LIC Jeevan Shiromani Plan 847

LIC Jeevan Shiromani Plan promotes savings and facilitates life insurance at the same time. It is a non-linked money back plan. Basically this policy is designed for high net worth individuals. With the minimum sum assured of Rs.1 crore, it helps big time for the family of the policyholder.

Payments at specific time intervals along with a lump sum payment at the end of policy term make this plan a pretty obvious choice for the high net worth individuals. Below are all the key features and benefits of the LIC Jeevan Shiromani Plan 847.

Key features

• Critical illness cover
• Loan facility at the completion of 1^st year of the policy term
• Accidental death and disability benefits
• Payments initiated after completion of one year’s premium payment of the plan
• No tax on payments received
• Paid premiums are free from tax under the Income Tax Act 80C
• Surrender option after the successful completion of one year of the policy
• Options available as yearly, half-yearly, quarterly or monthly for premium payments

Eligibility

Entry Age	Minimum- 18 years   Maximum- Policy term         :           Age 14 years             :      55 years 16 years             :      51 years 18 years             :      48 years 20 years             :      45 years
Sum Assured	Minimum- Rs.1 Crore   Maximum- No limit
Policy Term Period	14 years 16 years 18 years 20 years
Maturity Age	Term             :        Age 14 years           :    69 years 16 years           :    67 years 18 years           :    66 years 20 years           :    65 years
Premium Payment Term	4 years of the policy term
Modes of Premium Payment	Yearly, half-yearly, quarterly and monthly

Benefits

• Death Benefit:

1. Sum assured including Guaranteed Additions will be payable if the death happens in between the first 5 years of the policy period.
2. The sum assured including Guaranteed Additions and Loyalty Additions will be payable in the case of the unfortunate death from the 6^th year till the time of policy maturity.

• Basic Sum Assured on death as higher of the following:

1. 10 times of your annual premium
2. 105% of the premium paid till date
3. 125% of the basic sum assured

• Survival Benefits:

Basic Sum Assured at a fixed percentage will be payable if the policyholder survived these specific intervals during the policy term.

1. 14 years of policy term: 30% Sum Assured on each 10th and 12th anniversary of the policy term.
2. 16 years of policy term: 35% Sum Assured on both the 12^th and 14^th anniversary of the policy term.
3. 18 years of policy term: 40% Sum Assured on each 14^th and 16^th anniversary of the policy term.
4. 20 years of policy term: 45% Sum Assured on both the 16th and 18th anniversary of the policy term.

• Maturity Benefit:

Sum Assured on maturity including Guaranteed Additions and Loyalty Additions, if any, shall be payable to the policyholder on the successful completion of the entire policy term.

1. 14 years of policy term: 40% Basic Sum Assured+ Guaranteed Addition+ Loyalty Additions
2. 16 years of policy term: 30% Basic Sum Assured+ Guaranteed Addition+ Loyalty Additions
3. 18 years of policy term: 20% Basic Sum Assured+ Guaranteed Addition+ Loyalty Additions
4. 20 years of policy term: 10% Basic Sum Assured+ Guaranteed Addition+ Loyalty Additions

• Critical illness cover:

In the case of 15 critical illnesses mentioned in the policy determined to the policyholder while the plan is in force, he/she will get the below benefits-

1. Lump-sum amount: After the successful verification of the claim, 10% of Basic Sum Assured will be paid to the policyholder as Critical Illness Benefit.
2. Postponement of premium payments: Premiums will get deferred for an interval of 2 years from the date of illness claim.

Exclusions

1. 80% of the premiums will be paid in case the policyholder commits suicide during the 12 months of policy initiation. The corporation will not entertain any other claims besides that.
2. Amount higher than 80% of the premiums paid or surrender value till the date of death will be paid to the nominee in case the policyholder commits suicide within 12 months from renewal.

Conclusion

LIC Jeevan Shiromani provides higher returns on maturity which lures the high net worth individuals. Apart from this LIC plan 847 also provides benefits like the high sum assured and tax refunds, which make this policy a good option to choose.

There are tax benefits under Section 80C and Section 10 (10D) under the Income Tax Act, 1961 provided in LIC Jeevan Shiromani.

Life Corporation of India is a government-owned Insurance and Investment Company. Their policies come with almost no risk. So for the people who can opt this plan should go for it.

For more information on Jeevan Shiromani plan 847 visit your nearest Life Corporation of India office branch or you can contact the LIC Customer Care Number by dialing the number..