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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.
On death during first five years: Death Benefit defined as sum of â€œSum Assured on Deathâ€ 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 â€œSum Assured on Deathâ€ and accrued Guaranteed Addition (GA) and Loyalty Addition (LA), if any, shall be payable.
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:
(The Basic Sum Assured shall be in multiples of Rs. 500,000/-)
Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk.