Jeevan Shree 1

Summary:
Jeevan Shree 1 Table No.162 is an Endowment Assurance plan.  Jeevan Shree-I is offering the choice of many convenient premium paying terms. It provides financial protection against death throughout the term of the plan with the payment of the maturity amount on survival to the end of the policy term. Jeevan Shree-I is suitable for high-worth individuals i.e Corporate Executives, Professionals, Software Engineers, Industrialists, Consultants, Estate owners, Builders, NRIs, Models, Film stars, etc.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the premium paying term or till earlier death. Alternatively, the premium may be paid in one lump sum (Single premium).

Guaranteed Additions:
Jeevan Shree 1 comes with Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for the first five years of the policy. The Guaranteed Additions are payable along with the Basic Sum Assured at the time of claim.

Bonuses:
The policy participates in the profits of corporations business from the 6th year onwards. Jeevan Shree-I will get a share of the profits in the form of bonuses. Also, a Simple Revisionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year. Bonuses once declared, will form part of the guaranteed benefits of the plan and will be included on maturity.

Maturity Benefit:
The Sum Assured along with guaranteed additions and reversionary bonuses if any is payable in a lump sum on survival to the end of the policy term.

Death Benefits:
Sum Assured plus Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for the first five years of the policy.
And Death after first 5 years, S.A. + vested G.A. of Rs.50/- per 1000 S.A. per year for the first 5 years + accrued Reversionary Bonuses declared from 6th year onwards.

Also Read  LIC Samridhi Plus

Accidental Benefit:
Accident benefit is available under Jeevan Shree-I up to a maximum of Rs.25 lakhs (inclusive of all other life insurance plans) An additional amount equal to the accident benefit sum assured is payable on death. In case of total and permanent disability arising due to an accident (within 180 days) this amount is paid over a period of 10 years in monthly installment.

Surrender Value:
Buying a life insurance policy is a long-term commitment.  However, surrender value is available on the plan on earlier termination of the contract. The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In the case of a single premium policy, the guaranteed surrender value is 90% of the single premium paid excluding any extra premium

Jeevan Shree 1 Eligibility Conditions and Restrictions:

  • Minimum age at entry: 18 years completed
  • Maximum age at entry: 65 years
  • Maximum maturity age: 75 years
  • Minimum Term: 5 years
  • Maximum Term: 25 years
  • Minimum Sum Assured: Rs.5,00,000/-
  • Maximum Sum Assured: No Limit
  • Sum Assured should be in multiples of Rs.1,00,000/-
  • Accident Benefit per 1000/- S.A.: Allowed (With extra Premium)
  • Loan Available: Yes

Rebates:
Jeevan Shree -I is eligible for rebates depending on the mode of premium payment chosen and the extent of cover.

The yearly premium payment option entitles the policyholder to a 2% rebate on premiums; a sum assured of Rs 50 lakh entitles the insuree a Rs 0.50 per thousand sums assured rebate.

15-Days Cooling-Off Period:
If you are not satisfied with this policy, you have an option to return the policy within 15 days.

Revival:
The policyholder can revive his lapsed policy within 5 years from the date of the first unpaid premium by paying arrears of premium together with interest to be decided by the corporation from time to time subject to satisfactory evidence of health.

Also Read  LIC Gratuity Plus Plan

Update: Jeevan Shree 1 Plan No. 162 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.

  1. I enrolled for Jeevan Shree in 2001 with an annual premium of 43,800/- , maturity in 15 years and premium paying term of 10 years. What will I get if I surrender this policy today after paying all the premiums ?

  2. Hi, i am 32 yrs old now.
    i want to invest Rs.2000.00/month.
    can you advice me which will be the best option.
    some one was suggested Jeevan shree.

    My expection ios good return & risk coverage.

    thanks
    madhu

  3. i m manager in limited co . i want to invest 1 crore rs . kindly suggest me the suitable policy for me.

  4. Respected sir,
    I am looking jeevan shree policy for insurance but
    i do not know more conditions same policy. So please send me information for same policy.
    Thanks,
    ajay

  5. I am a software engineer looking for a insurance cover, one for me and one for my wife…

    I am located in Bangalore and would like one of your agents to contact me… please call me on 9008603203..

    Looking forward to hear from you..

    Regards,
    Kishore

  6. namaste sir,

    I am in Vijayawada iam doing small job i want some little

    insurance i saw 2 months back about “jeevan Mangal ” . so i

    would take a policy i have enquired some persons told me it is

    belongs rural area insurance policy you can not Qualified this

    policy. So kindly proper inforamtion that.

    Thanking You sir,

    Yours faithfully
    V.SRINIVAS
    D.NO.24-2-3, NRP ROAD
    VIJAYAWADA -520 003.
    MOBILE. 9989088563

1 2
    Paisa Portal
    Logo