LIC Jeevan Shiromani Plan Review, Benefits, Eligibility and more: Life Insurance Corporation of India (LIC) is the largest insurance company in the country and it is also the most trusted company. For this reason, lakhs of people trust this company for taking insurance policies. LIC has many such plans in which you get bumper and safe returns. LIC’s Jeevan Shiromani policy is also one such plan which offers great returns along with many other benefits. Jeevan Shiromani Policy is a type of Limited Premium Payment Money Back Life Insurance Plan. This plan comes with a basic sum assured of at least Rs 1 crore.
LIC Jeevan Shiromani Plan Review
LIC Jeevan Shiromani plan offers a combination of protection and savings. This policy is specially designed for high net worth individuals. Provides financial protection to the beneficiary of the insured in case of death of the insured during the policy term. With this plan you can potentially generate at least Rs 1 crore by investing regularly for a limited term.
LIC’s Jeevan Shiromani plan offers regular term payouts, life coverage as well as lumpsum amount as maturity benefit. It provides a cover for critical illness and also has three optional riders available.
LIC Jeevan Shiromani Plan Eligibility
| Name of Insurance: | LIC Jeevan Shiromani Plan |
| Entry Age (Minimum): | 18 years |
| Entry Age (Maximum): | 55 years for 14 year policy term 51 year for 16 year policy term 48 year for 18 year policy term 45 year for 20 year policy term |
| Coverage (Basic Sum Assured): | Minimum: – Rs.1,00,00,000 Maximum: – No limit (Subject to Board approval) |
| Premium Paying Term: | (Policy term – 4) years |
| Policy Term: | 14,16,18 and 20 years |
| Maturity Age (Maximum): | 69 years for a policy term of 14 years 67 years for a policy term of 16 years 66 years for a policy term of 18 years 65 years for a policy term of 20 years |
| Official website: | www.licindia.in |
LIC Jeevan Shiromani Plan Features
Some of the key features of LIC Jeevan Shiromani Plan are as follows:-
- The plan offers an inbuilt critical illness benefit, which provides cover for 15 critical illnesses.
- LIC Jeevan Shiromani Plan is a money-back insurance plan that focuses on savings and insurance coverage.
- It is a limited premium payment plan, which offers survival benefit for a specified period.
- This plan is designed to provide financial support to the family in the event of unfortunate death of the insured.
- This plan offers 4 rider benefits. That is, the insured has the option to choose a maximum of 3 riders out of 4 to enhance his insurance coverage.
LIC Jeevan Shiromani Plan Benefits
Death Benefit
In this plan, if the insured dies during the policy term, then the benefit amount is paid as death benefit to the beneficiary of the insured. Which would be like this:
- If the life assured dies within the first five years of the policy term, the Sum Assured plus Guaranteed Additions is paid.
- If the life assured dies after completion of five years of the policy term, the Sum Assured plus accrued Guaranteed Additions and Loyalty Additions are paid.
Maturity Benefit
On survival to the completion of the policy term, the life assured receives Basic Sum Assured, Accrued Guaranteed and Loyalty Additions as Sum Assured on Maturity. Where as Sum Assured on Maturity will be:
- 40% of the Basic Sum Assured is given for a policy term of 14 years.
- 30% of the Basic Sum Assured is given for a policy term of 16 years.
- 20% of the Basic Sum Assured is given for a policy term of 18 years.
- 10% of the Basic Sum Assured is given for a policy term of 20 years.
Survival Benefit
In this plan, survival benefit is provided to the insured at regular intervals. This survival benefit is paid to the insured at each stage of survival during the term of the policy. The Basic Sum Assured chosen under the Survival Benefit policy is a fixed percentage of the Basic Sum Assured.
The survival benefit under this plan will be as follows:
| policy term | pay year | payment amount |
|---|---|---|
| 14 years old | in 10th and 12th year | 30% of Basic Sum Assured |
| 16 years | in 12th and 14th year | 35% of Basic Sum Assured |
| 18 years | in the 14th and 16th years | 40% of Basic Sum Assured |
| 20 years | in the 16th and 18th years | 45% of Basic Sum Assured |
Critical Illness Benefit
LIC Jeevan Shiromani plan provides coverage for critical illness. It provides cover for critical illnesses on diagnosis of 15 listed critical illnesses. This is an inbuilt feature of this policy. The following benefits are available under this inbuilt cover:
- Lum Sum: 10% of Basic Sum Assured
- Deferred premium payment: Allowed for two years from the date of acceptance of illness.
- Second Medical Opinion: This is allowed only once during the policy term.
Riders of LIC Jeevan Shiromani Plan
Other riders available under LIC Jeevan Shiromani Plan:-
- LIC Accidental and Disability Benefit Rider
- LIC Accident Benefit Rider
- LIC New Term Assurance Rider
- LIC New Critical Illness Benefit Rider
Grace Period
A grace period of 30 days is available for quarterly, half-yearly, and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Surrender Benefit
In this insurance plan, an option to surrender the policy is provided at any time after the policy has been continued for two consecutive years. In such situations, the insurer pays the higher of the Special Surrender Value or a surrender value equal to the Guaranteed Surrender Value.
Revival
If the premium is not paid within the grace period, the policy lapses. LIC Jeevan Shiromani provides an option to revive the policy but within 5 consecutive years. It means from the date of your first unpaid premium and it can be revived only before the maturity date.
Free look period
This plan gives a period of 15 days to the insured to think whether they want to continue with the plan or not. It gives you the option to cancel the policy within this period if the policyholder has not made any claim. That is, in this policy you get a free look period of 15 days.
The Bottom Line:
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