LIC's Jeevan Shiromani is a non-linked, money back life insurance plan. It has specifically been designed for High Net-worth Individuals (HNIs), NRIs, Businessmen, Merchant Navy Officers, Pilots and other High Salaried Individuals. The minimum Sum Assured under Jeevan Shiromani is Rs. 1 Crore. This plan provides a financial cushion to the family in case of the death of the policy holder. Typically, periodic payments are made to the policy holder during the policy term in addition to the lump sum payment at the end of the policy term. Moreover, policy holder is entitled to payment equivalent to 10% of Basic Sum Assured (BSA) in case any of the 15 specified Critical Illnesses is diagnosed. LIC Jeevan Shiromani is the only plan which comes with Critical Illness Rider inbuilt and policy holder does not need to buy it separately.
The pay back period for the policy is as under
- 30% each of BSA on completion of 10th and 12th year for a policy term of 14 years
- 35% each of BSA on completion of 12th and 14th year for a policy term of 16 years
- 40% each of BSA on completion of 14th and 16th year for a policy term of 18 years
- 45% each of BSA on completion of 16th and 18th year for a policy term of 20 years
The following riders are available with the plan
- Accidental Death and Disability Benefit Rider
- Accident Benefit Rider
- New Term Assurance Rider