LIC JEEVAN SHIROMANI Plan No 947

LIC JEEVAN SHIROMANI plan no 947 is specially designed for High Net-worth Individuals with a minimum Basic Sum Assured of 1 Crore and Inbuilt Critical Illness Benefit.

It is a Non-Linked, with profit, Limited Premium Payment Money Back Life Insurance with minimum Basic Sum Assured of 1 crore.

Guaranteed Additions, at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs. 55/- per thousand Basic Sum Assured from 6^th policy year till the end of premium paying term, will be added to the policy at the end of each policy year for which full year’s premiums have been paid.

Unique Identification Number: 512N315V02

Launch Date: 1st February 2020

Death Benefit:

On death during first five policy years:

Sum Assured on Death + Accrued Guaranteed Additions.

On death after completion of five policy years but before the stipulated Date of Maturity

“Sum Assured on Death” + Guaranteed Additions + Loyalty Addition, if any.

Where “Sum Assured on Death” is defined as the higher of 125% of Basic Sum Assured or 7 times of annualized premium.
This death benefit shall not be less than 105% of the total premiums paid (excluding any extra premium, any rider(s) premium and taxes) up to the date of death.
The Death Benefit shall be paid in lumpsum or as per the Settlement option exercised by the Policyholder/Life Assured.

Survival Benefit:

For policy term 14 years: 30% of Basic Sum Assured on each of 10^th and 12^th policy anniversary

For policy term 16 years: 35% of Basic Sum Assured on each of 12^th and 14^th policy anniversary

For policy term 18 years: 40% of Basic Sum Assured on each of 14^th and 16^th policy anniversary

For policy term 20 years: 45% of Basic Sum Assured on each of 16^th and 18^th policy anniversary

LIC Jeevan Shiromani Maturity Benefit:

Sum Assured on Maturity + Accrued Guaranteed Additions + Loyalty Addition if any.

Where “Sum Assured on Maturity” as a fixed percentage of Basic Sum Assured is as below:

For policy term 14 years: 40% of Basic Sum Assured
For policy term 16 years: 30% of Basic Sum Assured
For policy term 18 years: 20% of Basic Sum Assured
For policy term 20 years: 10% of Basic Sum Assured

On Life Assured surviving the stipulated Date of Maturity provided the policy is in force

The Policyholder/Life Assured shall have an option to receive the Maturity Benefit in a lump sum as specified above and/or in installments as per Settlement Option exercised.
Provided the policy is in-force, Guaranteed Additions, at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs. 55/- per thousand Basic Sum Assured from 6^th policy year till the end of premium paying term, will be added to the policy at the end of each policy year for which full year’s premiums have been paid. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.
In case of a paid-up policy or on surrender of a policy the Guaranteed Addition for the policy year in which the last premium is received will be added on a proportionate basis in proportion to the premium received for that year.

Income Tax Benefit:

under section 80C of the Income Tax Act, premiums paid under the LIC Jeevan Shiromani Plan are eligible for a rebate up to the limit of Rs: 1,50,000/-
under Section 10(10D) of Income Tax Act, The Maturity benefit received by the policyholder or the Death claim received by the Nominee is entirely tax-free and no TDS is deductible

Inbuilt Critical Illness Benefit: A special feature of LIC Jeevan Shiromani.

On the first diagnosis of any one of the 15 Critical Illnesses specified below, and provided the policy is in-force on the date of diagnosis, The critical Illness benefits under plan LIC Jeevan Shiromani will be payable.

The 15 Critical Illness conditions covered under this benefit are:

CANCER OF SPECIFIED SEVERITY
OPEN CHEST CABG
MYOCARDIAL INFARCTION (First Heart Attack of specific severity)
KIDNEY FAILURE REQUIRING REGULAR DIALYSIS
MAJOR ORGAN /BONE MARROW TRANSPLANT (as a recipient)
STROKE RESULTING IN PERMANENT SYMPTOMS
PERMANENT PARALYSIS OF LIMBS
MULTIPLE SCLEROSIS WITH PERSISTING SYMPTOMS
AORTIC SURGERY
PRIMARY (IDIOPATHIC) PULMONARY HYPERTENSION
ALZHEIMER’S DISEASE/ DEMENTIA
BLINDNESS
THIRD DEGREE BURNS
OPEN HEART REPLACEMENT OR REPAIR OF HEART VALVES
BENIGN BRAIN TUMOR

