The LIC Jeevan Shree 1 Plan is an assurance plan that is considered the best plan in terms of payment. It is one of the most trusted endowment plans with excellent payment terms. Many people are engaged with the LIC Jeevan Shree plan as it provides its customers with many benefits. It is a life insurance plan that helps provide support and fulfill all the family’s financial needs after the insured’s demise. In this article, we will talk about the Jeevan Shree Plan in detail and its benefits and features.
Eligibility Criteria for LIC Jeevan Shree 1 Plan
Here we have discussed the detailed eligibility criteria for the Jeevan Shree plan, which will help you while applying for this life insurance scheme.
|Maximum entry age||Not more than 65 year|
|Minimum age||More than 35 year|
|Minimum age at maturity||–|
|Maximum age at maturity||75 years|
Features of LIC Jeevan Shree 1 Plan
Here, we will discuss Jeevan Shree’s plan details and some most important features of this life insurance scheme:
|Plan type||It is an endowment assurance plan|
|Plan basis||It works only for individual|
|Plan term||25 years|
|Guaranteed Addition||The amount is calculated at the rate of rupees 50 for every 1000 of the sum assured amount.|
|Premium payment frequency||The payment is accepted monthly, quarterly, half-yearly, and yearly.|
|Revival of plan
|revived after the term had lapsed. Lic Jeevan agreed plan was restored five years from the first date of the unpaid premium.|
|alterations||Jeevan Shree’s plan also allows the person to alter premium paying frequency.|
|Nomination||Nominations are accepted under the plan|
|Sum assured||Minimum – 5 lakh rupees
Maximum – no limit
|Plan coverage||Covers death benefits, maturity benefits, and bonus|
|Surrendered value||Jeevan Shree’s plan contains a surrendered value if it is terminated in the earlier period of the contract.|
Benefits of LIC Jeevan Shree 1 Plan
Here, we have listed all the benefits you’ll get in the LIC Jeevan Shree 1 Plan plan:
1. Death Benefit
If the person died during the incompletion of the LIC Jeevan Shree 1 Plan, then the nominee can claim the amount of the plan. However, the sum assured and guaranteed additional bonuses will be calculated at 50% for every 1000 sum assured for the starting five years of the LIC Jeevan Shree. Additionally, suppose the person dies after completing the first five years of the plan. In that case, the nominee will receive the value, calculated according to the rate of 50% of every 1000 sum assured + reversionary bonuses declared from the 6th year onward.
2. Maturity Benefit
The maturity benefits refer to the benefits provided to the plan holder at the end of the plan. The guaranteed amount will be given to the insured, along with all the respected bonuses and benefits. Maturity benefits are usually offered at the end of the plan. The sum assured + guaranteed additions + loyalty addition under maturity benefits etc. are given to the plan holder.
3. Accidental Benefits
The accidental benefits are available for the LIC Jeevan Shree 1 Plan holder and their family members up to 25 lakh rupees. However, it contains many other life insurance plans with great benefits. If the person dies before the plan’s maturity, then accidental benefits are also included in their sum assured and will be provided to the nominee of the plan. In case of an accident, if any permanent and temporary disability occurs, the same amount of money is given to the holder through installments.
4. Additional Bonuses
LIC Jeevan Shree 1 Plan participates in the company’s profit from the 6th year of the LIC Jeevan Shree plan term. Also, it contains many benefits and bonuses, also known as reversionary bonuses. These bonuses were calculated per rupees 1000 basic sum assured per annum at the end of each financial year.
5. Loan Against Plan
LIC Jeevan Shree 1 Plan also contains the benefits of a loan against the plan in which the person can take the amount after the individual has regularly paid for a premium for a particular period. There is always some time limit to this benefit.
6. Insurance Tax Benefit
Premium paid under Jeevan Shree plan 1 plan is exempted from tax under section 80 CRPC, and maturity proceeds are exempted from tax under section 10(D).
Steps to Guide Buy LIC Jeevan Shree 1 Plan
Like other industries, insurance industries also started to provide various insurance services through online mode. It helps customers check their essential plan details and make payments from their homes without hassle. However, this method is considered the best and most comfortable method for many plan users. Additionally, to check and buy, there are some points which are listed below which make your work easy:
|Step 1||Go to the official website of LIC Jeevan Shree’s plan one plan and select the insurance plan according to your interest.|
|Step 2||After proper research, you need to proceed to buy the plan|
|Step 3||After completing the purchasing process fill in your essential details like personal and lifestyle information.|
|Step 4||After entering all the details, pay through a trusted payment gateway and complete your online purchasing process.|
Document Required for the LIC Jeevan Shree 1 Plan
This Plan allows the person to make payments according to their efficiency and the selection of a suitable option. However, the essential documents required for a smooth process are:
- Identity proof
- Proof of address
- Age proof
- Passport size photos
Premium Payment Method for LIC Jeevan Shree 1 Plan
Here we provided the number of payables as the premium per year for the plan:
|Years end||Premium paid up to the year in rupees|
LIC Jeevan Shree plan is a dual plan that provides the benefits of a life insurance policy and endowment facilities. A large number of people have opted for this plan as it allows for complete support to the family. And once the plan matures, you can withdraw all the money to meet your financial need. This article has discussed all the essential Jeevan Shree plan details. I hope it will help you.
LIC Jeevan Shree 1 Plan – FAQs
How do we calculate the maturity amount of the LIC Jeevan Shree 1 Plan?
Ans. The maturity amount will be calculated as the sum assured loyalty additions + guaranteed additions of 75 rupees / 1000 sum assured. Also, the maturity amount of the LIC Jeevan Shree 1 Plan is exempt from the tax according to section 10(D).
Are LIC returns taxable?
Ans. No, LIC returns are not taxable. They are tax-free, and the entire plan amount will be given to the insured without any deduction.
What is the limit of income tax exemption?
Ans. The income tax exemption limit is up to 2,50,000 INR, and various additional and surcharge benefits. However, the income can be at most one crore.
How much annual income is tax-free?
Ans. The annual income of 7 lacks is tax-free. However, after this amount, the holder has to pay the tax according to the new or old tax regime.