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Brief Plan Features

  • Unlike the typical traditional plans of LIC, this plan will be eligible for paid-up immediately after the 1st year completion of policy. For all other policies of LIC, paid up feature will be applicable if you paid the premium for at least 3 years.
  • As the policy is eligible for paid up after a year, you are eligible to surrender the policy immediately after the 1st year completion.
  • You can avail the loan after a year of the policy.
  • Along with inbuilt Critical Illness rider, this plan offers another 3 types of riders and they are Accidental Death and Disability Benefit Rider, Accident benefit rider, New Term Assurance Rider. However, including critical illness rider, you can opt for the maximum of 3 riders only.
  • You can pay the premium yearly, half-yearly, quarterly or monthly.


Jeevan Shiromani Plan (Plan No. 847)

Minimum Sum Assured Rs. 1 Crore
Maximum Sum Assured No Limit
Policy Term 14,16,18 and 20 years
Premium Paying Term Term - 4 years
Minimum Age at Entry 18 years
Maximum Age at Entry 55 Years for 14 Year policy
51 Years for 16 year policy
48 Years for 18 year policy
45 years for 20 year policy
Maximum Age at Maturity 69 years for 14 years policy
67 years for 16 years policy
66 years for 18 years policy
65 years for 20 years policy
D.O.C Immediately


LIC's Jeevan Shiromani Benefit Details

Maturity Benefits

  • For 14 Yrs Policy-40% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition.
  • For 16 Yrs Policy-30% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition.
  • For 18 Yrs Policy-20% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition.
  • For 20 Yrs Policy-10% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition.

Survival Benefits

  • For 14 Yrs Policy-30% of Basic Sum Assured on each 10th and 12th policy year.
  • For 16 Yrs Policy-35% of Basic Sum Assured on each 12th and 14th policy year.
  • For 18 Yrs Policy-40% of Basic Sum Assured on each 14th and 16th policy year.
  • For 20 Yrs Policy-45% of Basic Sum Assured on each 16th and 18th policy year.

Survival and Maturity Benefits under Jeevan Shiromani Plan 847
Policy Term Surval and Maturity Benefits as a % of Basic Sum Assured SB=Survival Benrfits, MB=Maturity Benefits, GA=Guaranteed Addition, LA=Loyalty Addition
  10 Yr 12th Yr 14th Yr 16th Yr 18th Yr 20th Yr
14 Yrs 30% (SB) 30% (SB) 40% (MB)+GA+LA - - -
16 Yrs - 35% (SB) 35% (SB) 30% (MB)+GA+LA - -
18 Yrs - - 40% (SB) 40% (MB) 20% (MB)+GA+LA -
20 Yrs - - - 45% (MB) 45% (MB) 10% (MB)+GA+LA


Death Benefits

There are two conditions to pay the death benefits under this plan and they are as below.

  1. Death during the first 5 years of policy period If death occurs during the first 5 years of the policy period, then the benefit is as below. Sum Assured on death+Guaranteed Addition at Rs.50 per Rs.1,000 Sum Assured.
  2. Death from 6th year to policy maturity date Sum Assured on death+Guaranteed Addition (for first 5 years Guaranteed Addition will be at Rs.50 per Rs.1,000 Sum Assured and from 6th year onward it will be Rs.55 per Rs.1,000 Sum Assured)+Loyalty Addition.
Sum Assured on Death:
  • 10 times of your annual premium (excluding taxes, the extra amount due to underwriter decisions or rider premium)
  • 125% of Basic Sum Assured.
  • 105% of all the premiums paid as on date of death.
  • You can also defer the death benefits payable to your nominee in instalments rather than a lump sum payment is chosen over the period of 5 yrs, 10 yrs or 15 yrs. This can be exercised by the policyholder during his lifetime only. Based on this, the nominee will receive the death benefits at a deferred period set by the policyholder. Nominee can’t alter this feature. This can be either % of the death benefit or absolute value of money.
  • The instalments will be payable in advance by LIC in the mode the policyholder opted. The interest rate on such payment will be decided by LIC from time to time.


Inbuilt Critical Illness Benefits of LIC Jeevan Shiromani

Along with the above-shared death, survival and maturity benefits, this plan also offers the inbuilt critical illness benefits.
On the first diagnosis of any one of the 15 Critical Illness as specified below, and also if the policy is in force, then the following benefits will be provided.
But before that let us first understand of what are those 15 critical illness which this plan covers. They are as below.

  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

  1. Aortic Surgery
  2. Primary (idiopathic) pulmonary hypertension
  3. Alzheimer’s disease/dementia
  4. Blindness
  5. Third-degree burns
  6. Open heart replacement or repair of heart valves
  7. Benign brain tumor

Once you are diagnosed with an above-said illness, then LIC will give you the below benefits.

  1. Lump Sum Benefit:–

    2. Inbuilt critical illness benefits equal to 10% of Basic Sum Assured will be payable subject to the following.

    • This benefit will be payable after LIC 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.

  2. Option to defer the payment of premiums if there is a critical illness claim:-

    • If LIC accepted the critical illness claim, then you no need to pay 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 due.

  3. 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.
    • Do remember that this facility is available only once during the policy period, for which you no need to pay the cost. The policyholder can take this second opinion immediately after informing LIC about the illness (without bothering about whether his critical illness benefit will be accepted or not).
    • However, such second opinion not involves any test. If you do the test, then you have to bear the cost of that.
    • Also, such second opinion is purely based on the facilities and recommendations LIC provide.