Death Benefit
i. If the policy holder dies during the first five years of the policy, then they will get the sum assured plus accrued guaranteed additions paid out.
ii. If the policy holder dies after completion of five years, but before their policy has matured in full, the sum assured plus accrued guaranteed additions and loyalty additions will also be paid out.
Sum Assured on death (amount payable is higher of)
- 10 times of the annual premiums
- 125% of the basic sum assured
- Not higher than 105% of the premiums paid till date
Surrender Value
Upon surrendering the policy after the complete payment of all premiums for the first year, the policyholder becomes eligible to receive the guaranteed surrender value. The guaranteed surrender value is determined by calculating the sum of all premiums paid up to that specific date.
Loan
In order to obtain a Jeevan Shiromani loan through your policy, you will have to have paid all the premiums for one year. The maximum loan amount you can obtain is 90% of the surrender value in the case of in-force policies and 80% if the policy is paid up.
Profit Participation (Bonus / Loyalty Additions)
LIC Jeevan Shiromani policy participates in the profits of LIC, and this participation is reflected in the form of Guaranteed Additions and Loyalty Additions. These additions enhance the policy benefits and are declared based on the company’s experience. The insured can receive these additions either as part of the Death Benefit or as a component of the Maturity benefit.
Survival Benefits
LIC’s Jeevan Shiromani survival benefit is paid to the life assured at every stage of survival during the tenure of the policy. Provided that the policyholder survives the policy term and has made all premium payments as required, the beneficiaries will receive a predetermined percentage of the total sum assured amount. beneficiaries as follows:
Sum Assured on death (amount payable is higher of)
- For a policy term of 14 years, 30% of the basic sum assured on the 10th and 12th policy anniversary.
- For a policy term of 16 years, 35% of the basic sum assured on the 12th and 14th policy anniversary.
- For a policy term of 18 years, 40% of the basic sum assured on the 14th and the 16th policy anniversary.
- For a policy term of 20 years, 45% of the basic sum assured on the 16th and the 18th policy anniversary.
Survival Benefits
LIC’s Jeevan Shiromani survival benefit is paid to the life assured at every stage of survival during the tenure of the policy. Provided that the policyholder survives the policy term and has made all premium payments as required, the beneficiaries will receive a predetermined percentage of the total sum assured amount. beneficiaries as follows:
Sum Assured on death (amount payable is higher of)
- For a policy term of 14 years, 30% of the basic sum assured on the 10th and 12th policy anniversary.
- For a policy term of 16 years, 35% of the basic sum assured on the 12th and 14th policy anniversary.
- For a policy term of 18 years, 40% of the basic sum assured on the 14th and the 16th policy anniversary.
- For a policy term of 20 years, 45% of the basic sum assured on the 16th and the 18th policy anniversary.
