LIC Jeevan Shiromani is a non-linked insurance plan that is available with benefits of savings and protection with Limited premium payment. This insurance plan is especially available for people who have high net-worth. In the case of the unfortunate death of the individual, this plan will be very beneficial to provide financial support to the family members during the policy term. On the survival of policyholder, it will also provide periodic payments at specific durations in the term of the policy.
At the time of maturity, the policyholder will also get a lump sum amount on survival. Additionally, the policyholder will also get a payment of 10 % of lump sum amount at the time of diagnosis with any specified critical disease. Because of all such features of LIC Jeevan Shiromani plan, it will be a great investment if you want to keep your family future protected and safe with financial backup.
Benefits of getting LIC Jeevan Shiromani insurance plan
As you know, Life Insurance plans are available to give enhanced protection for your family members in the case of any unfortunate misshapen with the policyholder. From so many insurance plans, it is not easy to make choice for the right one. In this kind of situation, you will need to consider your current financial situation and future financial requirements to make a good choice. LIC Jeevan Shiromani plan is available as a good option for the individuals. Here are the benefits provided for the policyholders by LIC Jeevan Shiromani Life Insurance plan:
- Death benefits
- Survival benefits
- Maturity benefits
- Critical illness benefits
If you are also planning to go for this life insurance plan by LIC, you should know about all these benefits and details. Scroll down to check out all the information about all these advantages provided for the policyholders under this LIC life insurance plan:
Death benefits with LIC Jeevan Shiromani Plan
Most of the people prefer Life Insurance plans to secure the future of family members in case of unfortunate death. If you are also searching for the right insurance plan for it, you can pray for LIC Jeevan Shiromani as a good option. It will provide the benefits in case of unfortunate death of policyholder as given below:
- In the situation of the death of policyholder in first 5 years of the period of policy, it will provide sum assured and guaranteed additions on death.
- In case of death of policyholder on the 6th year of maturity date of policy, it will provide sum assured, guaranteed addition and loyalty additions to the policyholder.
In the period of the first five years, there will be guaranteed addition of Rs. 50 on Rs 1000 sum assured. From 6th year onwards, there will be guaranteed addition of Rs 55 on Rs 1,000 sum assured every year.If you want to know about loyalty addition with this plan, you should contact LIC for it because they will declare it at the time of policy.
In this life insurance plan, you will not get that benefit less than 105 % on all the paid premiums. In this premium amount, there will not be the inclusion of any tax or rider premium paid by the policyholder.
Survival Benefits with LIC Jeevan Shiromani Plan
In the situation of survival of policyholder during this policy term, there will be a fixed basic sum assured amount that insurance company will pay. To understand this amount, you can check out the information below:
- For 14 Yrs Policy, there will be 30% of Basic Sum Assured on 10th and 12th policy anniversary.
- For 16 Yrs Policy, there will be 35% of Basic Sum Assured on 12th and 14th policy anniversary.
- For 18 Yrs Policy, there will be 40% of Basic Sum Assured on 14th and 16th policy anniversary.
- For 20 Yrs Policy, there will be 45% of Basic Sum Assured on 16th and 18th policy anniversary.
Maturity Benefits with LIC Jeevan Shiromani Plan
If the policyholder will survive till policy term end, the insurance company will provide additional benefits with survival benefits. All the additional benefits are explained below for the policyholders:
- For 14 Yrs Policy, there will be 40% of Basic Sum Assured, Guaranteed Addition &Loyalty Additions.
- For 16 Yrs Policy, there will be 30% of Basic Sum Assured, Guaranteed Addition & Loyalty Additions.
- For 18 Yrs Policy, there will be 20% of Basic Sum Assured, Guaranteed Addition & Loyalty Additions.
- For 20 Yrs Policy, there will be 10% of Basic Sum Assured, Guaranteed Addition & Loyalty Additions.
Critical Disease Benefits with LIC Jeevan Shiromani
With this plan of LIC, you will also find critical disease benefits as a policyholder. There are total 15 critical diseases where you will find these benefits on the first diagnosis. The details are given below for these benefits for the policyholders having LIC Jeevan Shiromani plan:
Lump sum Benefits
There will be 10 % of basic lump sum assured amount payable to the policyholders when the LIC is satisfied with diagnosis reports according to terms and conditions. These benefits will be paid only one time during the period of the policy.
There will be a survival period of 30 days from the diagnosis date of specific critical disease. If the policyholder dies during the period of 30 days due to critical disease, this critical illness benefit will not be payable by the company. There is also a waiting period of 90 days from the date of applying for an insurance plan. This waiting period is only applicable for critical illness issues and it will not be applicable for the cases of an accident of policyholder.
