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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)

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. Provided that the policyholder survives the policy term and has made all premium payments as required, the beneficiaries will receive a predetermined percentage of the total sum assured amount. 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

The maturity benefit is paid when the life assured survives the entire duration of the 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

Upon surrendering the policy after the complete payment of all premiums for the first year, the policyholder becomes eligible to receive the guaranteed surrender value. The guaranteed surrender value is determined by calculating the sum of all premiums paid up to that specific 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 policy participates in the profits of LIC, and this participation is reflected in the form of Guaranteed Additions and Loyalty Additions. These additions enhance the policy benefits and are declared based on the company’s experience. The insured can receive these additions either as part of the Death Benefit or as a component of the Maturity benefit.

Income Tax Benefit

The premiums paid for purchasing LIC Jeevan Shiromani policy qualify as a tax-free deduction under Section 80C of the Income Tax Act. Individuals can claim a maximum deduction of INR 1.5 lakhs on this premium amount. Additionally, as per Section 10(10D) of the Income Tax Act, all benefits received, including death and maturity benefits, are exempt from tax.

Additional Benefits of LIC Jeevan Shiromani Plan

Riders

i. Accidental death and disability rider benefit
By opting for the accidental death and disability rider benefit, the beneficiary of the policy receives a lump-sum amount equal to the accidental rider benefit sum assured in the event of the insured person’s accidental demise. This amount is provided in addition to the death benefit under the base plan.

ii. Accidental Benefit Rider
The accidental benefit rider allows the policyholder to receive a lump-sum payout in case of accidental death within 180 days from the date of the accident. To avail this rider, an additional premium must be paid along with the life insurance policy.

iii. New Term Assurance Rider
At the beginning of the policy, the LIC New Term Assurance Rider can be obtained. Under this rider option, the policyholder’s beneficiary will be eligible for an additional sum assured amount for term assurance if the policyholder passes away 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. The critical illness rider can be obtained when initiating the policy, and it provides the beneficiary with a lump-sum amount equivalent to 10% of the basic sum assured if the policyholder is diagnosed with any of the 15 covered critical illnesses 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