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PLAN FEATURES
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Minimum Age
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18 Years (Last Birthday)
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Maximum Age
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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
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Maximum Maturity Age
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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
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Plan Term
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14, 16, 18 and 20 years
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Premium Term
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10, 12, 14 or 16 years respectively
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Yearly, Half yearly, Quarterly or Monthly
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Minimum Sum Assured
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1,00,00,000 - Basic Sum Assured shall be in multiples
of Rs.5,00,000/
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Maximum Sum Assured
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No Limit
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Rider Available
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Accidental Death &Disability / Accidental Death, Term
Rider, Critical Illness Rider, Premium Waiver Benefit
Rider
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Sum Assured on maturity + Guaranteed and Loyalty Additions. The percentage of BSA paid is:
(A)14 years policy term: 40% of the BSA.
(B)16 years policy term: 30% of the BSA.
(C)18 years policy term: 20% of the BSA.
(D)20 years policy term: 10% of the BSA.
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Policy Surrender
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Available after 1 years of premium payment
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Loan On Policy
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Allowed (1 full year's premium payment) will be 90%
of Surrender Value for in force policies and 80% for
paid-up policies.
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Tax Benefit
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125 % of Sum Assured + Guaranteed Additions +
Loyalty Additions (if any) + in-built Critical Illness
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Plan with Guaranteed additions
Death / Maturity benefits available in lumpsum or
installments
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Why buy LIC Jeevan Shiromani ?
LIC Jeevan Shiromani Plan is an endowment plan offered by the Life Insurance Corporation of India is designed to look after the insurance needs of high-net-worth individuals. It is designed to provide policyholders with a comprehensive life insurance solution and attractive investment features. LIC Jeevan Shiromani Plan 947 is ideal for individuals seeking protection and wealth creation. Jeevan Shiromani offers a high sum assured and guaranteed loyalty additions, making it a perfect choice for long-term financial planning. The policy also provides various optional riders to enhance coverage, ensuring policyholders can customize their plans to meet their specific needs.
Why Should buy Jeevan Shiromani ?
Features of LIC Jeevan Shiromani Plan
It is a limited premium payment plan, providing survival benefit money-back at specified durations.
It comes with an inbuilt Critical Illness Benefit covering 15 diseases.
The policy is designed to support the family financially in the event of the life assured’s unfortunate demise.
The policy participates in profit-sharing in the form of Loyalty Additions paid with the death or maturity benefits.
Benefits of LIC Jeevan Shiromani Plan
Death Benefit
It is payable to the nominee upon the life assured’s death during the policy term, provided no premium is due. Two conditions determine the benefit amount:
Death within the first five years of policy term: Sum Assured plus the guaranteed additions.
Death after completion of five years: Sum assured plus accrued guaranteed additions and loyalty additions.
Survival Benefit
A specified percentage of the Basic Sum Assured is paid to the insurance holder upon the survival of specified periods within the policy terms.
Maturity Benefit
The insurance holder receives the sum assured on maturity plus the accrued guaranteed and loyalty additions upon survival until the policy term’s completion. The percentage of BSA paid is:
14 years policy term: 40% of the BSA.
16 years policy term: 30% of the BSA.
18 years policy term: 20% of the BSA.
20 years policy term: 10% of the BSA.
Guaranteed Benefit
LIC Jeevan Shiromani 947 provides annual Guaranteed Additions throughout the Premium Paying Term (PPT), provided all due premiums are paid. For the first five years, it offers Rs. 50 per thousand Basic Sum Assured, which increases to Rs. 55 per thousand from the 6th policy year till the end of PPT.
Inbuilt Critical Illness Benefit
It is paid if the life assured is diagnosed with any of the listed critical illnesses, and the policy is in force with no premium due.
Lump-sum: 10% of the BSA.
Deferred Premium Payment: Allowed for two years from the illness acceptance date.
Second Medical Opinion: It is allowed only once during the policy term.