LIC Premium and Maturity Calculator

LIC Jeevan Shiromani Premium and Maturity Calculator

LIC Jeevan Shiromani Premium and Maturity Calculator - LIC Jeevan Shiromani Plan (Table No. 847) is a new money back plan launched by LIC on 19th December 2017. It is a non-linked, limited premium payment money back plan. It is a with-profits participating plan. This plan is especially designed for HNIs (High Networth Individuals). It provides a life insurance cover, payouts at regular intervals during the policy term and a lumpsum amount on maturity.This plan also provides cover for critical illnesses and has 3 optional riders.

Eligibility conditions (LIC Jeevan Shiromani Premium and Maturity Calculator)

  Minimum Maximum
Sum Assured Rs. 1 Crore No Limit
Policy Term 14,16,18 and 20 years
Premium Paying Term Policy term - 4 years
Policyholder’s Age 18 Years (Completed) 55 Years for 14 Year term
51 Years for 16 year term
48 Years for 18 year term
45 years for 20 year term

Age here refers to nearest birthday
Maximum Age at Maturity 69 years for 14 years term
67 years for 16 years term
66 years for 18 years term
65 years for 20 years term

Age here refers to nearest birthday
Premium Payment Modes Yearly, Half Yearly, Quarterly and Monthly 

Monthly mode is through NACH and Salary deductions only

Benefits (LIC Jeevan Shiromani Premium and Maturity Calculator)

LIC Jeevan Shiromani provides the following benefits:
  • Death Benefit
  • Survival Benefit
  • Maturity Benefit
  • Critical Illness Benefit
Let us understand these benefits better. We will also share an example of each of these benefits.

 

Death Benefit (LIC Jeevan Shiromani Premium and Maturity Calculator)

  • If Death happens during the first 5 years of policy period - Sum Assured on death + Guaranteed Additions.
  • If Death happens from 6th year to policy maturity date - Sum Assured on death + Guaranteed Addition + Loyalty Additions.
For first 5 years Guaranteed Additions in LIC Jeevan Shiromani will be at Rs. 50 per Rs.1,000 Sum Assured and from 6th year onward it will be Rs. 55 per Rs.1,000 Sum Assured every year. 

Loyalty Additions in LIC Jeevan Shiromani will be as declared by LIC. There is no way to know this in advance.

Sum Assured on Death in LIC Jeevan Shiromani is defined as HIGHER of the following:
  1. 10 times of your annualised premium (excluding taxes and the extra amount due to underwriter decisions or rider premium)
  2. 125% of Basic Sum Assured
  3. Sum Assured on Maturity
The Sum Assured on Maturity in LIC Jeevan Shiromani depends on the policy term and is as follows:
  • For 14 Yrs Policy - 40% of Basic Sum Assured
  • For 16 Yrs Policy - 30% of Basic Sum Assured
  • For 18 Yrs Policy - 20% of Basic Sum Assured
  • For 20 Yrs Policy - 10% of Basic Sum Assured
The Death Benefit shall never be less than 105% of all premiums paid. The premium here do not include the taxes or rider premiums or increase in premium on account of underwriting decisions.

Survival Benefit (LIC Jeevan Shiromani Premium and Maturity Calculator)

If policyholder survives each of the specified duration during the policy term, a fixed % of Basic Sum Assured will be payable. This fixed % is as below:
  • For 14 Yrs Policy - 30% of Basic Sum Assured on the 10th and 12th policy anniversary.
  • For 16 Yrs Policy - 35% of Basic Sum Assured on the 12th and 14th policy anniversary.
  • For 18 Yrs Policy - 40% of Basic Sum Assured on the 14th and 16th policy anniversary.
  • For 20 Yrs Policy - 45% of Basic Sum Assured on the 16th and 18th policy anniversary.

Maturity Benefit (LIC Jeevan Shiromani Premium and Maturity Calculator)

If policyholder survives till the end of the policy term, then he will receive the below benefits in addition to the Survival Benefits mentioned above.
  • For 14 Yrs Policy - 40% of Basic Sum Assured + Guaranteed Addition + Loyalty Additions.
  • For 16 Yrs Policy - 30% of Basic Sum Assured+Guaranteed Addition + Loyalty Additions.
  • For 18 Yrs Policy - 20% of Basic Sum Assured+Guaranteed Addition + Loyalty Additions.
  • For 20 Yrs Policy - 10% of Basic Sum Assured+Guaranteed Addition + Loyalty Additions.
For first 5 years Guaranteed Additions in LIC Jeevan Shiromani will be at Rs.50 per Rs.1,000 Sum Assured and from 6th year onward it will be Rs.55 per Rs.1,000 Sum Assured every year.

Loyalty Additions in LIC Jeevan Shiromani will be as declared by LIC. There is no way to know this in advance.

 

Critical Illness Benefit (LIC Jeevan Shiromani Premium and Maturity Calculator)

This plan also provides a critical illness benefit. On the first diagnosis of any one of the 15 Critical Illnessesmentioned below, the following benefits will be provided:

Lump Sum Benefit – 10% of Basic Sum Assured will be payable subject to the following:
  • LIC is satisfied with the reports with specific deferment period (in respect to specific diseases). The benefit will be payable only once during the policy period.
  • A Survival period of 30 days is applicable from the date of diagnosis of critical illness. If death occurs during the 30 days period, then no critical illness benefit will be payable.
  • A waiting period of 90 days will apply from the date of commencement of risk or date of revival of risk (whichever is later).  However, such waiting period is not applicable for accidental cases.
Option to defer the payment of premiums if there is a critical illness claim - If LIC accepts the critical illness claim, then you can defer the premiums for the next two years. LIC will not charge any interest on such delayed payment. However, if there is a survival benefit dues to be payable to policyholder during this 2 years period, then LIC will pay the survival benefit by DEDUCTING the premiums which are due. The deferred premiums will have to be paid after 2 years. All future premiums will have to be paid as per schedule.

