Basic Eligibility Conditions and Features of LIC’s Jeevan Shiromani Plan (Table No. 947): –  

a) Minimum Basic Sum Assured:- `                        10000000

b) Maximum Basic Sum Assured:-                          No Limit (The Basic Sum Assured shall be in multiples of 500000/-)

c) Minimum Age at entry:-                                        18 years (completed)

d) Maximum Age at entry:-                                       55 years (nearer birthday) for policy term 14 years

                                                                                        51 years (nearer birthday) for policy term 16 years 

                                                                                        48 years (nearer birthday) for policy term 18 years 

                                                                                        45 years (nearest birthday) for policy term 20 years

e) Maximum Maturity Age:-                                      69 years (nearer birthday) for policy term 14 years

                                                                                        67 years (nearer birthday) for policy term 16 years

                                                                                        66 years (nearer birthday) for policy term 18 years

                                                                                        65 years (nearer birthday) for policy term 20 years

f) Policy Term:-                                                           14 years, 16 years, 18 years, & 20 years, 

g) Premium Paying Term:-                                        Policy term – 4 

h) Modes of Payments:-                                            Premium can be paid in Yearly, Half-yearly. Quarterly, Monthly (SSS and NACH) 

A. Death Benefit:-

  On death during first five years:-                         Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable.

  On death after completion of five policy years but before the date of maturity:-  Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition and Loyalty Addition, if any, shall be payable. Where “Sum Assured on Death” is defined as the higher of 125% of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of all the premiums paid up to the date of death.

B) Survival Benefit:- On the life assured surviving to each of the specified durations during the policy term, provided all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:-

     For policy term 14 years:-                                    30% of Basic Sum Assured on each of 10 and 12 policy anniversary.

     For policy term 16 years:-                                    35% of Basic Sum Assured on each of 12 and 14 policy anniversary.

     For policy term 18 years:-                                    40% of Basic Sum Assured on each of 14 and 16 policy anniversary.

     For policy term 20 years:-                                    45% of Basic Sum Assured on each of 16 and 18 policy anniversary.

C) Maturity Benefit:-  On the life assured surviving to the end of the policy term, 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:-  40% of Basic Sum Assured for policy term 14 years 30% of Basic Sum Assured for policy term 16 years 20% of Basic Sum assured for policy term 18 years 10% of Basic Sum assured for policy term 20 years

D) Inbuilt Critical Illness Benefit:-

Benefit:- On first diagnosis of any one of the 15 critical illnesses as mentioned below, provided the policy is in-force on the date of diagnosis by payment of   all premiums due under the policy, the following benefits/ facilities shall be available :-

i) Lumpsum Benefit:-  Inbuilt Critical Illness Benefit equal to 10% of Basic Sum Assured shall be payable provided the claim is admissible.

ii) Option to defer the payment of premium(s):-   When a claim under inbuilt Critical Illness Benefit is admitted, life assured will have an option to defer the payment of premiums falling due within 2 years from the date of admission of Critical Illness claim under the policy (including rider premiums).

  iii) Medical Second Opinion:-  The policyholder will have facility of taking Medical Second Opinion, through the available healthcare providers, internationally or through reputed hospitals in India or through specialist doctors available in different places depending on the arrangement in this regard by the Corporation.

(A) The list and definitions of the 15 Critical Illness conditions covered under this benefit:- 1. CANCER OF SPECIFIED SEVERITY,  2. OPEN CHEST CABG  3. MYOCARDIAL INFARCTION,  4. KIDNEY FAILURE REQUIRING REGULAR DIALYSIS,  5. MAJOR ORGAN /BONE MARROW TRANSPLANT (as a recipient),  6. STROKE RESULTING IN PERMANENT SYMPTOMS,     7. PERMANENT PARALYSIS OF LIMBS,  8. MULTIPLE SCLEROSIS WITH PERSISTING SYMPTOMS,  9. AORTIC SURGERY,  10. PRIMARY (IDIOPATHIC) PULMONARY HYPERTENSION, 11. ALZHEIMER’S DISEASE/ DEMENTIA,  12. BLINDNESS,  13. THIRD-DEGREE BURNS,  14. OPEN HEART REPLACEMENT OR REPAIR OF HEART VALVES,  15. BENIGN BRAIN TUMOR

Guaranteed Additions:-  Guaranteed Additions shall accrue at the end of each policy year during the Premium Paying Term (PPT), provided all due premiums have been paid till date.

The rate of Guaranteed Additions shall be as follows:-   Rs. 50 per thousand Basic Sum Assured for first five years 

                                                                                                     Rs. 55 per thousand Basic Sum Assured from 6th policy year till end of PPT

In case of a paid-up policy or on surrender of a policy the Guaranteed Addition for the policy year in which the last premium is received will be added on proportionate basis in proportion to the premium received for that year.

 Option to take Maturity/Death benefit in instalments:-   Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as Paid-up policy. This option can be opted by the Life Assured for full or part of the maturity proceeds payable under the policy.

  Rider Benefits:-  The following four optional riders are available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. Therefore, a maximum of three riders can be availed under a policy.

 a) LIC’s Accidental Death and Disability Benefit Rider,    b) LIC’s Accident Benefit Rider      c) LIC’s New Term Assurance Rider     d) LIC’s New Critical Illness Benefit Rider