LIC Jeevan Shiromani

LIC Jeevan Shiromani

Overview: LIC’s Jeevan Shiromani is a non-linked, participating, individual life assurance savings plan tailored for High Net-worth Individuals (HNI). It offers a combination of protection and savings, providing financial support for the family in case of the policyholder’s unfortunate death during the policy term. It also provides a lump sum amount at the time of maturity for the surviving policyholders. Additionally, it offers the benefit of critical illness coverage and guaranteed additions.

Key Features:

  • Guaranteed Additions: Rs. 50 per thousand Basic Sum Assured for the first five years, and Rs. 55 per thousand Basic Sum Assured from the 6th year onwards until the end of the premium paying term, provided all due premiums have been paid.
  • Participation in Profits: Policies under this plan participate in the profits of the Corporation and are eligible for Loyalty Additions, provided the policy has completed five years and at least five full years’ premiums have been paid.
  • Critical Illness Benefit: Includes coverage for specified critical illnesses, providing financial support upon diagnosis.
  • Riders: Offers optional riders including Accidental Death and Disability Benefit Rider, Accident Benefit Rider, New Term Assurance Rider, and New Critical Illness Benefit Rider.

Eligibility Conditions:

  • Minimum Basic Sum Assured: Rs. 1,00,00,000
  • Policy Terms: 14, 16, 18, and 20 years
  • Premium Paying Term: Policy Term minus 4 years
  • Entry Age: Minimum – 18 years, Maximum – varies by policy term (e.g., 55 years for a 14-year term)
  • Maximum Age at Maturity: 69 years for a 14-year term, 67 years for a 16-year term, 66 years for an 18-year term, and 65 years for a 20-year term .