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Jeevan Shiromani

LIC’s Jeevan Shiromani is among the best pick for High Net-Worth Individuals. Offering the comprehensive benefit of saving and protection, the plan is further optimized to include critical illness benefits.

The Money Back policy participates in the profits of the company and is non-market linked. LIC’s Jeevan Shiromani also includes a Guaranteed Addition clause.

LIC’s Jeevan Shiromani – Key Features

  • Survival Benefit: If the policy holder survives the policy term and all premiums are paid, a fixed percentage of the Basic Sum Assured is returned at periodic intervals and the policy continues.
  • 14 year Policy Term: 30% of Basic Sum Assured each at the end of 10th and 12th policy year.
  • 16 year Policy Term: 35% of Basic Sum Assured each at the end of 12th and 14th policy year.
  • 18 year Policy Term: 40% of Basic Sum Assured each at the end of 14th and 16th policy year.
  • 20 year Policy Term: 45% of Basic Sum Assured each at the end of 16th and 18th policy year.
  • Maturity Benefit: If the policy holder survives the entire term, the policy holder receives ‘Sum Assured on Maturity’ along with Guaranteed Additions and Loyalty Addition.
    • Sum Assured On Maturity is defined as
      • 14 year Policy Term: 40% of Basic Sum Assured
      • 16 year Policy Term: 30% of Basic Sum Assured
      • 18 year Policy Term: 20% of Basic Sum Assured
      • 20 year Policy Term: 10% of Basic Sum Assured
    • Guaranteed Addition is as under:
      • For first 5 Years – Rs 50 per 1000 of Sum Assured
      • 6thyear onwards – Rs 55 per 1000 of Sum Assured
    • Loyalty Addition is as under:
      • As declared by the LIC
    • Death Benefit: If the policy holder dies within the first 5 policy years = Sum Assured on Death + Guaranteed Addition. If the policy holder dies after 6thyear onwards the policy term = Sum Assured on Death + Guaranteed Addition + Loyalty Addition.
      • Sum Assured On Death is the higher of the following:
        • 10 times of your annualized premium (after deducted taxes and rider premium)
        • 125% of Basic Sum Assured
        • Sum Assured on Maturity

It is important to note that Death Benefit will never be less than 105% of all premiums paid

  • Critical Illness Benefit: In case the policy holder is diagnosed withany of the 15 critical illnesses mentioned in the policy brochure
    • A lump sum of 10% of the Basic Sum Assured is paid.
    • Option to defer the payment of premiums falling due within next 2 years.
    • Policy holder has the option to seek second opinion from LIC empaneled doctors and experts.
  • Income Tax Benefits: All premiums paid under the policy are eligible fordeduction under Section 80C of the Income Tax Act 1961. Death benefits too are exempted from tax under Section 10(10D) of the same.
  • Rider benefits: The following rider benefits can be enjoyed at an additional premium:
    • Accidental Death and Disability Benefit Rider
    • Accident Benefit Rider
    • New Term Assurance Rider
    • New Critical Illness Benefit Rider

Policy Details at a Glance:

  • Sum Assured –1 crore to no limit
  • Policy Term (PT) – 14, 16, 18, 20 Years
  • Premium Paying Term – PT – 4 years
  • Minimum Entry Age:18 Years
  • Maximum Entry Age: 45 years for 20 year PT and 55 years for 14 year PT
  • Maturity Age:65 years for 20 year PT and 69 years for 14 year PT
  • Premium Payment:Monthly, Quarterly, Half-Yearly, Yearly
  • Surrender Value:The policy acquires a surrender value after one year’s premium is paid.
  • Loan:Loan can be availed against the policy.

Premium Chart: The chart below shows the annual premium for a Sum Assured of Rs. 1 crore. The premium paid varies according to the age of the insurer and the plan term chosen.

Age (Years)

Policy Term (Years)

14

PPT(10)

16

PPT(12)

18

PPT(14)

20

PPT(16)

20 10,91,500 9,15,000 7,86,500 6,97,500
30 10,97,500 9,22,500 7,95,000 7,07,500
40 11,23,500 9,51,000 8,26,000 7,41,500
50 11,93,000 10,23,000
  • Annual Premium for Sum Assured Rs. 1 crore
  • Premium Rates may vary after application of GST
  • PPT is Premium Paying Term

It is especially important to safeguard health and life in case of High Net-Worth Individuals. And if this safety can be clubbed with periodic money backs, life enjoys a deeper meaning. LIC’s Jeevan Shiromani is only such plan that incorporates the benefits of life insurance to the maximum. If you too want to enjoy its numerous benefits, get in touch with us at InsuranceBima.com to buy LIC’s Jeevan Shiromani plan today. Call 91+9230091000 to know more. We are authorized agency for LIC of India and provide life insurance plans/policies to individuals, HNIs/NRIs and corporates in New Delhi, Jalandhar, Chandigarh, Mohali, Zirakpur, Kharar. Shortly, we will be opening offices in Ludhiana and Patiala in Punjab too.