Jeevan Shiromani – Money Back Plan

LIC Jeevan Shiromani Plan 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 insurance cover starts immediately upon issuance of the policy.

Jeevan Shiromani Features:

• It is money back plan
• Minimum Sum Assured 1 Crore
• It also covers 15 Critical Illness
• Limited premium payment
• The policy term can be 14, 16, 18, or 20 years.
• Premium paying term will be 4 years lesser than the selected term.

Eligibility Conditions and Restrictions:

• Minimum entry age: 18 years
• Maximum entry age: 55 years
• Minimum basic sum assured (BSA) : 1 crore
• Maximum basic sum assured (BSA) : No Limit

Policy term and premium paying term :

1. For a 14 year Policy : PPT is 10 years
2. For a 16 year Policy : PPT is 12 years
3. For a 18 year Policy : PPT is 14 years
4. For a 20 year Policy : PPT is 16 years

Guaranteed Additions under Jeevan Shiromani:

• Guaranteed Addition for the first 5 policy years is Rs 50 per Rs 1,000
• From 6th Year onwards, Guaranteed Addition will be Rs. 55 per Rs 1,000.

Critical Illness Benefit (InBuilt) :

Jeevan Shiromani plan has an inbuilt 15 Critical illness benefit rider.

• 10% Basic Sum Assured will be Payable on Diagnosis of Critical Illness.
• Premiums will be Deferred for 2 years.
• Settlement options for the death benefit and survival benefit also available.
• 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’t want installment feature.

LIC Jeevan Shiromani Plan Benefit

Survival Benefit:

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

• 14 year Policy : 30% of Sum-assured is payable on 10th & 12th policy year. Rest 40% on 14th year.
• 16 year policy : 35% of Sum Assured on 12th & 14th year. Rest 30% on 16th Year.
• 18 year policy : 40% of Sum Assured on 14th & 16th year. Rest 20% on 18th Year.
• 20 year policy : 45% of SA on 16th & 18th year. Rest 10% on 20th year.

Maturity Benefit:

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.

Death Benefit:

• If the policyholder dies within 5 years : Sum assured (SA) + Guaranteed Addition (GA) is payable to the nominee.
• If the policyholder dies after 5 years : Sum assured (SA) + Guaranteed Addition (GA) + Loyalty Addition (LA) is payable to the nominee.

“Sum Assured on Death” is defined as HIGHER of the below.

• 10 times your annual premium (excluding taxes, the extra amount due to underwriter decisions or rider premium).
• 125% of Basic Sum Assured.
• 105% of all the premiums paid as on date of death.

Jeevan Shiromani Ready Reckoner Premium Calculator: