LIC Jeevan Shiromani-947 is a traditional life insurance plan designed to provide the combined benefits of protection, savings, high returns and medical cover. The plan targets high net worth individuals (HNI) given that the minimum Basic Sum Assured starts at Rs.1 Crore.Read more
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.
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.
|Policy Term||14 years||16 years||18 years||20 years|
|Premium Paying Term||10 years||12 years||14 years||16 years|
|Minimum Entry Age||18 years (same for all policy terms)|
|Maximum Entry Age||55 years||51 years||48 years||45 years|
|Maximum Maturity Age||69 years||67 years||66 years||65 years|
|Minimum Sum Assured||Rs.1 Crore|
|Maximum Sum Assured||Unlimited|
The LIC Jeevan Shiromani Plan offers a host of benefits to the insurance holders based on event occurrence:
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.
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|
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.
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.
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.
Under LIC Jeevan Shiromani Plan 947, the following rider benefits are available upon payment of an additional premium.
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.
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:
|Policy Term||PPT||Total premium Amount|
|14 years||10 years||Rs.10,69,670|
|16 years||12 years||Rs. 8,96,700|
|18 years||14 years||Rs. 7,70,770|
|20 years||16 years||Rs. 6,83,550|
Date of Birth Proof
Bank Account Details if the premium payment frequency is monthly.
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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