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Launch Date Table No. UIN Status
12/12/2017 847 512N315V01 Active

About LIC Jeevan Shiromani

  • LIC Jeevan Shiromani is a simple money back plan that offers a periodic payment during the policy term
  • Depending on policy term an individual receives the periodic payment
  • Guaranteed additions (assured returns) and loyalty additions are paid
  • Has an additional in-built critical illness benefit wherein 15 critical illnesses are covered
  • LIC Jeevan Shiromani provides additional benefits in the form of three riders
  • This policy is especially for high net worth individuals

How does LIC Jeevan Shiromani Work?

An individual can choose a policy term (14, 16, 18 and 20) and pay premium for the limited term calculated by the equation (policy term – 4 years). Depending on the policy term chosen one receives the survival and maturity benefits.   Given table shows the rate at which the survival and maturity benefit is paid as per policy term.

  Survival benefit returns (% of sum assured) Frequency of Periodic payment year Maturity benefit(% of sum assured)
14 years 30% Paid at the end of 10th and 12th year 40%
16 years 35% Paid at the end of 12th and 14th year 30%
18 years 40% Paid at the end of 14th and 16th year 20%
20 years 45% Paid at the end of 16th and 18th year 10%

An individual has an option to collect the survival benefit as lump sum on maturity or collect it in instalments during the chosen settlement period of 5, 10 and 15 years after the policy term ends.

During the policy term an additional built-in benefit of critical illness is provided.  On diagnosis of 15 major critical illnesses following benefits are given:

  • A 10 % of basic sum assured is given
  • Makes provision for second medical opinion through the available healthcare providers, internationally or through reputed hospitals in India or through specialist doctors available at different places
  •  When a claim is made on diagnosis of critical illness, then an option to defer premium for the following two years is allowed


If in-case of an unfortunate event of death of the individual:

  • During first five years of the policy term, his nominee receives Sum Assured on Death + accrued Guaranteed Additions
  • Between 6th year and end of the policy term then his nominee receives Sum Assured on Death+ accrued Guaranteed Additions and Loyalty Additions (if any payable)


The Sum Assured on Death is a higher value chosen from:

  • 10 times of annualised premium
  •  Sum Assured on Maturity
  • 125% of Basic Sum Assured 


Now let us understand this with the help of an example.


Person’s age: 35 years
Sum assured: Rs. 1 crore
Policy term: 20 years
Premium paying term: 20 – 4 (Policy term – 4) = 16 years

A 35 year old person chooses a 20 year policy term of LIC Jeevan Shiromani plan and pays regular annual premium of Rs 7, 06,090 for 16 years for a Sum Assured of Rs 1 crore.  At the end of the 16th year and 18th year he receives Rs 45,00,000 ( 45% of sum assured) each as survival benefit. Finally at maturity, that is at the end of 20th year he receives the remaining 10% of Sum assured (Rs 10,00,000) + Guaranteed Additions ((50 x 1000 x 5) + (55 x 1000 x 11)= Rs 85,50,000) + Loyalty Additions (Rs 39,00,000). Total amount of approximately Rs 1,34,50 is paid on maturity.

If in-case of death of the person during 6th year, his nominee will receive Rs 1,57,00,000 as death benefit. Death benefit paid includes Sum Assured on death, accrued Guaranteed Additions and Loyalty additions (if payable)

Why should you buy LIC Jeevan Shiromani?

  • LIC jeevan Shiromani offers accrued guaranteed high returns on maturity
  • High Life cover ratio means higher accrued amounts
  • Provides benefit on diagnosis of 15 major critical illnesses
  • Premiums paid are tax exempt under section 80C
  • Higher sum assured offers tax rebates


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Who should buy LIC Jeevan Shiromani?

  • Minimum and maximum entry ages are 18 years and 55 years( for 14 year policy term), 51 years (for 16 years policy term), 48 years(for 18 years policy term), and 45 years (for 20 years policy term)
  • Minimum sum assured is Rs 100,00,000
  • Maximum age at maturity is 69 years(for 14 years policy term), 67 years(for 16 years policy term), 66 years( for 18 years policy term) and 65 years (for 20 years policy term)
  • Sole earning individuals who want to safeguard their family’s future in-case of their absence
  • Individuals who are looking for secure returns
  • High net individuals who are looking for liquidity through loan facility

Understand Bonus Declared

The Guaranteed Additions paid are accrued. For first five years it is accrued at Rs 50 per 1000 Sum Assured and from 6th year till the premium paying term it is accrued at Rs 55 per 1000 Sum Assured.

Loyalty Additions are also payable from the 6th year onwards, if any applicable declared by the insurance company.

Riders & Add On

The following riders are available under this plan:

  • LIC’s Accidental Death and Disability Rider: In this rider the nominee/ family receives the sum assured after the insured’s accidental death or dismemberment or permanent disability.
  • LIC’s Accident Benefit Rider: In this rider the nominee/ family receives Accident Benefit Rider Sum Assured will be payable as lump sum along with the death benefit under the base plan, if the insured dies due to an accident.
  • LIC’s New Term Assurance Rider: The benefit cover under this rider shall be available during the policy term. If this rider is opted for, an additional amount equal to Term Assurance Rider Sum Assured shall be payable on death of the Life Assured during the policy term.

Claim Process

Know Claim Process of LIC Jeevan Shiromani

Claim Process

Company Overview

Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.


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Tab 2

2 burgers per month

burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

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Get ₹. 50 Lakhs
on retirment by saving
₹. 3,900/ Month.