LIC Jeevan Shiromani Plan-947

LIC Jeevan Shiromani - An Overview

LIC Jeevan Shiromani Plan is an endowment plan offered by the Life Insurance Corporation of India is designed to look after the insurance needs of high-net-worth individuals. It is designed to provide policyholders with a comprehensive life insurance solution and attractive investment features. LIC Jeevan Shiromani Plan 947 is ideal for individuals seeking protection and wealth creation. Jeevan Shiromani offers a high sum assured and guaranteed loyalty additions, making it a perfect choice for long-term financial planning. The policy also provides various optional riders to enhance coverage, ensuring policyholders can customize their plans to meet their specific needs.

Key Features of LIC Jeevan Shiromani Plan

• It is a limited premium payment plan, providing survival benefit money-back at specified durations.

• It comes with an inbuilt Critical Illness Benefit covering 15 diseases.

• The policy is designed to support the family financially in the event of the life assured's unfortunate demise.

• The policy participates in profit-sharing in the form of Loyalty Additions paid with the death or maturity benefits.

Eligibility Criteria for LIC Jeevan Shiromani Plan

Core Benefits of LIC Jeevan Shiromani Plan

The LIC Jeevan Shiromani Plan offers a host of benefits to the insurance holders based on event occurrence:

1. Death Benefit

   It is payable to the nominee upon the life assured’s death during the policy term, provided no premium is due. Two conditions determine the benefit amount:

   • Death within the first five years of policy term: Sum Assured plus the guaranteed additions.

   • Death after completion of five years: Sum assured plus accrued guaranteed additions and loyalty additions.

2. Survival Benefit

   A specified percentage of the Basic Sum Assured is paid to the insurance holder upon the survival of specified periods within the policy terms.

   Policy Term	Survival Benefit
   	Payout Years	Payout Amount
   14 years	10th & 12th year	30% of the BSA
   16 years	12th & 14th year	35% of the BSA
   18 years	14th & 16th year	40% of the BSA
   20 years	16th & 18th year	45% of the BSA

3. Maturity Benefit

   The insurance holder receives the sum assured on maturity plus the accrued guaranteed and loyalty additions upon survival until the policy term’s completion. The percentage of BSA paid is:

   • 14 years policy term: 40% of the BSA.

   • 16 years policy term: 30% of the BSA.

   • 18 years policy term: 20% of the BSA.

   • 20 years policy term: 10% of the BSA.

4. Guaranteed Benefit

   LIC Jeevan Shiromani 947 provides annual Guaranteed Additions throughout the Premium Paying Term (PPT), provided all due premiums are paid. For the first five years, it offers Rs. 50 per thousand Basic Sum Assured, which increases to Rs. 55 per thousand from the 6th policy year till the end of PPT.

5. Inbuilt Critical Illness Benefit

   It is paid if the life assured is diagnosed with any of the listed critical illnesses, and the policy is in force with no premium due.

   • Lump-sum: 10% of the BSA.

   • Deferred Premium Payment: Allowed for two years from the illness acceptance date.

   • Second Medical Opinion: It is allowed only once during the policy term.

6. Rider Benefit

   Under LIC Jeevan Shiromani Plan 947, the following rider benefits are available upon payment of an additional premium.

   • Accident Benefit Rider

   • Accidental Death and Disability Benefit Rider

   • New Critical Illness Rider

   • New Term Assurance Rider

7. Tax Benefit

   Such insurance plans are covered under the extant tax laws as and when imposed by the GOI.

   *Tax benefit is subject to changes in tax laws. Standard T&C Apply.

Premium Structure of LIC Jeevan Shiromani Plan

• The premium payment term (PPT) under this plan will be equal to the policy term minus 4 years. So, if you choose a policy term of 14 years, the PPT will be 10 years. Similarly, for a 16-year policy term, the PPT will be 10 years, and so on.

• The premium under the LIC Jeevan Shiromani Plan can be paid every year, every 6 months, every quarter, or every month.

• For a monthly payment frequency, only NACH and salary deduction is permitted.

The illustrative annualized premium amount is described below when the life assured’s age is 20 years (nearer birthday) for a BSA of Rs.1 Crore:

Documents Required for LIC Jeevan Shiromani Plan

• ID Proof

• Date of Birth Proof

• Address Proof

• Latest Photograph

• Bank Account Details if the premium payment frequency is monthly.

Exclusions

While buying the LIC Jeevan Shiromani Plan, it is essential to check out the list of exclusions. Some instances where your claims may be rejected are -

• The survival period from the critical illness diagnosis date is 30 days.

• Death caused by any of the listed critical illnesses within the survival period.

• Critical illness diagnosis within 90 days of risk commencement or revival date is not accepted.

• Self-inflicted injury or attempted suicide.

• Any medical condition resulting from alcohol or substance abuse.

• The medical condition arising from the perils of war or hostilities.

• Any pre-existing medical condition.

• Any treatment cost related to HIV, AIDS, and congenital disabilities.

• Radioactive exposure by a nuclear accident.

• Indulgence in the act of criminal nature.

• Failure to undergo treatment advised by a registered medical practitioner.

*For more information about exclusions, please refer to the plan brochure or the LIC Jeevan Shiromani plan 947 Policy document.

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