LIC’s Jeevan Shiromani Plan (947)


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LIC’s Jeevan Shiromani Plan is specifically designed for High Net-worth individuals to provide a protection and saving instrument. The plan has money back option for time-frame liquidity needs and a lump-sum maturity benefit. Plan provide financial security to the family of policyholder in case of untimely death before maturity, equivalent to sum assured. Plan also provide Health insurance for certain diseases during policy term. Therefore this plan is champion with all in one type of feature that include limited premium, high sum assured, money back, loan facility and health insurance.

To know more about the plan and its feature, let's start with it's features:

 This policy is available in Four variant:

 Premium paying term: 10, 12, 14, 16 years (Policy term - 4 Years)

 Policy term (time until your policy matures): 14, 16, 18, 20 years

 Minimum Sum Assured: 10000000 (1 Crore)

 Maximum Sum Assured: unlimited (with special medical reports and income proof)

 Minimum Entry Level Age: 18 years completed

 Maximum Entry Level Age: 55 years in nearest birthday

 Maximum Maturity Age: 69 years

                 Due to the above clause maximum entry level age for all four variant of this policy

Table 1: Term Vs Maximum Entry Age
Term Maximum Entry Age
(Years) (Years)
14 55
16 51
18 48
20 45

  Maximum Accidental Death and Disability benefit rider applicable up to age of 70 years

 Maturity Benefit: Sum assured + Loyalty Additions (for illustration keep on reading)

 Minimum years to pay premium: 2years (after paying premium for 2 years one can stop paying premium; your money will be safe to withdraw or for loan

 Loan and Surrender: after 2 years of policy period considering there is no unpaid premium in first 2 years of policy period.

 Revival: Policy can be revived within 5 years of lapsation.

 Benefit illustration:

Nikhil Kumar a professional in a Multi National company has purchased LIC’s Jeevan Shiromani Plan of Sum assured 10000000 INR at the age of 40 years for 20 years term after considering following benefit illustration:-

Table 2: LIC’s Jeevan Shiromani Plan Premium and Benefit Illustration
Policy Term 14 16 18 20
Premium Paying term 10 12 14 16
Sum Assured 10000000 10000000 10000000 10000000

Per Day Premium

(1st Year/after 1st year)

3189/3120 2704/2645 2351/2301 2113/2067

Monthly Premium

(1st Year/after 1st year)

98970/96839 83905/82099 72976/71404 65574/64162

Quarterly Premium

(1st Year/after 1st year)

296911/290518 251714/246295 218928/214214 196721/192486

Half Yearly Premium

(1st Year/after 1st year)

587951/575292 498460/487727 433539/424205 389569/381181

Yearly Premium

(1st Year/after 1st year)

1164161/1139096 986982/965731 858447/839963 771388/754779

Total Premium Paid

(Based on Yearly Mode)

11416025 11610023 11777966 12093073
Money Back Return
Amount Per instance 3000000 3500000 4000000 4500000
Total Money Back 6000000 7000000 8000000 9000000
Sum Assured 9250000 9350000 9450000 9550000
Loyalty Additions 2150000 2700000 3300000 3900000
Total Maturity Return 11400000 12050000 12750000 13450000
Grand Total (Maturity+Money Back) 17400000 19050000 20750000 22450000

All of these maturity is tax free under income tax act 10 (D)

*all maturity projection is based on current rate of bonus paid by LIC.