947

LIC's Jeevan Shiromani (Plan No: 947) is basically an effective insurance policy that offers complete protection along with savings. Those who are Net-worth individuals, they should definitely invest in this plan.

This plan will help your family with great financial support in case of your death during the policy tenure. Apart from this, you will also be liable to get the periodic payments at specified durations during the policy term and a lump sum payment to the surviving policyholder at the time of maturity. This plan also comes with the option of lumpsum amount that will be equal to 10% of the chosen Basic Sum Assured on the diagnosis of any of the specified Critical Illnesses.

It offers a life insurance plan with regular payout during intervals of policy term and a lump sum amount on maturity. This plan also offers cover for critical illnesses and has 3 optional riders.

The plan comes out with great features. Some of them are mentioned below

• Not like other traditional LIC policies, this plan will allow you to get paid-up immediately after the 1st year completion of policy. For all other policies in which LIC deals, the paid feature will be there only if you paid the premium for at least 3 years.

• This plan also allows you to surrender the same after completing the first year of the plan.

• This policy allows you to avail the benefits of a loan after a year of the policy.

• This plan comes along with the inbuilt Critical Illness rider, this plan offers another 3 types of riders and they are Accidental Death and Disability Benefit Rider, Accident benefit rider, New Term Assurance Rider. The plan allows you to opt maximum of 3 riders ONLY.

• You can pay the premium yearly, half-yearly, quarterly or monthly.

1. Death Benefit

On death during the first five years: Death Benefit defined as the sum of "Sum Assured on Death" and accrued Guaranteed Addition shall be payable.

On completing 5 years of the policy years but before the date of maturity: Death Benefit defined as the sum of "Sum Assured on Death" and accrued Guaranteed Addition and Loyalty Addition, if any, will be payable.

Where "Sum Assured on Death" is defined as the highest of 10 times of annualized premium; or Sum Assured on Maturity absolute amount assured to be paid on death, i.e. 125% of Basic Sum Assured.

This death benefit shall not be less than 105% of all the premiums paid as on date of death.

2. Survival Benefit

On the survival of the insured to each of the specified durations during the policy term, offered all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed the percentage for various policy terms is as below:

For policy term 14 years:

30% of Basic Sum Assured on each of 10 th and 12 th policy anniversary.

For policy term 16 years:

35% of Basic Sum Assured on each of 12 th and 14 th policy anniversary.

For policy term 18 years:

40% of Basic Sum Assured on each of 14 th and 16 th policy anniversary.

For policy term 20 years:

45% of Basic Sum Assured on each of 16 th and 18 th policy anniversary.

3. Maturity Benefit

In case of survival till the end of the policy tenure, provided all due premiums have been paid, "Sum Assured on Maturity" along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.

Where "Sum Assured on Maturity" is as under:

• 40% of Basic Sum Assured for policy term 14 years

• 30% of Basic Sum Assured for policy term 16 years

• 20% of Basic Sum assured for policy term 18 years

• 10% of Basic Sum assured for policy term 20 years

4. Inbuilt Critical Illness Benefit

On diagnosis of any 15 critical illnesses as mentioned below, offered the policy is inforce on the date of diagnosis by payment of all premiums due under the policy, the following benefits/ facilities will be available:

1. Lumpsum Benefit: Inbuilt Critical Illness Benefit equal to 10% of Basic Sum Assured shall be payable provided the claim is admissible.

2. Option to defer the payment of premium(s): When a claim under inbuilt Critical Illness Benefit is admitted, insured will get the option to defer the payment of premiums that comes under 2 years from the date of admission of Critical Illness claim under the policy.

You can pay premium regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions during the Premium Paying Term of the policy.

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly mode and 15 days for monthly mode of premium payment.

Sample Premium Rates

Following are some of the sample tabular annual premium rates (in Rs.) (exclusive of applicable tax) per Rs. 1000/- Basic Sum Assured.

Free look period

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons of objections.

• In case where the insured commits suicide at any time within 12 months 14 from the date of commencement of risk , the company will not entertain any claim except for 80% of the premiums paid, provided the policy is inforce.

• f the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the surrender value as available on the date of death shall.