Not all insurance plans are created equally, and this is especially true in case of High Net Worth individuals. We at LIC understand this better and are always innovating to cater to the unique circumstances and personal passions of highly discerning clients. As an individual’s wealth profile changes, so do their insurance coverage requirements. LIC Jeevan Shiromani Plan LIC Jeevan Shiromani Money Back plan is a great way to financially protect your family in case of an unfortunate event during the policy term. The plan starts with a minimum sum assured of Rs.1 Crore, making it a great option for those looking for peace of mind.
LIC introduces a Premium plan for Premium clients Jeevan shiromani for High Net worth individuals. This is a traditional, conventional with profit plan, which is not linked to any share market. Periodic money back payments shall also be paid to policyholders at specified durations during the policy term and a lump sum tax free amount is paid at the end of policy term. This LIC Jeevan Shiromani Policy Buy LIC Jeevan Shiromani Policy Online has a unique combination of Protection, Savings, Free medical cover against 15 major diseases, limited premium payment with attractive guaranteed returns plan with Tax benefits and loan facility.
The list of 15 Inbuilt Critical Illness covered under this policy:
Minimum Entry age | 18 years |
Maximum Entry age | 55 years for Policy term 14 years 51 years for Policy term 16 years 48 years for Policy term 18 years 45 years for Policy term 20 years |
Policy term | 14, 16, 18 & 20 years |
Premium paying term | Policy term minus 4 years |
Minimum Sum Assured | Rs. 1 Crore |
Maximum Sum Assured | No limit |
Premium payment | Yearly / Half yearly / Quarterly / Monthly (ECS) |
Loan | Eligible after 1st year |
Surrender | Eligible after 2nd year |
Critical Illness (In built) | 15 Major diseases are covered |
Money Back at | For Policy term 14 years, 30% of SA in 10th & 12th year For Policy term 16 years, 35% of SA in 12th & 14th year For Policy term 18 years, 40% of SA in 14th & 16th year For Policy term 20 years, 45% of SA in 16th & 18th year |
On Maturity | Balance Sum Assured + Guaranteed Additions + Loyalty Addition |
Income Tax Benefits | (i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Money Back amount/ Maturity amount / Death claim is Non-taxable u/s 10(10d) |
i. If the policy holder dies during the first five years of the policy, then they will get the sum assured plus accrued guaranteed additions paid out.
ii. If the policy holder dies after completion of five years, but before their policy has matured in full, the sum assured plus accrued guaranteed additions and loyalty additions will also be paid out.
Sum Assured on death (amount payable is higher of)
LIC’s Jeevan Shiromani survival benefit is paid to the life assured at every stage of survival during the tenure of the policy. If the policy holder survives the policy term and if all premiums have been accordingly paid, then a fixed percentage of the overall sum assured amount will be awarded to the beneficiaries as follows:
i. For a policy term of 14 years, 30% of the basic sum assured on the 10th and 12th policy anniversary.
ii. For a policy term of 16 years, 35% of the basic sum assured on the 12th and 14th policy anniversary.
iii. For a policy term of 18 years, 40% of the basic sum assured on the 14th and the 16th policy anniversary.
iv. For a policy term of 20 years, 45% of the basic sum assured on the 16th and the 18th policy anniversary.
Maturity benefit is payable on survival of the life assured through the entire Policy Term. If policyholder survives the policy term and all the premiums are paid, a fixed percentage of the basic sum assured will be paid as follows:
i. 14 years policy term: 40% of the basic sum assured
ii. 16 years policy term: 30% of the basic sum assured
iii. 18 years policy term: 20% of the basic sum assured
iv. 20 years policy term: 10% of the basic sum assured
If the policy is surrendered after all premiums of the first year are fully paid. Guaranteed surrender value can be availed. Guaranteed surrender value is calculated through the total of all the premiums paid till that date.
In order to obtain a Jeevan Shiromani loan through your policy, you will have to have paid all the premiums for one year. The maximum loan amount you can obtain is 90% of the surrender value in the case of in-force policies and 80% if the policy is paid up.
