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LIC Jeevan Shiromani
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LIC Jeevan Shiromani

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Insurance Policy Duration 16/10, 20/12, 24/15
Location Noida
Start Date / Month 14 Years
Mode Of Work Offline
Start Date / Month 09

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Life & Health Insurance Services

Sector 31, Noida, Uttar Pradesh
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Product Specification

Insurance Policy Duration 16/10, 20/12, 24/15
Location Noida
Start Date / Month 14 Years
Mode Of Work Offline
Start Date / Month 09

Product Description

(A non-linked, with-profit, limited premium payment money back life insurance plan) LIC’s Bima Diamond plan offers a combination of protection and savings. In case of unfortunate death of the policyholder, this plan provides financial support for the family not only during the policy term but also beyond the policy term during the Extended Cover Period (equal to half of the policy term and beginning from the date of maturity). Periodic payments shall also be made on survival of the policyholder at specified durations during the policy term.

In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility

It is a close ended plan which shall be available for sale upto 31st August, 2017, coinciding with the Diamond Jubilee Year of the Corporation.

1. Benefits:

a) Death Benefit (applicable for policies where all the due premiums have been paid):
:
i. In case of death of the life assured before the date of maturity:.
During first five years: “Sum Assured on Death” shall be payable.
After completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Death” is defined as the highest of

•10 times of annualised premium; or

•Sum Assured on Maturity as defined in 1. c) below; or

•Absolute amount assured to be paid on death, i.e. Basic Sum Assured.The death benefit shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.

ii. In case of death during the Extended Cover Period: An amount equal to 50% of Basic Sum Assured shall be payable.
b) Survival Benefit:
On the life assured surviving to the end of each of the specified durations during the policy term, provided all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:
For policy term 16 years:15% of Basic Sum Assured at the end of each of 4th, 8th and 12th policy year.
For policy term 20 years:15% of Basic Sum Assured at the end of each of 4th, 8th, 12th and 16th policy year.
For policy term 24 years:12% of Basic Sum Assured at the end of each of 4th, 8th, 12th, 16th and 20th policy year.
c) Maturity Benefit:
On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Maturity” is as under:
55% of Basic Sum Assured for policy term 16 years
40% of Basic Sum Assured for policy terms 20 and 24 years
d) Loyalty Addition:
Provided all the due premiums have been paid till date of death or maturity, whichever is earlier, depending upon the Corporation’s experience, the policy shall participate in profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be payable, on death after completion of 5th policy year but within the policy term or on maturity, at such rate and on such terms as may be declared by the Corporation.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term provided all the premiums for the entire premium paying term have been paid.


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LIC Jeevan Shiromani

Company Details


About the Company

Year of Establishment2016
Legal Status of FirmSole Proprietorship (Individual)
Nature of BusinessService Provider
Number of EmployeesUpto 10 People
Annual TurnoverUpto Rs. 50 Lakh
IndiaMART Member SinceMar 2017
Know About Your Life Insurance

In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC.

It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or its benefits or privileges.
For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.
What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during:
» The date of maturity, or
» Specified dates at periodic intervals, or
» Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.

By and large, life insurance is civilization's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:
  • That of dying prematurely leaving a dependent family to fend for itself.
  • That of living till old age without visible means of support.

Life Insurance Vs. Other Savings

Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.
Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.
Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.
Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.

Keyman Insurance

Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.

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Seller Contact Details

Trillochan Nayak

Shop No. 15 A, Timber Market
Sector 31
Noida - 201301 Uttar Pradesh, India

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