// LIC |LIC's Jeevan Shiromani




LIC's Jeevan Shiromani

LIC?s Jeevan Shiromani plan offers a combination of protection and savings. This plan is specially designed for High Net-worth Individuals. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term. Periodic payments shall also be made on survival of the policyholder at specified durations during the policy term and a lump sum payment to the surviving policyholder at the time of maturity. In addition, this plan also provides for payment of a lumpsum amount equal to 10% of the chosen Basic Sum Assured on diagnosis of any of the specified Critical Illnesses.

This plan also takes care of liquidity needs through loan facility.

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 and Loyalty Addition, if any, shall be payable.

Survival Benefit:

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:

"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:

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

Optional Benefit:

Rider Benefits:

The following five optional riders are available under this plan by payment of additional premium.

  • LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02).
  • LIC's Accident Benefit Rider (UIN:512B203V03)
  • LIC's New Term Assurance Rider (UIN: 512B210V01)
  • LIC's New Critical Illness Benefit Rider (UIN: 512A212V01)

Eligibility Conditions and Other Restriction :

  • Minimum Basic Sum Assured : Rs. 100,00,000
  • Maximum Basic Sum Assured : No limit

(The Basic Sum Assured shall be in multiples of Rs. 500,000/-)

  • Policy Term : 14, 16 , 18 and 20 years
  • Premium Paying Term : (Policy term - 4) years
  • Minimum Age at entry : 18 years (completed)
  • Maximum Age at entry : 55 years (nearer birthday) for policy term 14 years;51 years (nearer birthday) for policy term 16 years; 48 years (nearer birthday) for policy term 18 years; 45 years (nearer birthday) for policy term 20 years
  • Maximum Age at Maturity : 69 years (nearer birthday) for policy term 14 years; 67 years (nearer birthday) for policy term 16 years; 66 years (nearer birthday) for policy term 18 years; 65 years (nearer birthday) for policy term 20 years

Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk including minor lives.

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions during the Premium Paying Term of the policy.