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About Jeevan Shiromani

LIC’s Jeevan Shiromani plan is a non-linked with-profits, limited premium payment money back life insurance plan specially designed for targeted segment of High Net-worth individuals. This plan provides financial support for the family not only in case of death of Life Assured during the policy term but also provides for payment of a lumpsum amount on diagnosis of any of the specified Critical illness.

Under this plan, Guaranteed Addition shall accrue at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs. 55 per thousand B.S.A. from 6th policy year till the end of premium paying term.

Other Features

Minimum Basic Sum Assured1,00,00,000/- (there after in multiples of 5,00,000/-)
Maximum Basic Sum AssuredNo Limit
Premium Paying Term(Policy Term less 4) Yrs
Minimum Age at Entry18 Yrs (completed)
Maximum Age at Entry55 yrs (NBD) for policy term = 14
51 yrs (NBD) for policy term = 16
48 yrs (NBD) for policy term = 18
45 yrs (NBD) for policy term = 20
Age at Maturity69 yrs (NBD) for policy term = 14
67 yrs (NBD) for policy term = 16
66 yrs (NBD) for policy term = 18
65 yrs (NBD) for policy term = 20
Modes AllowedYly, Hly, Qly, Mly (NACH) & SSS
Policy Paying Term14, 16, 18 & 20 Yrs

Benefits

Death benefit: On death during first five years: “Sum Assured on Death” along with accrued Guaranteed Additions shall be payable.

On death after completion of five policy years but before the data of maturity: “Sum Assured on Death” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.

Where Sum Assured on Death is defined as the highest of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. 125% Basic Sum Assured.

Death benefit shall not be less than 105% of all the premiums paid as on date of death.

Maturity Benefit: Sum Assured on Maturity along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.

Sum Assured on Maturity is as under. For Policy Term 14 Years: 40% of Basic Sum Assured. For Policy Term 16 Years: 30% of Basic Sum Assured. For Policy Term 18 Years: 20% of Basic Sum Assured. For Policy Term 20 Years: 10% of Basic Sum Assured.

Guaranteed AdditionProvided the policy is inforce, a Guaranteed Addition at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs. 55 per thousnad Basic Summ Assured from 6th policy year till the end of premium paying term will accrue at the end of earch policy year for which full year’s premiums have been paid.

Settlement Option (for Maturity Benefit): Maturity benefit OR Death Benefits can be received in installemnts over the chosen period of 5 or 10 or 15 years instead of lumpsum amount.

Mode of installment payment Monthly Quarterly Half-Yearly Yearly

Minimum Installment Amount Rs. 5000 Rs. 15000 Rs. 25000 Rs. 50000.

Features

Inbuilt Critical Illness Benefit The list of the 15 Critical Illnesses Conditions covered under this benefit are:

  • Cancer of specified severity
  • Open Chest CABG
  • Myocardial infarction
  • Kidney failure requiring regular dialysis
  • Major organ / bone marrow transplant (as receipient)
  • Stroke resulting in permanent symptoms
  • Multiple sclerosis with persisting symptoms
  • Aortic surgery
  • Primary (idiopathic) pulmonary hypertension
  • Alzheimer's disease / dementia
  • Blindness
  • Third degree burns
  • Open heart replacement or repair of heart values
  • Benign brain tumor
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