LIC JEEVAN SHIROMANI PLAN 847

LIC is Launched an new money back plan LIC Jeevan Shiromani Plan 847 on 19th December 2017

Non linked, with guaranteed addition, limited payment, moneyback plan, covering many critical diseases. With lot of volatility in Indian financial market, LIC OF INDIA has launched a special plan for HNI’s, & NRI’s, which will give guaranteed returns. There is no such plan available in entire insurance industry which can give returns as are given by this Plan. So anyone who wants guaranteed returns must buy LIC jeevan Shiromani Plan 847.

Why Jeevan Shiromani is for HNI’s & NRI’s?

Minimum sum assured for Jeevan Shiromani is Rs 1 crore and there after the insurance can be increased in the multiple of Rs 5 lac and after that there is no upper limit.

How LIC jeevan Shiromani is guaranteed return plan?

This plan offers the guaranteed addition. For the first 5 years, the guaranteed addition will be Rs.50 per Rs.1,000 Sum Assured.

From 6th year onward to till POLICY PREMIUM PAYING TERM, this plan offers the guaranteed addition of Rs.55 per Rs.1,000 Sum Assured.

That is Rs 5lac per annum will be added to the policy for first five years and from 6th years onward Rs5.5lac per annum(till the end of the premium paying term) will be added to this policy in the form of the bonus. Note: This bonus is highest among any plan in the entire insurance industry.

Features of LIC Jeevan shiromani Plan:

There are four different terms available in LIC Jeevan Shiromani Plan and with limited premium paying term (4 years less than the term of the plan).

1. Term 20years with Premium Payment 16years

2. Term 18years with Premium Payment 14years

3. Term 16years with Premium Payment 12years

4. Term 14years with Premium Payment 10years

Moneyback also called Survival Benefits are paid in this plan on alternate years starting from the end of the premium paying term to end of the term.

Example:

For 20years Term premium paying term is 16years and the moneyback will be paid in 16th year = 45% of SA, 18th year = 45% of SA and rest( 10% of SA with guaranteed addition) in 20th yr

For 18years Term premium paying term is 14years and the moneyback will be paid in 14th year = 40% of SA, 16th year = 40% of SA and rest( 20% of SA with guaranteed addition) in 18th yr

For 16years Term premium paying term is 12years and the moneyback will be paid in

12th year = 35% of SA, 14th year = 35% of SA and rest( 30% of SA with guaranteed addition) in 16th yr

For 14years Term premium paying term is 10years and the moneyback will be paid in

10th year = 30% of SA, 12th year = 30% of SA and rest( 40% of SA with guaranteed addition) in 14th yr

Note: % of Moneyback is different in every term.

DEATH BENEFITS OF LIC JEEVAN SHIROMANI PLAN 847

There are two conditions to pay the death benefits under this plan and they are as below.

a) Death during the first 5 years of policy period

If death occurs during the first 5 years of the policy period, then the benefit is as below.

Sum Assured on death+Guaranteed Addition at Rs.50 per Rs.1,000 Sum Assured.

b) Death from 6th year to policy maturity date

Sum Assured on death+Guaranteed Addition (for first 5 years Guaranteed Addition 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)+Loyalty Addition.

MATURITY BENEFITS OF LIC JEEVAN SHIROMANI PLAN 847

If policyholder survives up to the policy period, then he will receive the below benefits.

· For 14 Yrs Policy-40% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition. As 60% of Basic Sum Assured is already paid in two equal money back installments in 10th Yr & 12th Yr each of 30-30%.

· For 16 Yrs Policy-30% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition.As 70% of Basic Sum Assured is already paid in two equal money back installments in 12th Yr & 14th Yr each of 35-35%.

· For 18 Yrs Policy-20% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition. As 80% of Basic Sum Assured is already paid in two equal money back installments in 14th Yr & 16th Yr each of 40-40%.

· For 20 Yrs Policy-10% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition.As 90% of Basic Sum Assured is already paid in two equal money back installments in 16th Yr & 18th Yr each of 45-45%.

INBUILT CRITICAL ILLNESS BENEFITS OF LIC JEEVAN SHIROMANI PLAN 847

LIC Jeevan Shiromani is a special plan which provides critical illness rider free of cost or one can say a compulsory part of this plan.

On the first diagnosis of any one of the 15 Critical Illness as specified below, and also if the policy is in force, then the following benefits will be provided.

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

If the policyholder is diagnosed with any of the above-said illnesses, then LIC will give him the following below mentioned benefits.

a) Lump Sum Benefit:–

Inbuilt critical illness benefits equal to 10% of Basic Sum Assured will be payable subject to the following.

· This benefit will be payable after LIC 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.

b) Option to defer the payment of premiums if there is a critical illness claim:-

If LIC accepted the critical illness claim, then you no need to pay 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 due.

c) Medical Second Opinion:–

Under this benefit, the policyholder has an option to take the second opinion from the LIC impaneled healthcare providers or through reputed hospitals in India based on the arrangement made by LIC.

Do remember that this facility is available only once during the policy period, for which you no need to pay the cost. The policyholder can take this second opinion immediately after informing LIC about the illness (without bothering about whether his critical illness benefit will be accepted or not).

However, such second opinion not involves any test. If you do the test, then you have to bear the cost of that.

Also, such second opinion is purely based on the facilities and recommendations LIC provide.

How LIC Jeevan Shiromani works conceptually, explained below with the help of an example for a Sum Assured of Rs 1 crore on the age of Mr. X aged 30yrs.