LIC's Jeevan Shiromani (Plan No: 947) is basically an effective insurance policy that offers complete protection along with savings. Those who are Net-worth individuals, they should definitely invest in this plan.
This plan will help your family with great financial support in case of your death during the policy tenure. Apart from this, you will also be liable to get the periodic payments at specified durations during the policy term and a lump sum payment to the surviving policyholder at the time of maturity. This plan also comes with the option of lumpsum amount that will be equal to 10% of the chosen Basic Sum Assured on the diagnosis of any of the specified Critical Illnesses.
It offers a life insurance plan with regular payout during intervals of policy term and a lump sum amount on maturity. This plan also offers cover for critical illnesses and has 3 optional riders.
On death during the first five years: Death Benefit defined as the sum of "Sum Assured on Death" and accrued Guaranteed Addition shall be payable.
On completing 5 years of the policy years but before the date of maturity: Death Benefit defined as the sum of "Sum Assured on Death" and accrued Guaranteed Addition and Loyalty Addition, if any, will be payable.
Where "Sum Assured on Death" is defined as the highest of 10 times of annualized premium; or Sum Assured on Maturity absolute amount assured to be paid on death, i.e. 125% of Basic Sum Assured.
This death benefit shall not be less than 105% of all the premiums paid as on date of death.
On the survival of the insured to each of the specified durations during the policy term, offered all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed the percentage for various policy terms is as below:
For policy term 14 years:
30% of Basic Sum Assured on each of 10 th and 12 th policy anniversary.
For policy term 16 years:
35% of Basic Sum Assured on each of 12 th and 14 th policy anniversary.
For policy term 18 years:
40% of Basic Sum Assured on each of 14 th and 16 th policy anniversary.
For policy term 20 years:
45% of Basic Sum Assured on each of 16 th and 18 th policy anniversary.
In case of survival till the end of the policy tenure, provided all due premiums have been paid, "Sum Assured on Maturity" along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.Where "Sum Assured on Maturity" is as under:
10% of Basic Sum assured for policy term 20 years
On diagnosis of any 15 critical illnesses as mentioned below, offered the policy is inforce on the date of diagnosis by payment of all premiums due under the policy, the following benefits/ facilities will be available:
|Sum Assured||Rs. 1 Crore||No Limit|
|Policy Term||14,16,18 and 20 years|
|Premium Paying Term||Policy term - 4 years|
|Entry Age of Policyholder (last birthday)||18 Years (Completed)|
|Maximum Age at Maturity||18 Years (Completed)|
|Premium Payment Modes||Yearly, Half Yearly, Quarterly and Monthly |
Monthly mode is through NACH and Salary deductions only
You can pay premium regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions during the Premium Paying Term of the policy.
However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly mode and 15 days for monthly mode of premium payment.Sample Premium Rates Following are some of the sample tabular annual premium rates (in Rs.) (exclusive of applicable tax) per Rs. 1000/- Basic Sum Assured. Free look period If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons of objections.
Last updated on 06-11-2020