LIC Jeevan Shiromani Plan - Plan No. 947

Life Insurance Corporation (LIC) of India has designed various plans to address the unique preferences of its customers. One of these is the LIC Jeevan Shiromani Plan, which combines several elements of protection, savings, handsome returns, and medical cover. The plan targets high net worth individuals (HNI) given that the minimum Basic Sum Assured starts at Rs.1 Crore. 

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The LIC Jeevan Shiromani Policy is an individual life insurance plus savings plan. With this plan, you can potentially raise at least Rs.1 crore by investing regularly for a limited tenure. Some of its key features are -

  • 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

Criteria Conditions
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

Core Benefits of LIC Jeevan Shiromani

The LIC Jeevan Shiromani Policy 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. 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.

  5. Rider Benefit

    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

  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 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 Policy 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

Documents Required for LIC Jeevan Shiromani Policy

  • ID Proof

  • Date of Birth Proof

  • Address Proof

  • Latest Photograph

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


While buying the LIC Jeevan Shiromani Policy, 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 policy document.

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

LIC Jeevan Shiromani Plan - FAQs

  • Q1. How is the participation in profits ensured in the LIC Jeevan Shiromani Policy?

    Ans: The profit participation mechanism in the LIC Jeevan Shiromani Policy is through the loyalty addition route. The norm for it is a minimum of 5 years in the policy term with the premium fully paid for that period.
  • Q2. Does the LIC Jeevan Shiromani Policy provide for deferred survival and maturity benefits?

    Ans: The insurance holder can request deferment of survival benefit at any time on or after the due date but within the policy term. If not taken during the policy’s currency, it is paid on termination with due accrued benefits. Similarly, by invoking the Settlement Option, the insurance holder can defer the Maturity Benefit payment.
  • Q3. How does the settlement option defer maturity benefit payment in the LIC Jeevan Shiromani Policy work?

    Ans: The insurance holder can choose to receive the Maturity Benefit in installments spread over 5, 10, or 15 years instead of the usual lump-sum payment. He/she is free to opt for a yearly, half-yearly, quarterly, or monthly payment frequency. One can also withdraw from the Settlement Option and commute the amount upon a written request.
  • Q4. What does happen if the life assured commits suicide within 12 months of the risk commencement in the LIC Jeevan Shiromani Policy?

    Ans: In the case of suicide in the first 12 months after the risk commencement date, no claim other than 80% of the total premium is paid to the nominee, provided the policy is in force. Likewise, a surrendered policy is settled similarly.
  • Q5. What is the standard permissible grace period for renewal of the LIC Jeevan Shiromani Policy?

    Ans: Usually, a policy can only be renewed before the policy maturity date. You get 30 days from the due date for all premium payment frequencies, other than the monthly frequency in which case you get 15 days.
  • Q6. Does the LIC Jeevan Shiromani Policy provide a loan facility to the proposer?

    Ans: Yes, one can avail of a loan against the policy after one year of its life, and the premium for a similar period is paid. The maximum loan quantum is 90% of the surrender value in the case of in-force policies and 80% if the policy is paid up. The loan can be paid back with a chargeable interest rate.
  • Q7. What is the Guaranteed Addition accrual rate under the LIC Jeevan Shiromani Plan?

    Ans: The rate of Guaranteed Additions in the policy is Rs.50 per thousand BSA for the 1st five years. it increases to Rs.55 per thousand BSA from the 6th year onwards till the end of the policy paying term.

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