LIC Jeevan Shiromani Plan

LIC Jeevan Shiromani Plan : LIC has come up with a number of investment and insurance plans to help Indian citizens in their time of need. But one of the premium policies that a person can avail from LIC is the Shiromani Plan as it offers some of the best life insurance benefits to high-net-worth individuals or HNIs.

It allows individuals to make the lives of those who depend on them safer and maintain their way of living even when they are not around. Furthermore, LIC Jeevan Shiromani Plan is not dependent on stock market movements, making it a more secure way of investing your money for the future.

Moreover, LIC Jeevan Shiromani Plan is a limited premium paying money back life insurance where the policyholder gets a minimum amount of Rs 1 crore. The policyholder can get an additional amount of Rs 50 per thousand on the basic sum assured for his first five years of premium.

For the remaining years, it is Rs 55 per thousand on the basic policy till the end of the premium paying term.

LIC Jeevan Shiromani Plan (Table Number 847) is a money back plan launched by LIC on 19th December 2017. It is a non-linked, limited premium payment money back plan. It is a participating plan with benefits. This plan is specifically designed for HNIs (High Net Worth Individuals).

It provides a life insurance cover, with payments at regular intervals during the policy term and a lump sum amount on maturity. This plan also offers cover for critical illnesses and has 3 optional riders.

Jeevan Shiromani from LIC is a non-linked, money back life insurance plan. It is specifically designed for high net worth individuals (HNIs), NRIs, businessmen, merchant navy officers, pilots and other highly salaried individuals.

Under Jeevan Shiromani the minimum sum assured is Rs. There are 1 crore. This plan provides financial support to the family in case of the death of the policy holder. Generally, periodic payments are made to the policy holder during the policy term in addition to a lump sum payment at the end of the policy term.

Additionally, the policy holder is entitled to a payout equal to 10% of the Basic Sum Assured (BSA) if diagnosed with any of the 15 specified critical illnesses. LIC Jeevan Shiromani is the only plan which comes with Critical Illness Rider inbuilt and the policy holder does not need to purchase it separately.

LIC Jeevan Shiromani Plan Features

You can surrender the Jeevan Shiromani plan as soon as you complete one year’s premium payment and avail the policy benefits.

One can decide how they want to pay the premium, and it can be paid yearly, half-yearly, quarterly and even monthly. This gives policyholders greater flexibility in paying premiums.

It is a limited premium plan that offers survival benefits to users with assured refund for a specified period.

The policy is designed to support the policyholder’s family in unfortunate events that result in the policyholder’s death.

Similarly, the policyholder can avail the benefit of profit-sharing in the form of Loyalty Addition which can be paid on death or on maturity of the LIC plan.

LIC Jeevan Shiromani Plan Benefits

One can avail many benefits on availing LIC Jeevan Shiromani. Some important benefits to the feasibility of our readers are listed below.

If the policyholder dies before the completion of the first five years of the policy term, the Sum Assured and all additions will be guaranteed to the nominee. Additionally, if a person dies after five years of the policy term, the nominee will get the sum assured along with additional guarantees and loyalty.
On the other hand, if the individual survives the policy term, the policyholder will be paid a pre-determined amount of Basic Sum Assured. Similarly, when the policy matures, the insurance holder gets an earned guarantee along with their loyalty addition.
Additionally, the policyholder does not have to worry about anything if they are diagnosed with the above mentioned catastrophic illness. Their policy will not be terminated, and they will be paid as per the policy criteria.
Lastly, you will get tax benefits under the existing tax laws which are imposed by the Government of India.

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LIC Jeevan Shiromani Plan FAQS

What is the best time to invest in LIC Jeevan Shiromani plan?

If you are able to deposit additional amount of Rs 90,000 and above, then you should invest in this plan. The policyholder must pay premiums for at least four years before the policy can benefit from it.

What is the minimum premium amount you need to pay to avail the benefit of LIC Jeevan Shiromani?

LIC Jeevan Shiromani’s minimum monthly premium is Rs 94,000. Moreover, there is no upper limit on the premium amount that you can invest on a monthly basis. The maximum sum insured with this LIC policy plan is Rs 1,00,00,000 or Rs 1 crore.

What are the rider options available for LIC Jeevan Shiromani?

One can choose additional rider options such as Critical Illness, New Term Insurance Rider, Accidental Death, Disability Benefit Rider, and many more. The policyholder can choose up to three riders.

How can one claim a LIC Jeevan Shiromani policy when needed?

There are many ways by which you can claim your LIC Jeevan Shiromani policy before or at the end of the policy term. You must have proof of age, assignment works and your policy documents with you when redeeming the policy.
On the other hand, if the person is suffering from an early death, then the nominee needs to provide the hospital details and certificate of the deceased along with the above mentioned documents.