LIC’s Jeevan Shiromani

LIC’s Jeevan Shiromani Plan is a non-linked, participating, individual, life assurance savings plan. It is a limited premium payment money back life insurance plan with minimum Basic Sum Assured of Rs. 1 crore especially designed for targeted segment of High Net-worth Individuals.

Under this plan Guaranteed Additions shall accrue at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs. 55/- per thousand Basic Sum Assured from 6th policy year till the end of premium paying term.

In addition, the policy shall participate in the profits in form of Loyalty Additions

Premium Payment Mode

The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (through NACH only) or through salary deductions (SSS).

Eligibility conditions and restrictions

  • Minimum Age at entry: 18 Years (completed)
  • Maximum Entry Age: 55 years (nbd) for policy term 14 years; 51 years (nbd) for policy term 16 years; 48 years (nbd) for policy term 18 years; 45 years (nbd) for policy term 20 years
  • Age at Maturity: 69 years (nbd) for policy term 14 years; 67 years (nbd) for policy term 16 years; 66 years (nbd) for policy term 18 years; 65 years (nbd) for policy term 20 years
  • Policy Term: 14, 16, 18, 20 years
  • Premium Paying Term: (Policy term - 4) years
  • Minimum Basic Sum Assured: Rs 1,00,00,000/-
  • Maximum Basic Sum Assured: No Limit

The Basic Sum Assured shall be in multiples of Rs. 5,00,000/-.

Death Benefit:

On death during first five years: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable.

On death after completion of five policy years but before the date of maturity: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition (GA) and Loyalty Addition (LA), if any, shall be payable.

Survival Benefit

On the life assured surviving to each of the specified durations during the policy term, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:

  • For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary
  • For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary
  • For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary
  • For policy term 20 years: 45% of Basic Sum Assured on each of 16th and 18th policy anniversary

Maturity Benefit

On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable. Where "Sum Assured on Maturity" is as under:

  • For policy term 14 years: 40% of Basic Sum Assured
  • For policy term 16 years: 30% of Basic Sum Assured
  • For policy term 18 years: 20% of Basic Sum Assured
  • For policy term 20 years: 10% of Basic Sum Assured