LIC Jeevan Shiromani

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LIC’s Jeevan Shiromani is basically an effective insurance policy that offers complete protection along with savings. Those who are Net-worth individuals, they should definitely invest in this plan.

This plan will help your family with great financial support in case of your death during the policy tenure. Apart from this, you will also be liable to get the periodic payments at specified durations during the policy term and a lump sum payment to the surviving policyholder at the time of maturity. This plan also comes with the option of the lump sum amount that will be equal to 10% of the chosen Basic Sum Assured on the diagnosis of any of the specified Critical Illnesses.

It offers a life insurance plan with regular payout during intervals of policy term and a lump sum amount on maturity. This plan also offers cover for critical illnesses and has 3 optional riders.

LIC Jeevan Shiromani – Key Features-

The plan comes out with great features. Some of them are mentioned below:

  • Not like other traditional LIC policies, this plan will allow you to get paid-up immediately after the 1st year completion of policy. For all other policies in which LIC deals, the paid feature will be there only if you paid the premium for at least 3 years.
  • This plan also allows you to surrender the same after completing the first year of the plan.
  • This policy allows you to avail the benefits of a loan after a year of the policy.
  • This plan comes along with the inbuilt Critical Illness rider, this plan offers another 3 types of riders and they are Accidental Death and Disability Benefit Rider, Accident benefit rider, New Term Assurance Rider. The plan allows you to opt maximum of 3 riders ONLY.
  • You can pay the premium yearly, half-yearly, quarterly or monthly.

LIC Jeevan Shiromani – Benefits-

Death Benefit

  • On death during the first five years: Death Benefit defined as the sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable.
  • On completing 5 years of the policy years but before the date of maturity: Death Benefit defined as the sum of “Sum Assured on Death” and accrued Guaranteed Addition and Loyalty Addition, if any, will be payable.
  • Where “Sum Assured on Death” is defined as the highest of 10 times of a, neuralized premium; or Sum Assured on Maturity absolute amount assured to be paid on death, i.e. 125% of Basic Sum Assured.
  • This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Survival Benefit:
On the survival of the insured to each of the specified durations during the policy term, offered all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable.

Maturity Benefit:

In case of survival till the end of the policy tenure, provided all due premiums have been paid, “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

LIC Jeevan Shiromani – Eligibility Criteria-

 MinimumMaximum
Sum AssuredRs. 1 CroreNo Limit
Policy Term14,16,18 and 20 years14,16,18 and 20 years
Premium Paying TermPolicy term - 4 yearsPolicy term - 4 years
Entry Age of Policyholder (last birthday)18 Years (Completed)(I) 55 Years for 14 Year term
(II) 51 Years for 16 year term
(III) 48 Years for 18 year term
(IV) 45 years for 20 year term
Age here refers to nearest birthday
Maximum Age at Maturity18 Years (Completed)(I) 69 Years for 14 Year Term
(II) 67 Years for the 16-year term
(III) 66 Years for the 18-year term
(IV) 65 years for the 20-year term
Age here refers to nearest birthday
Premium Payment ModesYearly, Half Yearly, Quarterly and Monthly
Monthly mode is through NACH and Salary deductions only
Yearly, Half Yearly, Quarterly, and Monthly
The monthly mode is through NACH and Salary deductions only