LIC Jeevan Shiromani Plan is a Limited Premium Payment Money Back Plan which is specially designed for HNI customers as the minimum sum assured in this plan is ₹ 1 Crore. This plan is available with Inbuilt Critical Illness Rider so Jeevan Shiromani plan is having benefits like-Life Cover, Money Back, Critical Illness Cover & Guaranteed Additions.
LIC Jeevan Shiromani Plan – USP’s
Let’s check some unique selling points of Jeevan Shiromani Plan
Immediate risk cover of 125% os SA from day 1.
Inbuilt Critical Illness Rider.
Money back at regular intervels.
Guaranteed Additional Bonuses.
Standalone accidental rider up to ₹ 1 crore.
Medical 2nd opinion option is also available.
Settlement options for money back and maturity/claim amount is also available.
Double tax benefit of section 80C & section 10(10D) available.
POLICY BENEFITS:
- Death Benefits:
On Death During First 5 Years: “Sum Assured on Death” along with Accrued Guaranteed Additions shall be payable. On Death After Completion of 5 Policy Years But Before Maturity: “Sum Assured on death” along with Accrued Guaranteed Additions and Loyalty Additions shall be payable.
Where “Sum Assured on Death” is defined as the higher of :
- 10 times of annualised premium or
- Absolute amount assured to be paid on death, i.e. 125% Basic Sum Assured
- Survival Benefits (Money Back):
On the Life Assured surviving the specified duration during the Policy Term, a Guaranteed Money Back shall be payable as below:
For Policy Term 14 Years: 30% of Basic Sum Assured on 10th & 12th Policy Anniversary
For Policy Term 16 Years: 35 % of Basic Sum Assured on 12th & 14th Policy Anniversary
For Policy Term 18 Years: 40 % of Basic Sum Assured on 14th & 16th Policy Anniversary
For Policy Term 20 Years: 45% of Basic Sum Assured on 16th & 18th Policy Anniversary
- Maturity Benefits:
On the Life Assured surviving to the end of the Policy Term Sum Assured shall be payable as below:
For Policy Term 14 Years: 40% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.
For Policy Term 16 Years: 30% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.
For Policy Term 18 Years: 20% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.
For Policy Term 20 Years: 10% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.
- Inbuilt Critical Illness Benefits:
The following 15 Critical Illnesses are covered under C.I. Rider:
- Cancer of Specified Severity
- Open Chest CABG
- Myocardial Infraction
- Kidney Failure Requiring Regular Dialysis
- Major Organ/Bone Marrow Transplant
- Stroke Resulting in Permanent Symptoms
- Permanent Paralysis of Limbs
- Multiple Sclerosis with Persisting symptoms
- Aortic Surgery
- Alzheimer’s Disease/Dementia
- Blindness
- Third Degree Burns
- Open Heart Replacement/Repair of Valves
- Benign Brain Tumour
- Primary Pulmonary Hypertension
Eligibility Criteria:
| Minimum Age to Apply | 18 Years (Completed) | |
| Maximum Age to Apply | 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 (Nearer Birthday) for policy term 20 years | ||
| Policy Term | 14, 16, 18 & 20 Years | |
| Premium Paying Term (PPT) | Policy Term – 4 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 | ||
| Premium Paying Mode | Yearly, Half Yearly, Quarterly & Monthly (NACH) | |
| Minimum Basic Sum Assured | ₹ 1Crore | |
| Maximum Basic Sum Assured | No Limits (In Multiple of ₹ 5 Lacks) |
