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This is an Endowment Assurance plan offering the choice of many convenient premium paying terms. It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term.

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 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.

Bonuses:
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 alongwith 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 alongwith 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.

 Age :
Min/Max age       18/50 years
Max age at maturity     60 years

Sum Assured:
Min/Max sum assured     Rs 100,000 / Maximum sum assured up to twice the sum assured under new Jeevan Shree-I plan subject to a maximum of Rs 25 lakhs overall limit taking all term rider sum assured and term assurance option under new Jeevan Shree-I plan under consideration.
Tax Benefits :    Under Section 88 and Section 10 (10D)

Features :

     Maturity: Sum Assured + Guaranteed Addition (@Rs 50 per 1,000 sum assured per annum for first five years and declared bonus there after
  Term Assurance Option (Rider): The choice of additional death cover by paying additional premium. An amount equal to the term assurance sum assured is payable on death during the policy term. Guaranteed or Loyalty additions will not apply to the Term Rider Sum Assured.

Sources : http://www.licindia.com/