LIC’s Jeevan Shiromani plan offers a combination of protection and savings, catering to High Net-worth Individuals. It provides financial support to the policyholder’s family in the event of the policyholder’s unfortunate demise during the policy term. Periodic payments are made on the policyholder’s survival at specified intervals, and a lump sum is provided to the surviving policyholder at maturity. Additionally, the plan includes a lump sum payout equal to 10% of the chosen Basic Sum Assured upon the diagnosis of specified Critical Illnesses. The plan also offers a loan facility to address liquidity needs.
Benefits
Death Benefit:
- In the first five years, the Death Benefit comprises “Sum Assured on Death” and accrued Guaranteed Addition.
- After five policy years but before maturity, it includes “Sum Assured on Death,” accrued Guaranteed Addition, and Loyalty Addition (if applicable). “Sum Assured on Death” is the higher of 125% of the Basic Sum Assured or 7 times the annualized premium, but not less than 105% of all premiums paid, excluding taxes, extra premiums, and rider premiums.
Survival Benets
If the policyholder survives to specific policy anniversaries with all due premiums paid, a fixed percentage of the Basic Sum Assured is payable:
- For a 14-year policy, 30% on the 10th and 12th policy anniversary.
- For a 16-year policy, 35% on the 12th and 14th policy anniversary.
- For an 18-year policy, 40% on the 14th and 16th policy anniversary.
- For a 20-year policy, 45% on the 16th and 18th policy anniversary.
Maturity Benefits
If the policyholder survives to the end of the policy term with all due premiums paid, they will receive “Sum Assured on Maturity,” which includes accrued Guaranteed Additions and Loyalty Additions (if any). The “Sum Assured on Maturity” is determined as follows:
- For a 14-year policy: 40% of the Basic Sum Assured
- For a 16-year policy: 30% of the Basic Sum Assured
- For an 18-year policy: 20% of the Basic Sum Assured
- For a 20-year policy: 10% of the Basic Sum Assured.
Eligibility Conditions
| Minimum Basic Sum Assured | Rs. 100,000 | |
| Maximum Basic Sum Assured | No Limit | |
| 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 |
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| Maximum Age at Maturity |
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Payment Options Available
| Mode of Instalment payment | Minimum instalment amount | |
| Monthly | Rs 5,000/- | |
| Quarterly | Rs 15,000/- | |
| Half-Yearly | Rs 25,000/- | |
| Yearly | Rs 50,000/- | |
Exclusion:
Suicide: The policy will be void if the Life Assured, whether sane or insane, commits suicide within 12 months from the date of risk commencement. In such cases, the Corporation will only entertain a claim for 80% of the total premiums paid, provided the policy is in-force. If suicide occurs within 12 months from the date of revival, the payout will be the higher of 80% of the total premiums paid until the date of death or the surrender value available at the time of death. This clause does not apply to policies that have lapsed without acquiring a paid-up value, and no payout is made in such cases. Please note that the premiums mentioned do not include taxes, extra premiums, or any rider premiums, except for the Term Assurance Rider, if applicable.