Synopsis of LIC Jeevan Shiromani Plan:

Sr. No.	Particulars	Eligibility Condition
1	Age at entry for Life assured	Minimum – 18 years completed Maximum – Policy term 14 years: 55 years (nearer birthday) Policy term 16 years: 51 years (nearer birthday) Policy term 18 years: 48 years (nearer birthday) Policy term 20 years: 45 years (nearer birthday)
2	Policy Term & Premium paying term	14 ,16, 18 & 20 years (Policy Term less 4) years
3	Maximum Maturity Age	Policy term 14 years: 69 years (nearer birthday) Policy term 16 years: 67 years (nearer birthday) Policy term 18 years: 66 years (nearer birthday) Policy term 20 years: 65 years (nearer birthday)
4	Basic Sum assured (in multiples of 5,00,000/-)	Minimum – 1,00,00,000/- Maximum – No Limit
5	Mode rebate	Yearly – 2% of tabular premium Half Yearly – 1% of tabular premium Quarterly, SSS – Nil
6	Large Sum Assured rebate (per 1000 S.A)	Rs.1,00,00,000 to Rs.1,95,00,000 : NIL Rs.2,00,00,000 to Rs.4,95,00,000 : 0.30%o BSA Rs.5,00,00,000 and above : 0.50%o BSA
7	Mode of payment of premiums	Yearly Half-yearly Quarterly Monthly NACH Salary Saving Scheme
8	Grace Period	30 days for Yearly/H-Yrly/Qtrly modes 15 days for NACH/SSS modes
9	Surrender & Policy Loan	After payment of premiums of 1 years and on completion of 1 policy year *conditions apply
10	Revival	Within 5 years from First Unpaid Premium & before Maturity
11	Optional Riders Available:	L.I.C’s Accidental Death & Disability Benefit Rider L.I.C’s Accident Benefit Rider L.I.C’s Term Assurance Rider L.I.C’s Critical Illness Benefit Rider

Suicide Clause:-

For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/

Settlement Option for Maturity Benefits:

The settlement option can be exercised for Maturity benefits under this plan. If opted, the maturity claim amount will be paid in an installment to the policyholder. To read more about Settlement Option for Maturity Benefits read: http://www.punitshet.com/lic-policy-maturity-claim-in-instalment

Option to take Death Claim Benefits in installment:

Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments

Note: The above details are for information purposes only. For more authentic details about the LIC Policy please visit the official LIC website or contact your nearest LIC branch.

Other LIC Plans

Endowment Plans
* Lic’s New Jeevan Anand
* Lic’s Jeevan Labh
* Lic’s New Endowment Plan
* Lic’s Single Premium Endowment Plan
* Lic’s New Bima Bachat
* LIC’s Jeevan Lakshya
* LIC’s Aadhaar Shila
* LIC’s Aadhaar Stambh

Whole Life Plans
* LICs Jeevan Umang

Money-Back Plans
* LIC’s Bima Shree
* LIC’s Jeevan Shiromani
* LIC’s NEW MONEY BACK PLAN – 20 YEARS
* LIC’s NEW MONEY BACK PLAN – 25 YEARS

Children Plans
* LIC’s NEW CHILDREN’S MONEY BACK PLAN
* LIC’s Jeevan Tarun

Pension Plans
* LIC’s Jeevan Shanti

Unit Linked Insurance Plan (ULIP)
* LIC’s NEW ENDOWMENT PLUS
* LIC’s NIVESH PLUS
* LIC’s SIIP

Health Insurance Plans
* LIC’s JEEVAN AROGYA
* LIC’s Cancer Cover

Term Assurance Plans
* LIC’s TECH TERM
* LIC’s Jeevan Amar

Riders
* LIC’s Linked Accidental Death Benefit Rider
* LIC’s Accidental Death and Disability Benefit Rider
* LIC’s Accident Benefit Rider
* LIC’s Premium Waiver Benefit Rider
* LIC’s New Critical Illness Benefit Rider
* LIC’s NEW TERM ASSURANCE RIDER

Micro Insurance Plans
* LICs New Jeevan Mangal
* LIC’s Micro Bachat Plan
* LIC’s Bhagya Lakshmi

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