LIC Jeevan Shiromani Plan (Plan No. 947)
The LIC Jeevan Shiromani Plan is a life insurance plan from the Life Insurance Corporation of India. In this plan, you pay the premium for a limited time, but you get benefits for a longer period.
This plan is mainly made for people who want high insurance coverage. It gives a large sum assured along with extra benefits like guaranteed additions and loyalty additions.
It is a good option for long-term savings and financial planning. You can also add extra features (riders) to increase your protection based on your needs. The plan also allows you to take a loan in case you need money in an emergency.
Eligibility Criteria of LIC Jeevan Shiromani Plan
| Parameters | Criteria |
|---|---|
| Basic Sum Assured | Rs. 1 Cr. - No Limit |
| Policy Term | 14, 16, 18, and 20 years |
| Premium Paying Term | For 14 years policy term: 10 yearsFor 16 years policy term: 12 yearsFor 18 years policy term: 14 yearsFor 20 years, policy term: 16 years |
| Min Entry Age | 18 years for all policy terms |
| Max Entry Age | For 14 years policy term: 55 yearsFor 16 years policy term: 51 yearsFor 18 years policy term: 48 yearsFor 20 years, policy term: 45 years |
| Maturity Age | For 14 years policy term: 69 yearsFor 16 years policy term: 67 yearsFor 18 years policy term: 66 yearsFor 20 years policy term: 65 years |
Main Features of the LIC Jeevan Shiromani Policy
The LIC Jeevan Tarun plan is a life insurance plan for children that gives both protection and savings.
- This plan gives financial support to your family if the insured person passes away.
- It includes a built-in critical illness cover for 15 serious diseases.
- You get extra money, called guaranteed additions, every year if you pay all premiums on time.
- It is a limited premium plan, and you also get money-back benefits at fixed times.
- The plan also gives loyalty additions from LIC's profits, which are paid at maturity or in case of death.
Critical Illnesses Covered in LIC Jeevan Shiromani Plan
This plan includes a built-in critical illness cover for 15 serious diseases:
- A stroke that causes permanent problems
- Cancer of a serious stage
- Kidney failure that needs regular dialysis
- Blindness (complete and permanent loss of sight)
- Major organ or bone marrow transplant (for the person receiving it)
- Open-heart surgery for heart valves (repair or replace)
- First heart attack of serious level
- Paralysis of body parts (permanent)
- Alzheimer's disease or dementia (before age 85)
- Open chest heart bypass surgery (CABG)
- Aortic surgery
- Multiple sclerosis with lasting symptoms
- Third-degree burns covering 20% or more of the body
- Non-cancerous (benign) brain tumor
- Primary pulmonary hypertension
These illnesses are covered under the plan to provide financial support during serious health conditions.
Benefits of LIC Jeevan Shiromani Plan
The LIC Jeevan Shiromani Plan gives several benefits to policyholders depending on what happens during the policy term.
Death Benefit
If the policyholder passes away during the policy term, the family gets the death benefit as follows:If death happens within the first 5 years: The nominee receives the Sum Assured on Death plus Guaranteed Additions.If death happens after 5 years but before maturity: The nominee receives the Sum Assured on Death along with Guaranteed Additions and Loyalty Additions.
The death benefit will be the greater of:125% of the Basic Sum Assured7 times the yearly premium
Survival Benefit
If the policyholder survives for certain years during the policy term, they get a fixed percentage of the Basic Sum Assured as a Survival Benefit.
Policy Term Policy Anniversary Survival Benefit (% of Basic Sum Assured) 14 years 10th and 12th 30% 16 years 12th and 14th 35% 18 years 14th and 16th 40% 20 years 16th and 18th 45% 
Maturity Benefit:
If the policyholder survives the full policy term and pays all premiums, they receive the Sum Assured on Maturity along with Guaranteed Additions and Loyalty Additions.
