LIC savings scheme: This policy can help you earn Rs 1 crore in four years, know how much to invest

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The Jeevan Shiromani Plan from LIC is a non-linked scheme. This is a limited premium money-back programme which has a minimum basic sum assured of Rs 1 crore. The Life Insurance Corporation of India created this programme for people in the high-income bracket. For a period of four years, you need to invest Rs 94,000 each month in this policy. This can be annual, every six months, every three months, or each month. You will start to receive its returns then after. In this scheme, you receive a basic sum assured at a rate of Rs. 50 per thousand of the basic sum assured for five years and at a rate of Rs. 55 per thousand from the sixth year till the date of premium payment.

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This scheme is special as it offers savings opportunities as well as safety. Consequently, the nominee receives a specified sum of money if the policyholder passes away during the policy term. In addition to this, the Jeevan Shiromani policy also allows you to borrow money. You must pay the equivalent of one year’s worth of premiums for this. This also requires that you adhere to a few rules.

The Jeevan Shiromani policy’s survival benefit is available as a fixed percentage of the total sum assured. For instance, 30 per cent of the total guaranteed is available in years 10 and 12 of a 14-year policy. On the other hand, a sum insured of 35 per cent is available in years 12 and 14 of a 16-year policy. With 18-year insurance, you will receive 40 per cent of the Sum Assured in years 14 and 16. On a 20-year policy, similarly, 45 per cent of the sum insured is available in years 16 and 18.

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Investments in the Jeevan Shiromani policy are open to individuals between the ages of 18 and 55. This scheme comprises 4 policy terms. For policy terms up to 14 years, the age limit is 55. Likewise, 51 years for a 16-year policy term, 48 years for an 18-year policy term, and 45 years for a 20-year policy term. The unique feature of the policy is that the highest sum assured has no upper limit.