LIC Jeevan Shiromani Policy | Features and Benefits
LIC (Life Insurance Corporation of India) launched a new money back policy called LIC Jeevan Shiromani on 19th December 2017. LIC Jeevan Shiromani policy offers a combination of protection and savings. It is a non-linked, money back, limited premium payment life insurance policy. LIC Jeevan Shiromani policy is specially designed for High Net-worth Individuals.
LIC Jeevan Shiromani Policy
LIC Jeevan Shiromani policy
provides financial support for the family in case of unfortunate death of the
policyholders during the policy term. This is a money back policy, therefore,
periodic payments shall also be made on survival
of the policyholder at specified durations during the policy term and a lump
sum payment is made to the surviving policyholder at the time of maturity. LIC
Jeevan Shiromani policy also provides for payment of a lump sum amount equal to 10% of the Basic Sum Assured on diagnosis of any of the specified critical
illnesses. In this post, let’s take a look at LIC Jeevan Shiromani policy
features and benefits.
Eligibility Conditions for LIC Jeevan Shiromani Policy
Following
are the eligibility conditions for LIC Jeevan Shiromani Policy
1. Minimum
Basic Sum Assured (BSA) – 1 crore.
2. Maximum
Basic Sum Assured (BSA) – There is no maximum limit but it should be in
multiples of Rs. 5 lakhs.
3. Policy
Term – 14 years, 16 years, 18 years and 20 years.
4. Premium
Paying Term – (Policy term – 4) years.
5. Minimum
Age at entry – 18 years (completed).
6. Maximum
Age at entry – 55 years (nearer birthday) for policy term 14 years.
– 51
years (nearer birthday) for policy term 16 years.
– 48
years (nearer birthday) for policy term 18 years.
– 45
years (nearer birthday) for policy term 20 years.
7. Maximum
Age at maturity – 69 years (nearer birthday) for policy term 14 years.
– 67
years (nearer birthday) for policy term 16 years.
– 66
years (nearer birthday) for policy term 18 years.
– 65
years (nearer birthday) for policy term 20 years.
Date of commencement of risk under LIC Jeevan Shiromani Policy
Under
LIC Jeevan Shiromani policy the risk will commence immediately from the date of
acceptance of the risk.
Features of LIC Jeevan Shiromani Policy
Following
are the features of LIC Jeevan Shiromani policy:
1. LIC
Jeevan Shiromani is a non-linked with-profit money back life insurance policy.
2. LIC Jeevan Shiromani is a limited premium
payment life insurance policy but the risk coverage will be there for the
entire policy term.
3. This
policy offers a guaranteed addition of Rs 50 per thousand Basic Sum Assured for first 5
policy year.
4. Guaranteed
addition of Rs. 55 per thousand Basic Sum Assured from 6th policy year till the
end of premium paying term.
5. The policy will be
eligible for paid-up immediately after the 1st year completion of policy. In
all other LIC policies, the policy becomes eligible for paid-up if you pay the
premiums for 3 years.
6. LIC Jeevan Shiromani policy
has inbuilt critical illness coverage.
7. LIC Jeevan Shiromani policy
offers four optional riders:
i) LIC’s Accidental Death
and Disability Benefit Rider
ii) LIC’s Accident Benefit Rider
iii) LIC’s New Term
Assurance Rider
iv) LIC’s
New Critical Illness Benefit Rider
However,
you can opt between either of the LIC’s
Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider.
Therefore, a maximum of three riders can be availed under a policy.
8. Loyalty
additions provided the policy has completed five policy years.
9. You
can surrender LIC Jeevan Shiromani policy immediately after completion of one
year.
10. The loan can be availed on LIC Jeevan Shiromani
policy after completion of one year.
11. Premiums
can be paid regularly at yearly, half-yearly, quarterly or monthly intervals.
Benefits under LIC Jeevan Shiromani Policy
Following
are the benefits under LIC Jeevan
Shiromani policy:
1. Death Benefit
a) On
death during first five years: Sum Assured on Death and accrued Guaranteed
Addition shall be payable.
b) On
death after completion of five policy years but before the date of maturity: 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 the below
i) 10
times of annualised premium.
ii) 125%
of Basic Sum Assured.
iii)
105% of all the premiums paid as on date of death.
2. Survival Benefit
A
fixed percentage of the Basic Sum Assured will be payable if the life assured survives to each of the specified
durations during the policy term. The fixed percentage is as below:
a) For
policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th year of
the policy.
b) For
policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th year of
the policy.
c) For
policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th year of
the policy.
d) For
policy term 20 years: 45% of Basic Sum Assured on each of 16th and 18th year of
the policy.
3. Maturity Benefit
If life
assured survives up to the end of the policy term then “Sum Assured on
Maturity” along with accrued Guaranteed Additions and Loyalty Addition, if any,
shall be payable.
Where
“Sum Assured on Maturity” is as under:
i) 40%
of Basic Sum Assured for policy term 14 years.
ii) 30%
of Basic Sum Assured for policy term 16 years.
iii)
20% of Basic Sum assured for policy term 18 years.
iv) 10%
of Basic Sum assured for policy term 20 years.
4. Inbuilt Critical Illness Benefit
LIC
Jeevan Shiromani policy also offers the inbuilt critical illness benefits. List
of the 15 critical illness which are covered under LIC Jeevan Shiromani policy
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
On first diagnosis of any one of the 15 critical
illnesses as mentioned above, provided the policy is inforce, the following benefits will be available.
1. Lumpsum
Benefit
Inbuilt
Critical Illness Benefit equal to 10% of Basic Sum Assured shall be payable
provided the claim is admissible.
2. Option
to defer the payment of premium(s)
When
a claim under inbuilt Critical Illness Benefit is admitted, the life assured will have an option to defer the
payment of premiums falling due within 2 years from the date of admission of
Critical Illness claim under the policy (including rider premiums).
3. Medical
Second Opinion
The
policyholder will have facility of taking
Medical Second Opinion, through the available healthcare
providers, internationally or through reputed hospitals in India depending on
the arrangement in this regard by the Corporation. This facility shall be
available only once during the policy term with no extra cost.
Also read: How to link Aadhaar and PAN to LIC policies?
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LIC Jeevan Shiromani Policy | Features and Benefits
nice
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ReplyDelete“Mudrabhandar