Option to Make Changes in Premium Payments In Case Of a Critical Illness Claim
If the claim of critical illness is accepted by LIC, there will be an option to defer the amount of premiums for the next 2 years. There will not be any charges of interest on the delayed payment by the policyholder. However, if there is any survival benefit due for the policyholder during this time of 2 years, the company will make payment of Survival amount but will deduct the due premiums on it. The policyholder will need to make payment for before payment amount after 2 years and all the future premiums will be paid according to the schedule.
Medical Second Opinion
According to this benefit with LIC Jeevan Shiromani plan, the policyholder will get the option to take a second opinion from Healthcare providers in the network of LIC or any reputed Hospital in the country according to the arrangements of LIC. You will get this facility only a single time during the period of policy and you will not need to make any payments for this service.
As a policyholder, you should also know that there are some of the restrictions with these terms and conditions in the situation of critical illness benefit with LIC JeevanShiromani insurance plan. You can get details of all these restrictions below:
- In some of the cases, there may be a deferment period for the establishment of permanence of critical illness.
- With paid-up insurance policy, you will only get a payment of proportional benefit amount.
- For the policyholder, there will be a waiting period of 90 days for the benefits of critical illness with this insurance policy. If you are facing the situation of listed critical illness before 90 days, there will not be any benefit with this plan. This waiting period will also apply in the situation of renewal of the policy. However, you should know that this waiting period will not be applied in the situation of an accident of the policyholder.
- There is also a condition of Survival period with this insurance plan. If the policyholder dies within 30 days of diagnosis withthe critical disease, there will not be any benefit payable by the insurance company.
- There are some of the specific situations in the case of critical illness where you should know about the restrictions with this insurance plan:
- Abuse of alcohol or drugs
- Suicide attempt, irrespective mental condition or intentionallyself-inflicted injury
- AIDS or HIV
- Pre-existing medical conditions
- Involvement in any criminal activity
- Civil war, war, invasion, Revolution, riots or civil commotion
- Failure to go under the right medical treatment or getting Medical Services at the right time
- Any kind of radioactive contamination in a nuclear accident
As a policyholder, you should have information about all these exclusions of LIC Jeevan Shiromani plan if you are going to get benefits for critical disease with this life insurance plan.
List of the Critical Diseases Covered With LIC Jeevan Shiromani Plan
If you are looking to that critical illness benefits with LIC Jeevan Shiromani policy for a better future security, you should have information about all the listed critical diseases with the plan. You can check out the list of all these critical diseases below where you will find coverage benefits with this plan:
- Open chest CABG
- Cancer of specified severity
- Kidney failure requiring regular dialysis
- Myocardial infarction
- Stroke resulting in permanent symptoms
- Major organ/bone marrow transplant
- Multiple sclerosis with persisting symptoms
- Permanent paralysis of limbs
- Aortic Surgery
- Alzheimer’s disease/dementia
- Primary (idiopathic) pulmonary hypertension
- Third-degree burns
- Benign brain tumour
- Open heart replacement or repair of heart valves
If you are looking to get more information about all these critical illness issues and terms and conditions for the benefits, it will be good to check out complete information by visiting the official website of LIC for it. You will get all the details of critical diseases where you will find the benefits with this Life Insurance plan by LIC.
Additional Benefits and Features of LIC Jeevan Shiromani Plan
With LIC Jeevan Shiromani insurance plan, you will also find many other additional benefits as a policyholder. Some of the additional features and benefits of this insurance plan are explained below for every individual:
Because of the participating plan features of LIC Jeevan Shiromani, the policyholders will also receive the benefits of loyalty addition with the premium payments of five years. All these loyalty addition benefits will be provided at the time of maturity of this insurance plan. The policyholder will also get these benefits in the case of unfortunate death. The amount of loyalty addition will depend on company performance and you can always know at the time of declaration. Before the time of declaration, you will not get information about the amount of loyalty addition. If the policyholder is going to surrender this plan to the company, the loyalty addition amount will be based on the time of years that premiums were paid by the policyholder.
With this insurance plan, you will also find the option of 3 Rider plans that you can pick to get additional benefits. You will need to pay an extra premium to get the advantages of these additional Rider plans with this insurance policy. Here are three Rider plans that you can choose with this life insurance policy:
- Accident benefit rider
- Accident death or disability benefit rider
- New term assurance Rider
If you want to get information to avail the benefits of all these Rider plans with LIC Jeevan Shiromani, you can find complete details by visiting the website of LIC or you can also get details when you are going to get this policy from LIC office or agent.
Options to Defer Survival Benefits
As a policyholder, you will have the option not to get survival benefits during the term of policy. You can get it when the policy will be terminated or you can also get it in the situation of maturity or death of the policyholder. In this kind of situation, you will also get the benefits of interest on the amount of Survival benefit. If you are looking to get information about the terms and conditions and the interest rate on your survival benefits, it will be good to contact the officials of LIC for all such information.
