{"id":603,"date":"2023-11-26T12:24:26","date_gmt":"2023-11-26T12:24:26","guid":{"rendered":"https:\/\/thebankingguides.com\/?p=603"},"modified":"2023-11-26T12:24:31","modified_gmt":"2023-11-26T12:24:31","slug":"lic-jeevan-shiromani-plan","status":"publish","type":"post","link":"https:\/\/thebankingguides.com\/lic-jeevan-shiromani-plan\/","title":{"rendered":"LIC Jeevan Shiromani Plan: Features, Eligibility, & Benefits"},"content":{"rendered":"
<\/div>\n\n

LIC Jeevan Shiromani Plan Details. <\/strong>LIC, or Life Insurance Corporation<\/strong> of India, is a well-known and reputable insurance company that provides a variety of insurance plans, particularly life insurance plans. <\/p>\n\n\n\n

Jeevan Shiromani’s policy<\/strong> offers financial security and coverage for both life and health. One of the best things about this company is that it provides good financial security at a relatively low cost. LIC is a very old company and has been providing insurance services to people for a long time.<\/p>\n\n\n\n

The Life Insurance Corporation of India<\/strong> (LIC India) is a very well-known and reputable company in the life insurance business. The company has introduced a plan called LIC Jeevan Shiromani Plan<\/strong>. Through this post, we will provide you with information related to this plan. The company constantly provides new offers to customers to keep them interested.<\/p>\n\n\n\n

Highlights of LIC Jeevan Shiromani Plan<\/strong><\/h3>\n\n\n\n
Company Name <\/strong><\/td>Life Insurance Corporation of India <\/td><\/tr>
Scheme <\/strong><\/td>LIC Jeevan Shiromani Plan <\/td><\/tr>
Benefits of Scheme <\/strong><\/td>Death, survival, maturity and critical illness benefits <\/td><\/tr>
Application Process <\/strong><\/td>Online and Offline <\/td><\/tr>
Official Website <\/strong><\/td>Click here<\/a> <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

What is LIC Jeevan Shiromani Policy 947?<\/strong><\/h2>\n\n\n\n

LIC Jeevan Shiromani Policy 947: LIC Jeevan Shiromani Policy<\/strong> (Policy No. 947) is a new money-back plan launched by LIC on December 19, 2017. It is a premium money-back plan from LIC. It is a participating plan with added benefits. <\/p>\n\n\n\n

Lic Jeevan Shiromani plan 947<\/a><\/strong> is specifically designed for HNIs (High net-worth Individuals). It is a limited premium paying, with a bonus and non-linked plan which offers a combination of protection and saving features.<\/p>\n\n\n\n

This is a life insurance coverage plan, where the policyholder pays regular instalments during the policy term and receives a lump sum amount at maturity. This plan also provides coverage for serious illnesses and offers three optional riders. It also provides coverage for death due to any cause during the policy term.<\/p>\n\n\n\n

LIC Jeevan Shiromani Plan Features?<\/strong><\/h3>\n\n\n\n
    \n
  • Minimum Entry Age:<\/strong> 18 years<\/li>\n\n\n\n
  • Maximum Entry Age:<\/strong> 55 years (for a 14-year policy term), 51 years (for a 16-year policy term), 48 years (for an 18-year policy term), 45 years (for a 20-year policy term)<\/li>\n\n\n\n
  • Maximum Age at Maturity:<\/strong> 69 years (for a 14-year policy term), 67 years (for a 16-year policy term), 66 years (for an 18-year policy term), 65 years (for a 20-year policy term)<\/li>\n\n\n\n
  • Minimum Basic Sum Assured:<\/strong> 1 Crore Rupees.<\/li>\n\n\n\n
  • Maximum Basic Sum Assured:<\/strong> No limit. Increase in Sum Assured in multiples of Rs. 5 lacs.<\/li>\n\n\n\n
  • Policy Term:<\/strong> The term of this policy is 14, 16, 18, and 20 years<\/li>\n\n\n\n
  • Premium Payment Term:<\/strong> 4 years less than the policy term. For example, for a 14-year policy term, the premium payment term will be 10 years.<\/li>\n\n\n\n
  • Guaranteed Addition:<\/strong> 50 Rupees per 1,000 Rupees sum assured for the first five years, 55 Rupees per 1,000 Rupees sum assured from the sixth year till the end of the premium payment term. Note that the money is payable only at the time of maturity (end of policy term).<\/li>\n\n\n\n
  • This plan also has an inbuilt critical illness cover. <\/li>\n\n\n\n
  • The policyholder can also opt for a loan against this plan. <\/li>\n\n\n\n
  • There are also some rebates offered based on the mode of payment and higher sum insured.<\/li>\n\n\n\n
  • It provides survival benefits at specified durations.<\/li>\n\n\n\n
  • This offers critical illness benefits by covering 15 diseases.<\/li>\n\n\n\n
  • It helps to support the family financially in critical situations.<\/li>\n<\/ul>\n\n\n\n

    What are the benefits of LIC Jeevan Shiromani?<\/strong><\/h3>\n\n\n\n

    Death Benefit: <\/strong>If the policyholder passes away during the first five years of the policy, the guaranteed additional sum will be paid along with the death benefit.<\/p>\n\n\n\n

    If the policyholder passes away after the completion of five years but before the maturity date of the policy, the guaranteed additional sum assured, the basic sum assured, and loyalty additions will be paid.<\/p>\n\n\n\n

    The death benefit (payout amount) is higher than the sum assured and includes:<\/strong><\/p>