<p><strong>LIC Jeevan Shiromani Plan</strong> No.847 is the Money Back Plan. It is Non linked, Limited premium payment with a guaranteed additions plan. Shiromani is specifically designed for High Net-worth customers with a minimum Sum assured of Rs.1 Crore. The <a href="https://mypaisa.in/e-insurance/">insurance</a> cover starts immediately upon issuance of the policy.</p>



<h3 class="wp-block-heading"><strong>Jeevan Shiromani Features:</strong></h3>



<ul class="wp-block-list"><li>It is <a href="https://mypaisa.in/new-money-back-plan-20-years/">money back plan</a></li><li>Minimum Sum Assured 1 Crore</li><li>It also covers 15 Critical Illness</li><li>Limited premium payment</li><li>The policy term can be 14, 16, 18, or 20 years.</li><li>Premium paying term will be 4 years lesser than the selected term.</li></ul>



<h3 class="wp-block-heading"><br /><strong>Eligibility Conditions and Restrictions:</strong></h3>



<ul class="wp-block-list"><li>Minimum entry age: 18 years</li><li>Maximum entry age: 55 years</li><li>Minimum basic sum assured (BSA) : 1 crore</li><li>Maximum basic sum assured (BSA) : No Limit</li></ul>



<h3 class="wp-block-heading"><strong>Policy term and premium paying term :</strong></h3>



<ol class="wp-block-list"><li>For a 14 year Policy : PPT is 10 years</li><li>For a 16 year Policy : PPT is 12 years</li><li>For a 18 year Policy : PPT is 14 years</li><li>For a 20 year Policy : PPT is 16 years</li></ol>



<h3 class="wp-block-heading"><strong>Guaranteed Additions under Jeevan Shiromani:</strong></h3>



<ul class="wp-block-list"><li>Guaranteed Addition for the first 5 policy years is Rs 50 per Rs 1,000</li><li>From 6th Year onwards, Guaranteed Addition will be Rs. 55 per Rs 1,000.</li></ul>



<h4 class="wp-block-heading"><strong>Critical Illness Benefit (InBuilt) :</strong></h4>



<p><em>Jeevan Shiromani plan has an inbuilt 15 <a href="https://mypaisa.in/cancer-cover-plan-905/">Critical illness benefit rider</a>.</em></p>



<ul class="wp-block-list"><li>10% Basic Sum Assured will be Payable on Diagnosis of Critical Illness.</li><li>Premiums will be Deferred for 2 years.</li><li>Settlement options for the death benefit and survival benefit also available.</li><li>The policyholder can receive the settlement amount, like death, survival benefit, or maturity benefit, in installments over the chosen periods of time like 5 years, 10 years, or 15 years. Alternately policyholder can also get one-time lump sum payment if he/she don&#8217;t want installment feature.</li></ul>



<h2 class="wp-block-heading"><strong>LIC Jeevan Shiromani Plan Benefit</strong></h2>



<h3 class="wp-block-heading"><strong>Survival Benefit:</strong></h3>



<p>If the policyholder survives till the end of the policy period. The policyholder will get the following benefit depending on the opted policy term.</p>



<ul class="wp-block-list"><li><strong>14 year Policy</strong> ;: 30% of Sum-assured is payable on 10th &; 12th policy year. Rest 40% on 14th year.</li><li><strong>16 year policy</strong> ;: 35% of Sum Assured on 12th &; 14th year. Rest 30% on 16th Year.</li><li><strong>18 year policy</strong> ;: 40% of Sum Assured on 14th &; 16th year. Rest 20% on 18th Year.</li><li><strong>20 year policy</strong> ;: 45% of SA on 16th &; 18th year. Rest 10% on 20th year.</li></ul>



<h3 class="wp-block-heading"><strong>Maturity Benefit:</strong></h3>



<p>If the policyholder survives till the maturity of the policy, the policyholder will get the survival benefit mentioned above and he/she will also get Guaranteed Addition (GA) and Loyalty Addition (LA) on top of the Basic Sum Assured.</p>



<h3 class="wp-block-heading"><strong>Death Benefit:</strong></h3>



<ul class="wp-block-list"><li><strong>If the policyholder dies within 5 years ;:</strong> ;Sum assured (SA) + Guaranteed Addition (GA) is payable to the nominee.</li><li><strong>If the policyholder dies after 5 years ;:</strong> ;Sum assured (SA) + Guaranteed Addition (GA) + Loyalty Addition (LA) is payable to the nominee.</li></ul>



<p><em>“Sum Assured on Death” is defined as HIGHER of the below.</em></p>



<ul class="wp-block-list"><li>10 times your annual premium <em>(excluding taxes, the extra amount due to underwriter decisions or rider premium).</em></li><li>125% of Basic Sum Assured.</li><li>105% of all the premiums paid as on date of death.</li></ul>



<h3 class="wp-block-heading"><strong>Jeevan Shiromani Ready Reckoner Premium Calculator:</strong></h3>

This post was last modified on March 21, 2021
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