Medical Second Opinion – Under this benefit, the policyholder has an option to take the second opinion from the LIC empaneled healthcare providers or through reputed hospitals in India based on the arrangement made by LIC. This facility is available only once during the policy period, for which you no need to pay the cost and then reimburse the expense. 

Some restrictions which apply to the In-built Critical Illness benefit in the Jeevan Shiromani Plan:
  • In some cases, a deferment period may apply to establish the permanence of the illness.
  • In paid-up policies, only a proportional benefit amount will be paid.
  • Waiting Period - There is a waiting period of 90 days from the Date of Commencement of Risk for the In-built Critical Illness Benefit. In case the policyholder is diagnosed with a critical illness within 90 days, the benefits will not be available in the plan at all. This waiting period also applies in the case of policy revival - 90 days from the date of policy being revived. This waiting period does not apply to a condition caused due to an accident.
  • Survival Period - If death of the policyholder occurs within 30 days of diagnosis of the listed critical illness, no benefit is payable.
  • Benefits will not be paid in case of critical illnesses due to the following situations:
    • Intentionally self-inflicted injury or attempted suicide, irrespective of mental condition.
    • Alcohol or solvent abuse, or the taking of drugs except under the direction of a registered medical practitioner.
    • War, invasion, hostilities (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion.
    • Taking part in any act of a criminal nature.
    • Any Pre-existing medical condition.
    • HIV or AIDS
    • Failure to seek medical or follow medical advice (i.e. failure to undergo tests or treatments that a prudent person would normally undergo as recommended by a Medical Practitioner.
    • Radioactive contamination due to nuclear accident.

List of Critical Illnesses covered in Jeevan Shiromani for which the above mentioned benefits are provided are as follows:

  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

Other Features & Conditions in LIC Jeevan Shiromani Plan

Loyalty Additions - Since this is a participating plan, the policyholder will receive benefits in the form of Loyalty additions provided 5 years of premiums have been paid. This is paid on Maturity of the plan or in case of death of the policyholder. The amount would depend on the performance of the company will only be known when it is declared. For paid-up policies, the Loyalty additions would be based on the number of years that the premiums have been paid. In case the plan is surrendered, loyalty additions would be based on the number of years that the premium was paid.

Optional Riders - you have the option of selecting any of the 3 riders mentioned below by paying an extra premium.

  • Accident Death and Disability Benefit Rider
  • Accident Benefit Rider
  • New Term Assurance Rider

Option to Defer the Survival Benefits - The policyholder may choose to not take the Survival Benefits during the policy term. It can be taken when the policy is terminated, either at Maturity or in case of death of the policyholder. In such a scenario, the amount would earn an interest. The interest rate will be the “Yield corresponding to the 5 year G-Sec rate minun 150 basis points” as on 31st March preceding the date of exercise of the deferment option. You will need to intimate LIC in writing in case you wish to avail this option.

Option to take Maturity Benefit in Instalment - Instead of taking the Maturity Benefits in lumpsum, you can choose to take it in instalments over a period of 5, 10 or 15 years. The instalments could be monthly, quarterly, half-yearly or yearly. You can choose to take a part of the maturity benefit in instalments. You will be eligible for an interest rate if you exercise this option - the interest rate would be communicated by LIC from time to time. In case you . wish to avail this option, you will have to intimate LIC at least 3 months before the date of maturity of the policy. Note - After Maturity, in case the policyholder who has chosen this option dies, the payout will continue to be paid in instalments. It cannot be changed by the nominee.

Option to take Death Benefit in Instalment - Instead of taking the Death Benefits in lumpsum, the nominee can choose to take it in instalments over a period of 5, 10 or 15 years. The instalments could be monthly, quarterly, half-yearly or yearly. You can choose to take a part of the maturity benefit in instalments. You will be eligible for an interest rate if you exercise this option - the interest rate would be communicated by LIC from time to time. In case you wish to avail this option, you will have to intimate LIC at least 3 months before the date of maturity of the policy. Note - In case the policyholder who has chosen this option dies, the payout will continue to be paid in instalments. It cannot be changed by the nominee.

Paid Up Value - The Jeevan Shiromani policy acquires a Paid-up value in case at least one full year’s premiums have been paid. 

Paid-Up Sum Assured on Death = (Sum Assured on Death) x Number of premiums paid / Total number of premiums payable. Any Guaranteed Additions and Loyalty Additions which have accrued till the time the premiums were being paid will also be payable.
Paid-Up Sum Assured on Maturity = (Sum Assured on Maturity) x Number of premiums paid / Total number of premiums payable. Any Guaranteed Additions and Loyalty Additions which have accrued till the time the premiums were being paid will also be payable.
Paid-Up Survival Benefit = (Survival Benefit Payable) x Number of premiums paid / Total number of premiums payable.
Critical Illness Benefit = (10% of Sum Assured) x Number of premiums paid / Total number of premiums payable.

Riders shall not acquire any Paid-up benefit.

Surrender Value in Jeevan Shiromani - The policy will have a Guaranteed Surrender Value once 1 year’s premiums have been paid. The Guaranteed Surrender Value is a % of the premiums paid minus any survival benefits which have been paid to the policyholder. The premiums paid here do not include any rider premiums, taxes or increase in base premiums based on an underwriting decision.

The Guarantee Additions will also be paid out when you surrender this plan.

Loan Facility - You can avail a loan against this policy as soon as it acquires a Surrender Value. The loan amounts in LIC Jeevan Shiromani will be as follows:

For active policies - 90% of Surrender Value
For Paid-up policies - 80% of Surrender Value

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