LIC Jeevan Shiromani Plan (847) Details
LIC Jeevan Shiromani is a non-linked money back plan especially for high income group with minimum sum assured 1 Crore. This plan comes with guaranteed addition at the rated of Rs. 50 per thousand of basic sum assured for first 5 policy years and Rs 55 per thousand of sum assured from sixth policy year till the year of last premium payment. Available premium payment terms in this plan are 10, 12, 14 and 16 years with 14, 16, 18 and 20 years as maturity term respectively. Apart from 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. This plan has been explained with the help of an example in later part of this article.
Key Features
- Guaranteed Additions during premium payment term.
- Critical Illness benefits against 15 diseases.
- Availability of Accidental Death & Disability Benefit (AD & DB), Term Assurance riders.
- Paid premiums are exempted from income tax under 80C.
- Tax free Money Backs and Maturity.
| Calculators For Jeevan Shiromani Plan (847) | |
| Premium Calculator | Maturity Calculator |
Plan Parameters
| Age at Entry | 18 years (Completed) Calculate your Age |
|---|---|
| Policy Term (Premium Paying Term) | 14(10), 16(12), 18(14), 20(16) |
| Maximum Age at Entry in Years) (As per Nearest Birthday) |
|
| 55 Years for 14 Year Term | |
| 51 Years for 16 Year Term | |
| 48 Years for 18 Year Term | |
| 45 Years for 20 Year Term | |
| Basic Sum Assured | 1,00,00,000 and above in multiples of 5,00,000 |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only) |
| Premium Payment Mode rebate | 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly |
Money Back and Maturity
The plan provides Guaranteed additions (GAs) at the rate Rs 50 per thousand of Sum Assured for first 5 policy years and Rs. 55 per thousand of sum assured from 6th year till the year of last premium payment and one time loyalty addition on maturity. During the policy term, this plan provides two fixed money backs (as certain percentage of Sum Assured) and on completion of policy term, maturity will be Sum Assured + Guaranteed additions (GAs) + Loyalty Addition (LA). Following table provides money backs and maturity details of all term available in this plan.
| Policy Term (Years) | 1st Money Back | 2nd Money Back | Maturity Details (on completion of policy term) |
|---|---|---|---|
| 14 | 30% of SA at end of 10th policy year | 30% of SA at end of 12th policy year | 40% of SA + GAs + LA |
| 16 | 35% of SA at end of 12th policy year | 35% of SA at end of 14th policy year | 30% of SA + GAs + LA |
| 18 | 40% of SA at end of 14th policy year | 40% of SA at end of 16th policy year | 20% of SA + GAs + LA |
| 20 | 45% of SA at end of 16th policy year | 45% of SA at end of 18th policy year | 10% of SA + GAs + LA |
In above table, SA is Basic Sum Assured or simply Sum Assured
Risk Cover and Death Benefit
In case of death during first 5 year of policy, the death claim will be 125 % of Basic Sum Assured + Guaranteed Addition (GAs) at the rate of Rs 50 per thousand of Sum Assured per year.
In case of death after completion of 5 policy years and before maturity, the death claim will be 125 % of Basic Sum Assured + Guaranteed Addition (GAs) at the rate of Rs 55 per thousand of Sum Assured per year (up to the policy year of last premium payment) + Loyalty Addition (LA).
Jeevan Shiromani Policy (847) with an Example
For explanation, let's take example of a policy with following details.
| Purchase Year | 2017 |
| Age | 29 Years |
| Basic Sum Assured | 1,00,00,000 |
| Policy Term | 20 |
| Premium Paying Term | 16 |
| Premium of Basic Plan (without GST) | 6,91,390 |
As per above policy details, following table provides Year-wise and age premium paid, moneyback, risk covers and maturity details.
| Year No | Year | Age | Basic Sum Assured | Premium Paid | Guaranteed Additions(GAs) | Life Cover (125% of BSA + GAs +LA) |
Return |
|---|---|---|---|---|---|---|---|
| 1 | 2017 | 29 | 10000000 | 691390 | 500000 | 13000000 | 0 |
| 2 | 2018 | 30 | 10000000 | 1382780 | 1000000 | 13500000 | 0 |
| 3 | 2019 | 31 | 10000000 | 2074170 | 1500000 | 14000000 | 0 |
| 4 | 2020 | 32 | 10000000 | 2765560 | 2000000 | 14500000 | 0 |
| 5 | 2021 | 33 | 10000000 | 3456950 | 2500000 | 15000000 | 0 |
| 6 | 2022 | 34 | 10000000 | 4148340 | 3050000 | 15550000 + LA | 0 |
| 7 | 2023 | 35 | 10000000 | 4839730 | 3600000 | 16100000 + LA | 0 |
| 8 | 2024 | 36 | 10000000 | 5531120 | 4150000 | 16650000 + LA | 0 |
| 9 | 2025 | 37 | 10000000 | 6222510 | 4700000 | 17200000 + LA | 0 |
| 10 | 2026 | 38 | 10000000 | 6913900 | 5250000 | 17750000 + LA | 0 |
| 11 | 2027 | 39 | 10000000 | 7605290 | 5800000 | 18300000 + LA | 0 |
| 12 | 2028 | 40 | 10000000 | 8296680 | 6350000 | 18850000 + LA | 0 |
| 13 | 2029 | 41 | 10000000 | 8988070 | 6900000 | 19400000 + LA | 0 |
| 14 | 2030 | 42 | 10000000 | 9679460 | 7450000 | 19950000 + LA | 0 |
| 15 | 2031 | 43 | 10000000 | 10370850 | 8000000 | 20500000 + LA | 0 |
| 16 | 2032 | 44 | 10000000 | 11062240 | 8550000 | 21050000 + LA | 4500000 (1st Money Back) |
| 17 | 2033 | 45 | 10000000 | -- | -- | 21050000 + LA | 0 |
| 18 | 2034 | 46 | 10000000 | -- | -- | 21050000 + LA | 4500000 (2nd Money Back) |
| 19 | 2035 | 47 | 10000000 | -- | -- | 21050000 + LA | 0 |
| 20 | 2036 | 48 | Maturity | 9550000 + LA | |||
Please Note: Above illustration has been generated just for the purpose of explanation.
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