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LIC's Jeeavn Shiromani

Product summary

LIC's Jeevan Shiromani plan (847) 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.

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.

Key features.

  • Minimum Basic Sum Assured of the plan shall be Rs. 1,00,00,000 (One Crore).
  • Guaranteed Additions at the rate of Rs. 50 per thousand Sum Assured for the first five years and Rs. 55 per thousand Sum Assured for the remaining years of premium paying term, shall be accrued to the policy.
  • The policy shall participate in the profit of the corporation in the form of loyalty additions. Loyalty Additions shall be available at the time of exit from the policy, due to death claim or maturity and is after a premium payment and completion of 5 full years.
  • The plan has an inbuilt Critical Illness Benefit coverage for fifteen specified critical illnesses.
  • Policy term can be opted from 14, 16, 18 and 20 years.
  • Premium paying term will be four years lesser than the term of the plan opted.
  • Survival benefits available under the plan can also be deferred, as per the wish of the policy holder, which adds to the flexibility of the plan.
  • Settlement option for 5, 10 or 15 years shall be available for maturity as well as death benefits under the plan.

Survival and Maturity Benefit:

In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different Options is as below:

Policy Term 10th Year 12th Year 14th Year 16th Year 18th Year 20th Year
14 Years 30% 30% 60% + GA + LA
16 Years 35% 35% 30% + GA + LA
18 Years 40% 40% 20% + GA + LA
20 Years 45% 45% 10% + GA + LA

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 (nearest 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.

  • Modes Available : Yearly, Half Yearly, Quarterly and Monthly(NACH and Salary deduction)
  • Income Tax Rebates : 80 C for premium paid and section 10(10D) for maturity, SB and Death Benefits.
  • Loan : Loan available after payment of just one year of premium and completion of one year term.

LIC's Jeevan Shiromani Leaflet

LIC's Jeevan Shiromani Other Benefits