LIC Jeevan Shiromani participates in the profits of LIC and the policy accumulates as Guaranteed Additions and Loyalty Additions which enhance the benefits and is declared based on the experience of the company. These are offered to the insured in case of a Death Benefit or as a part of the Maturity benefit.
The premiums paid towards buying LIC Jeevan Shiromani policy is considered as a tax-free deduction under Section 80C of the Income Tax Act. One can claim a maximum deduction of INR 1.5 lakhs on this amount. The section 10 (10D) of the Income Tax Act allows us to put all the benefits received including death and maturity benefits
i. Accidental death and disability rider benefit
With the accidental death and disability rider benefit, in case of accidental demise of the insured person, an accidental rider benefit sum assured is payable as a lump-sum amount to the beneficiary of the policy along with the death benefit under the base plan.
ii. Accidental Benefit Rider
With this rider, the policy holder gets access to a lump-sum payout in case of accidental death within 180 days from the date of accident. In order to avail the life insurance policy rider, one must pay an additional premium.
iii. New Term Assurance Rider
LIC New Term Assurance Rider can be availed at the inception of the policy and under this rider option, LIC will offer the beneficiary an additional term assurance sum assured amount in case of policy holder during the policy tenure.
iv. Critical Illness Rider
This rider can be availed at the inception of the policy and under this rider option, LIC will offer the beneficiary a lump-sum equivalent of 10% of the basic sum assured in case of the policy holder is diagnosed with any one of the 15 critical illnesses covered under this rider during the policy tenure.
Deferred Premium Payment: Allowed for two years from the illness acceptance date.
As a participating plan, policyholders of LIC Jeevan Shiromani will receive benefits in the form of loyalty additions after 5 years of premiums have been paid. The amount available to be received is determined by the company’s financial performance. For paid-up policies, loyalty additions are calculated on the number of years that premiums have been paid for. If the policy is surrendered, loyalty additions would be based on the number of years that the premium was paid.
Buying LIC Policy Online with LICNewPolicyOnline.com | Buying A Policy Offline visiting LIC branch or through an agent | ||
---|---|---|---|
Address Proof | Aadhar Zip File | Address Proof | Aadhar |
ID Proof | ID Proof | Pan Card or Aadhar | |
Age Proof | Age Proof | Aadhar / Driving License | |
Income Proof | IT Returns of last 2 years | ||
Photo | Passport Photo |
Buying Online Policy with LICNewPolicyOnline.com | |
---|---|
Address Proof | Aadhar |
ID Proof | |
Age Proof |
Buying A Policy Offline visiting LIC branch or through an agent | |
---|---|
Address Proof | Aadhar |
ID Proof | Pan Card or Aadhar |
Age Proof | Aadhar / Driving License |
Income Proof | IT Returns of last 2 years |
Photo | Passport Photo |
1. What is the premium for Jeevan Shiromani?
The minimum Sum assured for Jeevan Shiromani plan is Rs.1 Crore and premium starts from Rs.7,25,000 per annum
2. What is the minimum SA under Jeevan Shiromani plan?
Minimum Sum assured under Jeevan Shiromani is Rs. 1 crore
3. What is minimum sum assured for Jeevan Shiromani?
Minimum Sum assured in Jeevan Shiromani is Rs.1 Crore.
4. Can I avail Loan on my Jeevan Shiromani Policy?
Yes, loan can be availed after 1 year from the date of commencement of policy
5. Does the LIC Jeevan Shiromani Policy provide for deferred survival and maturity benefits?
Yes, Jeevan Shiromani plan provides Survival benefit Survival Benefit of LIC Jeevan Shiromani at the fixed intervals and also Maturity benefit at the end of the policy term
6. What is the Guaranteed Addition accrual rate under the LIC Jeevan Shiromani Plan?
The Guaranteed addition for 1st 5 years is Rs.50 per 1000 Sum assured and from 6th year onwards Rs.55 per 1000 Sum assured
LIC policyholders enjoy a sovereign guarantee on the sum assured and the bonus declared as per section 37 of LIC Act, 1956 which clearly states that "Policies to be guaranteed by Central Government - The sum assured by all policies issued by the corporation including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities under which have vested in the corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government."