Buy LIC Jeevan Shiromani Policy Online

LIC Jeevan Shiromani Plan Terms and Conditions

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)

How does Jeevan Shiromani work for you

LIC Jeevan Shiromani Plan Benefits

Death Benefit

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)

• 10 times of the annual premiums
• 125% of the basic sum assured
• Not higher than 105% of the premiums paid till date

Survival Benefits

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

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

Surrender Value

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.

Loan

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.

Profit Participation

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.

Income Tax 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

Additional Benefits of LIC Jeevan Shiromani Plan

Riders

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.

Bonus / Loyalty Additions:

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.

Frequently Asked Questions