LIC 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.
|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).