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LIC Jeevan Shiromani Plan( Table No 847)











LIC’s Jeevan Shiromani Plan (Table No- 847), which can be defined as a non-linked, with-profits, limited premium payment, money back plan is having Guaranteed Additions .LIC’s Jeevan Shiromani is a power packed Money back plan specially designed for High Net-worth Individuals (HNI’s). This plan is so unique, with several innovative features.Under this plan Gauranteed additions shall accured at the rate of Rs.50 per thousand on basic sum assured for first five year and their after Rs.55 per thousand on basic sum assured from 6th policy year to end of the premium paying term. in addition the policy shall participate in the profits in form of loyalty additions also.This plan also provides Inbuilt critical illness rider which provides benefits against 15 critical illnesses like cancer and kidney failure, it has option to opt riders like Accidental Death & Disability Benefit (AD & DB), Critical Illness rider, Accidental Benefit riders, Term Assurance rider. 

Key features of Jeevan Shiromani Plan:

  • Non-Linked, Money Back, Limited Payment, Guaranteed Addition Plan.
  • Premium Waiver Benefit (PWB) Rider in case of Minor Policy Holder.
  • Availability of Accidental Death & Disability Benefit (AD & DB), Term Assurance riders.
  • Critical Illness Benefit coverage for fifteen specified critical illnesses available as an optional rider.
  • The flexibility of policy term. Policy term can be opted from 14, 16, 18 and 20 years.
  • Paid premiums are exempted from income tax under 80C.
  • Tax free Money Backs and Maturity u/s 10(10)D.


   Eligibility Criteria of Jeevan Shiromani Plan:  
Minimum Age at Entry 18 Years (Completed)


Maximum Age at Entry

55 Years for 14 Year Term

51 Years for 16 Year Term

48 Years for 18 Year Term

45 Years for 20 Year Term

Maximum Maturity Age 70 Years(Nearest Birthday)
Policy Term(Premium Paying Term) 14 years(10 years), 16(12), 18(14), 20(16)
Minimum Sum Assured 1,00,00,000/-
Maximum Sum Assured No Limit (shall be in multiples of 5,00,000/-)
Policy Mode Yearly,Half-Yearly,Quaterly,Monthly (NACH only)


Rebate Of Mode Of Premium

Yearly-- 2%

Half-Yearly-- 1%

Quaterly & Monthly-- Nil



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 highest of

  • 10 times of annualised premium; or
  • Sum Assured on Maturity as defined in 1. c) below; or
  • 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. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.


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:


                              1st Money Back 2nd Money Back

For 14 Years Policy 

30% of SA at end of 10th policy year

30% of SA at end of 12th policy year

For 16 Years Policy 

35% of SA at end of 12th policy year

35% of SA at end of 14th policy year

For 18Years Policy 

40% of SA at end of 14th policy year

40% of SA at end of 16th policy year

For 20 Years Policy 


45% of SA at end of 16th policy year


45% of SA at end of 18th policy year

Maturity Benefits:

On the survival till the maturity term. Following maturity benefit is payable.

  • For 14 Years Policy – 40% of Basic Sum Assured + Accrued guaranteed additions  + Loyalty additions
  • For 16 Years Policy – 30% of Basic Sum Assured + Accrued guaranteed additions + Loyalty additions
  • For 18 Years Policy – 20% of Basic Sum Assured + Accrued guaranteed additions  + Loyalty additions
  • For 20 Years Policy – 10% of Basic Sum Assured + Accrued guaranteed additions  + Loyalty additions


Critical Illness Benefit in LIC Jeevan Shiromani:

This plan also provides a critical illness benefit. On the first diagnosis of any one of the 15 Critical Illnesses mentioned below, the following benefits will be provided:

Lump Sum Benefit – 10% of Basic Sum Assured will be payable subject to the following:

  • LIC is satisfied with the reports with specific deferment period (in respect to specific diseases). The benefit will be payable only once during the policy period.
  • A Survival period of 30 days is applicable from the date of diagnosis of critical illness. If death occurs during the 30 days period, then no critical illness benefit will be payable.
  • A waiting period of 90 days will apply from the date of commencement of risk or date of revival of risk (whichever is later).  However, such waiting period is not applicable for accidental cases.

Option to defer the payment of premiums if there is a critical illness claim - If LIC accepts the critical illness claim, then you can defer the premiums for the next two years. LIC will not charge any interest on such delayed payment. However, if there is a survival benefit dues to be payable to policyholder during this 2 years period, then LIC will pay the survival benefit by DEDUCTING the premiums which are due. The deferred premiums will have to be paid after 2 years. All future premiums will have to be paid as per schedule.

Medical Second Opinion – Under this benefit, the policyholder has an option to take the second opinion from the LIC empaneled healthcare providers or through reputed hospitals in India based on the arrangement made by LIC. This facility is available only once during the policy period, for which you no need to pay the cost and then reimburse the expense. 

Some restrictions which apply to the In-built Critical Illness benefit in the Jeevan Shiromani Plan:

  • In some cases, a deferment period may apply to establish the permanence of the illness.
  • In paid-up policies, only a proportional benefit amount will be paid.
  • Waiting Period - There is a waiting period of 90 days from the Date of Commencement of Risk for the In-built Critical Illness Benefit. In case the policyholder is diagnosed with a critical illness within 90 days, the benefits will not be available in the plan at all. This waiting period also applies in the case of policy revival - 90 days from the date of policy being revived. This waiting period does not apply to a condition caused due to an accident.
  • Survival Period - If death of the policyholder occurs within 30 days of diagnosis of the listed critical illness, no benefit is payable.
  • Benefits will not be paid in case of critical illnesses due to the following situations:
    • Intentionally self-inflicted injury or attempted suicide, irrespective of mental condition.
    • Alcohol or solvent abuse, or the taking of drugs except under the direction of a registered medical practitioner.
    • War, invasion, hostilities (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion.
    • Taking part in any act of a criminal nature.
    • Any Pre-existing medical condition.
    • HIV or AIDS
    • Failure to seek medical or follow medical advice (i.e. failure to undergo tests or treatments that a prudent person would normally undergo as recommended by a Medical Practitioner.
    • Radioactive contamination due to nuclear accident.

List of Critical Illnesses covered in Jeevan Shiromani for which the above mentioned benefits are provided are as follows:

  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 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


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