LIC Jeevan Shiromani Plan No.847 is the Money Back Plan. It is Non linked, Limited premium payment with guaranteed additions plan. Shiromany is specifically designed for High Net-worth customers with minimum Sum assured of Rs.1 Crore. The insurance cover starts immediately upon issuance of the policy.
Jeevan Shiromani Features:
- It is money back plan
- Minimum Sum Assured 1 Crore
- It also covers 15 Critical Illness
- Limited premium payment
- Policy term can be 14, 16, 18 or 20 years.
- Premium paying term will be 4 years lesser than the selected term.
Eligibility Conditions and Restrictions:
- Minimum entry age: 18 years
- Maximum entry age: 55 years
- Minimum basic sum assured (BSA) : 1 crore
- Maximum basic sum assured (BSA) : No Limit
Policy term and premium paying term :
- For a 14 year Policy : PPT is 10 years
- For a 16 year Policy : PPT is 12 years
- For a 18 year Policy : PPT is 14 years
- For a 20 year Policy : PPT is 16 years
Guaranteed Additions under Jeevan Shiromani:
- Guaranteed Addition for first 5 policy years is Rs 50 per Rs 1,000
- From 6th Year onwards, Guaranteed Addition will be Rs. 55 per Rs 1,000.
Critical Illness Benefit (InBuilt) :
Jeevan Shiromani plan has an inbuilt 15 Critical illness benefit rider.
- 10% Basic Sum Assured will be Payable on Diagnosis of Critical Illness.
- Premiums will be Deferred for 2 years.
- Settlement option for death benefit and survival benefit also available.
- The policyholder can receive the settlement amount, like death, survival benefit or maturity benefit, in installments over the chosen periods of time like 5 years, 10 years or 15 years. Alternately policyholder can also get one-time lump sum payment if he/she don’t want installment feature.
LIC Jeevan Shiromani Plan Benefit
If the policy holder survives till the end of the policy period. Policyholder will get the following benefit depending on opted policy term.
- 14 year Policy : 30% of Sum-assured is payable on 10th & 12th policy year. Rest 40% on 14th year.
- 16 year policy : 35% of Sum Assured on 12th & 14th year. Rest 30% on 16th Year.
- 18 year policy : 40% of Sum Assured on 14th & 16th year. Rest 20% on 18th Year.
- 20 year policy : 45% of SA on 16th & 18th year. Rest 10% on 20th year.
If the policy holder survives till the maturity of the policy, policy holder will get the survival benefit mentioned above and he/she will also get Guaranteed Addition (GA) and Loyalty Addition (LA) on top of the Basic Sum Assured.
- If the policyholder dies within 5 years : Sum assured (SA) + Guaranteed Addition (GA) is payable to the nominee.
- If the policyholder dies after 5 years : Sum assured (SA) + Guaranteed Addition (GA) + Loyalty Addition (LA) is payable to the nominee.
“Sum Assured on Death” is defined as HIGHER of the below.
- 10 times of your annual premium (excluding taxes, the extra amount due to underwriter decisions or rider premium).
- 125% of Basic Sum Assured.
- 105% of all the premiums paid as on date of death.
Jeevan Shiromany Ready Reckoner Premium Calculator: