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LIC Jeevan Shiromani Plan (847) Details

New LIC Plan Jeevan ShiromaniLIC Jeevan Shiromani (Plan 847). LIC’s Jeevan Shiromani is a power packed Money back plan specially designed for High Net-worth Individuals (HNI’s). This plan is so unique, with several innovative features which is not available in any other plans from LIC of India.

LIC Jeevan Shiromani (Plan 847) – Key features.
  • Minimum Basic Sum Assured of the plan shall be Rs. 1,00,00,000 (One Crore).
  • Guaranteed Additions at the rate of Rs. 50 per thousand Sum Assured for the first five years and Rs. 55 per thousand Sum Assured for the remaining years shall be accrued to the policy.
  • The policy shall participate in the profit of the corporation in the form of loyalty additions. Loyalty Additions shall be available at the time of exit from the policy, due to death claim or maturity and is after a premium payment and completion of 5 full years.
  • The plan has an inbuilt Critical Illness Benefit coverage for fifteen specified critical illnesses.
  • Policy term can be opted from 14, 16, 18 and 20 years.
  • Premium paying term will be four years lesser than the term of the plan opted.
  • Survival benefits available under the plan can also be deferred, as per the wish of the policy holder, which adds to the flexibility of the plan.
  • Settlement option for 5, 10 or 15 years shall be available for maturity as well as death benefits under the plan.

Plan Parameters

Age at Entry 18 years (Completed)
Calculate your Age
Policy Term (Premium Paying Term) 14(10), 16(12), 18(14), 20(16)
Maximum Age at Entry in Years)
(As per Nearest Birthday)
55 Years for 14 Year Term
51 Years for 16 Year Term
48 Years for 18 Year Term
45 Years for 20 Year Term
Basic Sum Assured 1,00,00,000 and above in multiples of 5,00,000
Premium Paying Mode Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

 

Money Back and Maturity

The plan provides Guaranteed additions (GAs) at the rate Rs 50 per thousand of Sum Assured for first 5 policy years and Rs. 55 per thousand of sum assured from 6th year till the year of last premium payment and one time loyalty addition on maturity. During the policy term, this plan provides two fixed money backs (as certain percentage of Sum Assured) and on completion of policy term, maturity will be Sum Assured + Guaranteed additions (GAs) + Loyalty Addition (LA). Following table provides money backs and maturity details of all term available in this plan.

Policy Term (Years) 1st Money Back 2nd Money Back Maturity Details
(on completion of policy term)
14 30% of SA at end of 10th policy year 30% of SA at end of 12th policy year 40% of SA + GAs + LA
16 35% of SA at end of 12th policy year 35% of SA at end of 14th policy year 30% of SA + GAs + LA
18 40% of SA at end of 14th policy year 40% of SA at end of 16th policy year 20% of SA + GAs + LA
18 45% of SA at end of 16th policy year 45% of SA at end of 18th policy year 10% of SA + GAs + LA

In above table, SA is Basic Sum Assured or simply Sum Assured

Risk Cover and Death Benefit

In case of death during first 5 year of policy, the death claim will be Sum Assured (Basic Sum Assured) + Guaranteed Addition (GAs).

In case of death after completion of 5 policy years and before maturity, the death claim will be Sum Assured (Basic Sum Assured) + Guaranteed Addition (GAs) + Loyalty Addition (LA).

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