Policy Term Maturity Benefit (% of Basic Sum Assured) 14 years 40% 16 years 30% 18 years 20% 20 years 10%
Inbuilt Critical Illness Benefit
If the policyholder is diagnosed with any of the 15 critical illnesses covered under the LIC Jeevan Shiromani Plan, they can get the following benefits on the first diagnosis, once LIC approves the claim:
- 01Lump Sum BenefitYou get 10% of the Basic Sum Assured as a one-time payment.Option to Defer PremiumsYou can postpone premium payments for 2 years from the date your critical illness claim is approved.No extra interest is charged during this period.Any benefits from the base policy during this time are paid after deducting the premiums due.Medical Second OpinionLIC allows you to get a second medical opinion from any healthcare provider.This can be done once during the policy term at no extra cost.
This benefit helps you manage finances and get proper medical advice during serious illness.
- 02
Participation in Profits (Loyalty Additions)
After 5 policy years, the LIC Jeevan Shiromani plan becomes eligible for loyalty additions if all premiums are paid on time.These loyalty additions are paid to the policyholder or nominee when the policy matures or in case of death.Even if the policy is paid-up, loyalty additions are calculated when the policy is surrendered after 5 years. - 03
Guaranteed Additions
Guaranteed additions are added at the end of every policy year during the premium paying term. The rates are:
First 5 years: Rs. 50 for every Rs. 1,000 of Basic Sum AssuredAfter 5 years until the end of the premium payment term: Rs. 55 for every Rs. 1,000 of Basic Sum AssuredThese additions increase the total benefits you receive from the policy.
Optional Benefits of LIC Jeevan Shiromani Plan
Apart from the main benefits, the LIC Jeevan Shiromani plan offers optional add-ons (riders) to increase your coverage.
- 01
Rider Benefits
You can choose optional riders by paying a little extra premium. You can select up to three riders from the following:
LIC Accidental Death and Disability Benefit RiderLIC Accident Benefit RiderLIC New Term Assurance RiderLIC New Critical Illness Benefit Rider - 02
Option to Defer Survival Benefits
The policyholder can choose to postpone receiving survival benefits and get a higher amount with interest later during the policy term.
If you don't take the survival benefits during the policy, they will be paid along with other benefits when the policy ends due to death, maturity, or surrender.To use this option, you must inform LIC in writing at least 6 months before the survival benefit is due.This option helps you get a bigger payout if you wait.
- 03
Settlement Option for Maturity Benefit
Instead of getting the maturity amount all at once, the policyholder can choose to receive it in instalments over 5, 10, or 15 years.
Mode of Payment Minimum Instalment Amount Monthly Rs. 5,000 Quarterly Rs. 15,000 Half-yearly Rs. 25,000 Yearly Rs. 50,000 This option helps you receive the money in smaller parts for easier use.
- 04
Instalment Option for Death Benefit
The policyholder can choose to pay the death benefit in instalments over 5, 10, or 15 years. The nominee will receive the instalments in advance according to the chosen payment mode.
Mode of Payment Minimum Instalment Amount Monthly Rs. 5,000 Quarterly Rs. 15,000 Half-yearly Rs. 25,000 Yearly Rs. 50,000 This option helps the family receive the money in smaller, manageable parts instead of a single lump sum.
LIC Jeevan Shiromani Policy Details
Grace Period
The plan gives you extra time to pay your premium after the due date. You get 30 days for yearly, half-yearly, or quarterly payments and 15 days for monthly payments. During this period, your policy remains active, and you continue to get full insurance coverage. This benefit also applies to any rider premiums added to your policy.
Free Look Period
If you are not satisfied with the policy, you can return it within 15 days of receiving the policy document. You must mention the reason for returning it. After that, LIC will cancel the policy and refund your premium amount after deducting some charges like risk premium, stamp duty, and medical examination costs.
