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LIC Jeevan Shiromani Plan is a Limited Premium Payment Money Back Plan which is specially designed for HNI customers as the minimum sum assured in this plan is ₹ 1 Crore. This plan is available with Inbuilt Critical Illness Rider so Jeevan Shiromani plan is having benefits like-Life Cover, Money Back, Critical Illness Cover & Guaranteed Additions.
Let’s check some unique selling points of Jeevan Shiromani Plan
Policy Benefits Of LIC Jeevan Shiromani Plan:
On Death During First 5 Years: “Sum Assured on Death” along with Accrued Guaranteed Additions shall be payable.
On Death After Completion of 5 Policy Years But Before Maturity: “Sum Assured on death” along with Accrued Guaranteed Additions and Loyalty Additions shall be payable.
Where “Sum Assured on Death” is defined as the higher of :
On the Life Assured surviving the specified duration during the Policy Term, a Guaranteed Money Back shall be payable as below:
For Policy Term 14 Years: 30% of Basic Sum Assured on 10th & 12th Policy Anniversary
For Policy Term 16 Years: 35 % of Basic Sum Assured on 12th & 14th Policy Anniversary
For Policy Term 18 Years: 40 % of Basic Sum Assured on 14th & 16th Policy Anniversary
For Policy Term 20 Years: 45% of Basic Sum Assured on 16th & 18th Policy Anniversary
On the Life Assured surviving to the end of the Policy Term Sum Assured shall be payable as below:
For Policy Term 14 Years: 40% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.
For Policy Term 16 Years: 30% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.
For Policy Term 18 Years: 20% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.
For Policy Term 20 Years: 10% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.
The following 15 Critical Illnesses are covered under C.I. Rider:
Minimum Age to Apply | 18 Year Completed |
Maximum Age to Apply | 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 16 years | |
Policy Term | 14, 16, 18 & 20 Years |
Premium Paying Term (PPT) | Policy Term – 4 Years |
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 | |
Premium Paying Mode | Yearly, Half Yearly, Quarterly & Monthly (NACH) |
Minimum Basic Sum Assured | ₹ One Crore |
Maximum Basic Sum Assured | No Limits (In Multiple of ₹ 5 Lacks) |