LIC Jeevan Shiromani Plan

Life Insurance Corporation (LIC) of India has designed various plans with the typical Indian clientele in mind, looking to address their preferences to match the need for risk protection along with savings. The LIC Jeevan Shiromani Plan combines several elements of protection, savings, handsome returns, and medical cover, targeted at high net-worth Indians (HNI) with a minimum Basic Sum Assured of Rs.1 Crore.

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The LIC Jeevan Shiromani Policy is an individual life insurance plus savings plan. It is a limited premium payment plan, providing survival benefit money-back at specified durations. The icing on the cake is the inbuilt Critical Illness Benefit covering 15 diseases. The policy is designed to support the family financially in the event of the policyholder's unfortunate demise. The policy participates in profit-sharing in the form of Loyalty Additions paid to the beneficiary. 

Eligibility Criteria for LIC Jeevan Shiromani

The entry age structure of the LIC Jeevan Shiromani Plan is designed in conjunction with the policy term. The premium paying term is calculated by deducting four from the policy term (Policy Term – 4). 

Minimum Sum Assured: Rs.1 Crore, subsequently in multiples of Rs.5 Lakh. 

Maximum Sum Assured: Unlimited. 

Policy Term: 14, 16, 18, and 20 years. 

Entry Age: Minimum: Completed 18 years. 

Maximum (Nearer birthday): 

  • 14-year policy term: 55 years.

  • 16-year policy term: 51 years.

  • 18-year policy term: 48 years.

  • 20-year policy term:  45 years. 

Maximum Maturity Age (Nearer birthday): 

  • 14-year policy term: 69 years.

  • 16-year policy term: 67 years.

  • 18-year policy term: 66 years.

  • 20-year policy term: 65 years. 

Core Benefits of LIC Jeevan Shiromani

The LIC Jeevan Shiromani Policy offers a host of benefits to the policyholders based on event occurrence:

  1. Death Benefit

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

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

    • Death after completion of five years: The benefit on death is the sum assured plus accrued guarantee and loyalty additions.

  2. Survival Benefit

    A specified percentage of the BSA or the Basic Sum Assured is paid to the policyholder upon the survival of specified periods in specific policy terms as described below:

    • 14 years policy term: 30% of the BSA on the 10th & 12th anniversary of the policy.

    • 16 years policy term: 35% of the BSA on the 12th & 14th anniversary of the policy.

    • 18 years policy term: 40% of the BSA on the 14th & 16th anniversary of the policy.

    • 20 years policy term: 45% of the BSA on the 16th & 18th anniversary of the policy.

  3. Maturity Benefit

    The policyholder receives the benefit amounting to the sum assured plus the accrued guarantee and loyalty addition 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. Inbuilt Critical Illness Benefit

    It is paid if the policyholder 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. 

  5. Rider Benefit

    The following rider benefits are optional upon payment of additional premium. 

    • Accident Benefit Rider

    • Accidental Death and Disability Benefit Rider

    • New Critical Illness Rider

    • New Term Assurance Rider

  6. 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

The premium under the LIC Jeevan Shiromani Policy can be paid in Annual, Semi-Annual, Quarterly, and Monthly rests. For the last frequency, only NACH and salary deduction is the permitted mode. As already discussed earlier, the policyholder must pay the premium for a limited period in the LIC Jeevan Shiromani Plan. The following is illustrative. 

  • 14-year policy term: PPT is 10 years.

  • 16-year policy term: PPT is 12 years.

  • 18-year policy term: PPT is 14 years.

  • 20-year policy term: PPT is 16 years. 

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

  • 14-year policy term: Rs.10,69,670 for a PPT of 10 years.

  • 16-year policy term: Rs.8,96,700 for a PPT of 12 years.

  • 18-year policy term: Rs.7,70,770 for a PPT of 14 years.

  • 20-year policy term: Rs.6,83,550 for a PPT of 16 years. 

Documents Required for LIC Jeevan Shiromani Policy

The following standard documents are essential to purchase the LIC Jeevan Shiromani Policy:

  • ID Proof

  • Date of Birth Proof

  • Address Proof

  • Latest Photograph

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

The Process to Buy LIC Jeevan Shiromani Online

The easiest option to buy the LIC Jeevan Shiromani Policy is online, though the traditional model is also open. The advantage of the online mode of purchase is its convenience and 24/7 availability. The entire buying process is accomplished in a few steps, with minor variations here and there. 

Step 1: In the first step, the buy online at the official LIC portal or any aggregator of choice is invoked. 

Step 2: The initial inputs are personal, comprising name, gender, date of birth, address, phone number, and email ID for communication. Specific other information relating to smoking and drinking is also sought.

Step 3: Select the financial parameters and upload scanned document copies for a premium quote. 

Step 4: In the next step, the quote is accepted, and the requisite premium is paid online to complete the process. 

Step 5: Wait for the LIC Jeevan Shiromani Plan document receipt at your registered email address. 


While buying the LIC Jeevan Shiromani Policy, it is essential to check out the list of exclusions. Any failure to absorb its implications may severely mar the claim settlement experience. The indicative list of exclusions about the cover directly or indirectly impacting the claim process is tabulated below for easy comprehension. 

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

  • No claim is entertained for 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.

  • Treatment-related to HIV, AIDS, and congenital disabilities.

  • Radioactive contamination caused 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 policy document.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

LIC Jeevan Shiromani Plan - FAQs

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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