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
  • 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
  • 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.
    As a leading insurance advisor in LIC, We ABP CONSULTANT are well placed to you the best insurance solutions,customized as per your requirements.Whether it is retirement planning, planning for your child's education or marriage,we have the perfect for all your needs.

    Latest Blog

    Need Any Help? Get in Touch

    Working Hours : Sun-monday, 09am-5pm
    © 2022 ABP Consultant. All Rights Reserved.