Review of LIC Jeevan Shiromani

My father bought LIC Jeevan Shiromani in 2021. Last year in November 2022, my dad was diagnosed with cancer. Thanks to the plan, we were able to afford my father’s treatment in a good hospital. I am so grateful that my father bought this plan otherwise we won't be able to afford such expensive treatment. By Devika Bharti 

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Devika’s father, Mr. Manoh bought LIC Jeevan Shiromani plan back in 2021. He bought the plan for his family’s bright future, but life had different plans for him. In November 2021, he was diagnosed with Kidney failure. Fortunately, the plan he had bought covered 15 critical illnesses, and kidney failure was one of them. With the coverage provided by LIC Jeevan Shiromani, his family was able to afford the treatment at a renowned hospital.

LIC Jeevan Shiromani is an insurance plan offered by the LIC of India that provides life coverage as well as investment benefits. The plan is designed to cater to the unique needs of its customers. 

Let us explore more about the plan and understand why most customers are liking this plan:

What are the Benefits of LIC Jeevan Shiromani?

  1. High Coverage

    Under LIC Jeevan Shiromani, the minimum sum assured one can opt for is Rs. 1 Crore. Thus, the plan offers high coverage at affordable rates.

  2. Death Benefit

    The death benefit is payable to the nominee if the policyholder dies during the policy term. The plan comes with two conditions to decide the death benefit amount:

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

    • If the policyholder dies after the completion of five years: The sum assured plus accrued guaranteed additions and loyalty additions.

  3. Maturity Benefit

    If the policyholder outlives the policy term, the plan will pay the maturity benefit which will be calculated as 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. Survival Benefit

    The plan offers survival benefits wherein a certain percentage of the Basic Sum Assured is paid to the policyholder upon the survival of specified durations within the policy terms.

  5. Guaranteed Additions

    Guaranteed Additions are available under the plan which will be accumulated at the end of each policy year during the Premium Paying Term (PPT). Under the plan, Rs. 50 per thousand Basic Sum Assured will be paid for the first five years, and afterward, Rs. 55 per thousand Basic Sum Assured till the end of the PPT.

  6. Inbuilt Critical Illness Benefit

    The policyholder gets coverage against any of the listed 15 critical illnesses, provided that the policy is in-force and with no premium due. Under this benefit, the below-mentioned facilities will be covered:

    • 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.

    Illnesses covered under this benefit are:

    • Cancer of specified severity

    • Open chest CABG

    • Myocardial Infarction

    • Blindness

    • Primary (Idiopathic) Pulmonary Hypertension

    • Kidney Failure requiring regular dialysis

    • Aortic Surgery

    • Major organ/Bone marrow transplant

    • Benign Brain Tumor

    • Stroke resulting in permanent symptoms

    • Permanent paralysis of Limbs

    • Alzheimer's Disease/ Dementia

    • Third Degree Burns

    • Open Heart Replacement or Repair of Heart Valves

    • Multiple Sclerosis with persisting symptoms

  7. Riders for enhanced protection:

    LIC Accidental Death and Disability Benefit Rider, LIC Accident Benefit Rider, LIC New Term Assurance Rider & LIC New Critical Illness Benefit Rider are available under the plan to provide enhanced protection to the policyholder. One can buy these riders by paying an additional premium.

  8. Tax Benefits

    The LIC Jeevan Shiromani policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.


  • Q: Can I buy LIC Jeevan Shiromani with a coverage of Rs. 50 Lakhs?

    Ans: No, the minimum sum assured under the plan is Rs. 1 Crore.
  • Q: Does LIC Jeevan Shiromani offer loans against the policy?

    Ans: Yes, the policyholder can avail loan facility provided at least one full year's premiums have been paid.
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