LIC Jeevan Shiromani Plan : LIC Jeevan Shiromani is one of Life Insurance Corporation of India’s most premium insurance cum investment plans, specially tailored for high-income individuals. With a limited premium payment term and high returns, this plan promises not only life protection but also long-term wealth creation. Designed with special benefits, guaranteed additions, and loyalty bonuses, Jeevan Shiromani is an ideal plan for those seeking both security and significant returns – even up to ₹1 crore or more.
Key Features of LIC Jeevan Shiromani Plan
- High return potential with guaranteed additions and loyalty bonus
- Minimum Sum Assured starts from ₹1 crore
- Premium payment term is only 4 years
- Policy terms of 14, 16, 18, and 20 years available
- Critical illness cover is included
- Survival and maturity benefits make it a wealth-building tool
- Loan facility available during the policy term
- Tax benefits under Section 80C and Section 10(10D)
Eligibility Criteria for LIC Jeevan Shiromani
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | Varies with term (up to 55 years) |
| Minimum Sum Assured | ₹1 crore |
| Premium Payment Term | 4 years |
| Policy Term Options | 14, 16, 18, 20 years |
| Payment Frequency | Yearly, Half-Yearly, Quarterly, Monthly |
| Loan Facility | Available after 1 year |
| Critical Illness Benefit | Yes |
How Does LIC Jeevan Shiromani Work?
Under this plan, you invest for only 4 years, and depending on the policy term, receive survival benefits at scheduled intervals and a lump sum maturity amount at the end. Let’s understand this through a sample illustration:
| Age of Policyholder | Policy Term | Sum Assured | Annual Premium (Approx) | Total Premium Paid | Maturity Amount (Approx) |
|---|---|---|---|---|---|
| 30 Years | 20 Years | ₹1 Crore | ₹4,80,000 | ₹19,20,000 | ₹1.05 Crore – ₹1.15 Crore |
| 35 Years | 18 Years | ₹1 Crore | ₹5,20,000 | ₹20,80,000 | ₹1 Crore – ₹1.10 Crore |
| 40 Years | 16 Years | ₹1 Crore | ₹5,60,000 | ₹22,40,000 | ₹95 Lakh – ₹1.05 Crore |
*Note: These values are indicative and depend on actual LIC bonus rates and loyalty additions.
Survival & Maturity Benefits
LIC Jeevan Shiromani offers periodic payments known as Survival Benefits during the policy term.
| Policy Term | Survival Benefit Payout Timing | Payout as % of Sum Assured |
|---|---|---|
| 14 Years | 10th & 12th year | 30% + 30% |
| 16 Years | 12th & 14th year | 35% + 35% |
| 18 Years | 14th & 16th year | 40% + 40% |
| 20 Years | 16th & 18th year | 45% + 45% |
- Final Maturity: Remaining 40% or 30% of Sum Assured + Guaranteed Additions + Loyalty Additions
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Critical Illness Cover Benefit
A major advantage of LIC Jeevan Shiromani is the in-built critical illness rider that covers 15 serious illnesses. Upon diagnosis, a lump sum benefit is paid out, and future premiums may be waived depending on the policy terms.
List of Covered Critical Illnesses:
- Cancer of specified severity
- First heart attack
- Stroke resulting in permanent symptoms
- Kidney failure requiring regular dialysis
- Major organ transplant
- Aorta surgery
- Blindness
- Alzheimer’s disease
- And more…
Additional Benefits and Riders
- Accidental Death and Disability Benefit Rider
- New Term Assurance Rider
- Premium Waiver Benefit Rider (for minors)
- Loan facility after 1 year of policy commencement
Tax Benefits Under LIC Jeevan Shiromani
- Premiums paid are eligible for tax deduction under Section 80C
- Maturity amount is tax-free under Section 10(10D), subject to policy norms
- Critical illness payouts are also exempt from tax in most cases
Who Should Invest in LIC Jeevan Shiromani?
This plan is ideal for:
- High Net-Worth Individuals (HNIs)
- Business owners and professionals looking for tax-efficient investment
- Parents planning for child’s future with high assured returns
- People looking for critical illness protection along with wealth accumulation
Comparison With Other LIC Plans
| Feature | Jeevan Shiromani | Jeevan Labh | Jeevan Umang |
|---|---|---|---|
| Minimum Sum Assured | ₹1 Crore | ₹2 Lakh | ₹2 Lakh |
| Premium Paying Term | 4 Years | 10-16 Years | 15-30 Years |
| Critical Illness Cover | Yes | No | No |
| Return on Maturity | Very High (Bonus + GA) | Moderate | Regular Life Income |
| Target Audience | HNIs | Middle-Income Group | Retirement Planners |
Important Points to Note
- Policy can be surrendered after 1 year with guaranteed surrender value
- Revival is possible within 5 years if premiums are not paid
- Death benefits are significantly higher than paid premiums
- You can nominate beneficiaries and assign the policy
LIC Jeevan Shiromani is a unique combination of wealth creation, insurance protection, and health coverage designed for those who want to invest big and earn big. With just 4 years of premium payments, the plan can yield up to ₹1 crore or more over time, making it an excellent choice for long-term financial planning.
This article is for informational purposes only. Please consult with a certified LIC advisor for personalized policy quotes and benefit illustrations before investing. Returns may vary depending on actual LIC declarations and bonuses.
