LIC Jeevan Shree-I: A Policy for High Networth Individuals

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The LIC Jeevan Shree I is an Endowment Assurance plan with many convenient premium paying terms. The main aim of this policy is to provide financial protection against death throughout the term of plan with the payment of maturity amount on survival at the end of the policy term.

This policy is well suited for upper segment of the society who are HNI's, models, film stars professional, industrialist, consultants, business partners, estate owners, self employed individuals as they need protection matching their profile.

LIC Jeevan Shree-I: A Policy for High Networth Individuals

This feature is like many other plans that we have seen from many insurers, including private sector insurers. This policy can be bought online.


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

Guaranteed Additions

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

Benefits of LIC Jeevan Shree-I


The policy participates in the profits of the Corporation's life insurance business from the 6th year onwards. It will get a share of the profits in the form of bonuses. Simple Reversionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year. Once declared, they will form part of the guaranteed benefits of the plan.

Death Benefit:

The Sum Assured along with guaranteed additions and vested bonuses, if any, is payable in a lump sum on death of the life assured during the policy term.

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.

Supplementary/Extra Benefits:

These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.

Surrender Value:

Buying a life insurance contract is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:

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 case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium.

Corporation's policy on surrenders:

In practice, the Corporation will pay a Special Surrender Value - which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

The Corporation reviews the surrender value payable under its plans from time to time  depending on the economic environment, experience and other factors.

Read more about: lic, endowment policy
Story first published: Wednesday, December 17, 2014, 9:55 [IST]
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