Options to Get the Instalments of Maturity Benefits
As a policyholder, you will also get the option to take the benefits of maturity amount in instalments. If you do not want to take maturity benefits in a lump sum, the company will pay it in instalments during the period of 5, 10 or 15 years. You can make choice for the instalments on the basis of monthly, quarterly, half yearly or yearly period.For the policyholder, it is a good option to take partof the amount of maturity benefits in instalments. If you choose this option, you will also find interest rate with it. If you also want to go for this option, you will need to choose it and contact LIC at least three months before the maturity date of your insurance plan. If the policyholder dies after maturity the company will continue to make payments in instalments and the nominee will not be able to change it.
Paid Up Value
With LIC Jeevan Shiromani insurance plan, you will also find the option of paid-up value after making the payments of Premium for one complete year.
- Paid-Up Sum Assured on Death = (Sum Assured on Death) x Number of premiums paid / Total number of premiums payable.
- Paid-Up Sum Assured on Maturity = (Sum Assured on Maturity) x Number of premiums paid / Total number of premiums payable.
- Paid-Up Survival Benefit = (Survival Benefit Payable) x Number of premiums paid / Total number of premiums payable.
- Critical Illness Benefit = (10% of Sum Assured) x Number of premiums paid / Total number of premiums payable.
You will not be able to get any paid-up benefit with Rider plan with LIC JeevanShiromani policy.
Surrender Value in Lic Jeevan Shiromani
There is a benefit of guaranteed surrender value after the payment of a premium source one year for this insurance policy. This guaranteed surrender value will be a % of amount of paid premium minus any kind of Survival benefits paid by the company to the policyholder. The premiums paid by the policyholder in this situation will not include any taxes, rider premium or increase in the premiums as per the terms and conditions of the policy. When the policyholder decides to surrender the policy, the company will also offer guaranteed additions with it.
The policyholders will also get the benefit as the option of loan facility against LIC Jeevan Shiromani. If you also want to avail the benefits of loan against this insurance policy, you should know about the loan amount as per terms and conditions of LIC.
For active policies – 90% of Surrender Value
For Paid-up policies – 80% of Surrender Value
As per the terms and conditions in 2017-18, you will need to pay the interest amount of 9.25 % per annum for this loan. The interest rate will be in payable half-yearly. To avail more information on loan benefits with LIC Jeevan Shiromani insurance plan, it will be good to contact LIC officials for more information.
For the policyholders, LIC is providing all these additional benefits and features with LIC Jeevan Shiromani plan. Because of all these excellent features, it will be very beneficial option to go for this excellent plan if you want to protect the future of your family from any kind of financial crisis in the case of any unfortunate death critical illness or other such issues.
Eligibility criteria for LIC Jeevan Shiromani Policy
|Sum Assured||Rs. 1 Crore||No Limit|
|Policy Term||14,16,18 and 20 years|
|Premium Paying Term||Policy term – 4 years|
|Policyholder’s Age||18 Years (Completed)||55 Years for 14 Year Term|
51 Years for 16 year term
48 Years for 18 year term
45 years for 20 year termAge here refers to nearest birthday
|Maximum Age at Maturity||69 years for 14 years term|
67 years for 16 years term
66 years for 18 years term
65 years for 20 years termAge here refers to nearest birthday
|Premium Payment Modes||Yearly, Half Yearly, Quarterly and Monthly|
The monthly mode is through NACH and Salary deductions only
Should You Go For Lic Jeevan Shiromani?
After getting the complete details of its features and benefits, the main question is that is LIC Jeevan Shiromani Plan Perfect for you? If you are looking for any kind of traditional plan, it will be good to avoid LIC Jeevan Shiromani. This insurance plan is available to provide a big life cover and it is also an expensive plan that will not meet the financial condition and future requirements of everyone. If you are someone who is looking for a big life cover by investing well in a life insurance plan, you may make choice for LIC Jeevan Shiromani plan.
To make decisions on any life insurance plan will be based on many factors including your age, current financial situation, health, future protection requirements and much more. It is very important that you can consider all these factors before making choice for any insurance plan. It will be good to make a visit to LIC official website so that you can get all the required details on this insurance plan and can make a good decision to get it.
Where to Get Lic Jeevan Shiromani Plan?
If you are interested to go for this insurance plan by LIC, you can find the option to buy it by making a visit at the official website of LIC with online method. If you don’t want to go for the online method, you can make a visit tothe nearest branch of LIC or you can contact any LIC agents to buy this insurance plan. They will also provide complete details on the plan and all its features for the individual.