Organisation : Life Insurance Corporation
Service Name : Jeevan Shiromani
Applicable For : LIC Customer
Applicable States/ UTs : All Over India
Home Page : https://www.licindia.in/Home
Details Here : https://www.statusin.in/uploads/37408-Jeevan-Shiromani.pdf
LIC Jeevan Shiromani
LIC’s Jeevan Shiromani plan offers a combination of protection and savings. This plan is specially designed for High Net-worth Individuals.
Related : LIC Pradhan Mantri Vaya Vandana Yojana : www.statusin.in/37354.html
This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term.
Periodic payments shall also be made on survival of the policyholder at specified durations during the policy term and a lump sum payment to the surviving policyholder at the time of maturity.
In addition, this plan also provides for payment of a lumpsum amount equal to 10% of the chosen Basic Sum Assured on diagnosis of any of the specified Critical Illnesses.
Benefits
Death Benefit
On death during first five years : Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable. On death after completion of five policy years but before the date of maturity – Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition 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
** Sum Assured on Maturity as defined in 1. c) below; or
** Absolute amount assured to be paid on death, i.e. 125% of Basic Sum Assured.
This death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
Survival Benefit
On the life assured surviving to each of the specified durations during the policy term, provided all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable.
The fixed percentage for various policy terms is as below :
For policy term 14 years : 30% of Basic Sum Assured on each of 10th and 12th policy anniversary.
For policy term 16 years : 35% of Basic Sum Assured on each of 12th and 14th policy anniversary.
For policy term 18 years : 40% of Basic Sum Assured on each of 14th and 16th policy anniversary.
For policy term 20 years : 45% of Basic Sum Assured on each of 16th and 18th policy anniversary.
Maturity Benefit
On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Maturity” is as under :
** 40% of Basic Sum Assured for policy term 14 years
** 30% of Basic Sum Assured for policy term 16 years
** 20% of Basic Sum assured for policy term 18 years
** 10% of Basic Sum assured for policy term 20 years
Eligibility Conditions and Other Restriction :
a) Minimum Basic Sum Assured : Rs. 100,00,000
b) Maximum Basic Sum Assured : No limit (The Basic Sum Assured shall be in multiples of Rs. 500,000/-)
c) Policy Term : 14, 16 , 18 and 20 years
d) Premium Paying Term : (Policy term – 4) years
e) Minimum Age at entry : 18 years (completed)
f) Maximum Age at entry :
** 55 years (nearer birthday) for policy term 14 years
** 51 years (nearer birthday) for policy term 16 years
** 48 years (nearer birthday) for policy term 18 years
** 45 years (nearest birthday) for policy term 20 years
g) Maximum Age at Maturity :
** 69 years (nearer birthday) for policy term 14 years
** 67 years (nearer birthday) for policy term 16 years
** 66 years (nearer birthday) for policy term 18 years
** 65 years (nearer birthday) for policy term 20 years
Payment of Premiums
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions during the Premium Paying Term of the policy.
However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly mode and 15 days for monthly mode of premium payment.