Revival
If you miss paying your premium and do not pay it during the grace period, your policy will stop (lapse). You can restart (revive) it within 5 years from the date of the first missed payment and before the policy ends. To revive the policy, you need to pay all pending premiums with interest and meet LIC's conditions. Riders can be restarted only if the main policy is also revived. Once everything is approved, LIC will give a revival receipt, and your policy will become active again.
Paid-up Policy
If you stop paying premiums after completing at least one full year, your policy becomes a paid-up policy. In this case, the death and maturity benefits are reduced based on how many premiums you have paid. However, you will still get guaranteed additions and loyalty additions, if applicable. Survival benefits will also be paid, but in a reduced amount.
Surrender
You can close (surrender) your LIC Jeevan Shiromani policy after completing at least one year and paying one full year's premium. When you surrender the policy, you will get an amount based on either the Guaranteed Surrender Value or the Special Surrender Value, whichever is higher. This amount is calculated based on the premiums you have paid, after adjusting for any due survival benefits.
Policy Loan
You can take a loan under this policy after paying at least one full year's premium. The loan amount can be up to 90% of the surrender value if the policy is active, and up to 80% if the policy has become paid-up.
Policy Rebate
LIC Jeevan Shiromani gives some discounts (rebates) based on how you pay your premium and how high your sum assured is.Rebate on Premium Payment Mode:
Payment Mode Rebate Yearly 2% discount on the premium Half-yearly 1% discount on the premium Quarterly / Monthly No discount Rebate on High Basic Sum Assured:
Basic Sum Assured Rebate Rs 1 Cr. - Rs. 1.95 Cr. No discount Rs. 2 Cr. - Rs. 4.95 Cr. 0.030% of Basic Sum Assured Rs. 5 Cr. and above 0.050% of Basic Sum Assured
LIC Jeevan Shiromani Premium Chart
To understand this plan better, you can check the premium chart below. It shows the yearly premium amount for a Basic Sum Assured of Rs. 1 Crore, based on age and policy term.
| Age (Near Birthday) | 14 Years | 16 Years | 18 Years | 20 Years |
|---|---|---|---|---|
| 20 years | Rs. 10,69,670 | Rs. 8,96,700 | Rs. 7,70,770 | Rs. 6,83,550 |
| 30 years | Rs. 10,75,550 | Rs. 9,04,050 | Rs. 7,79,100 | Rs. 6,93,350 |
| 40 years | Rs. 11,01,030 | Rs. 9,31,980 | Rs. 8,09,480 | Rs. 7,26,670 |
| 50 years | Rs. 11,69,140 | Rs. 10,02,540 | - | - |
Exclusions Under LIC Jeevan Shiromani
There are some cases where full benefits are not paid under this plan.
- 01If the policyholder commits suicide within 12 months of the start of the policy, LIC will not pay full benefits. Only 80% of the total premium paid will be given.
- 02If the policyholder commits suicide within 12 months after reviving the policy, LIC will pay either 80% of the total premium paid or the surrender value, whichever is higher.
These rules are important to understand before buying the policy.
Disclaimer: Squareinsurance.in does not endorse or recommend any specific insurance company or insurance plan. For more details about this plan, please check the plan brochure or the policy document.
FAQs
It is a life insurance plan where you pay a premium for a limited time and get benefits for a longer period.
This plan gives extra profit in the form of loyalty additions. You get this after completing at least 5 years, if all your premiums are paid on time.
Yes, you can choose to delay your survival benefits and take them later during the policy term with added benefits. If you don't take them during the policy, they will be paid when the policy ends. You can also delay the maturity amount and receive it in instalments by choosing the settlement option.
Yes, you can choose to receive it in instalments over 5, 10, or 15 years.
LIC Jeevan Shiromani gives both financial protection and savings. If the policyholder passes away during the policy term, the family gets good financial support. If the policyholder survives, they receive money at certain years (survival benefits) and a lump sum when the policy ends (maturity benefit). This makes it a good choice for long-term savings and security.