, or an estate owner, NRI, a film star, a key man in an enterprise.
This new jeevan shree policy is life insurance cover that continues for a long term that extends even after the premium paying term gets over. This policy also offers at the rate of Rs.50 per 1000 Sum assured per year, a guaranteed addition, even though provides a basic sum assured that is payable at maturity period or at the time of death. And this is provided for the first 5 years and after 5 years it gives a revisionary bonus.
This policy is a type of limited payment plans, which is Endowment plan along with a guaranteed addition and provides multiple options for choosing the premium paying terms. If the policy term is 5 years, 10 years,15 years, 20 years, 25 years, then the premium paying term would be 1,2 or 3 years, 1,2,3,4 or 6 years, 1,2,3,4,6,8,or 10 years, 1,2,3,4,6,8,10 or 12 years, 1,2,3,4,6,8,10,12 or 16 years respectively.
The following would the benefits of this new jeevan shree policy are listed.
- Maturity benefits,
- Death benefits,
- Guaranteed additions,
- Participation in profits,
- Free Disability benefit,
- Grace period – provides 30 days for premium payment (if you fail in paying the premium in the grace period then the policy will enter the lapse period where the policy will be canceled),
- 15 days cooling period,
- Paid-up value,
- Accidental Death & Disability Benefit.