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Jeevan Shiromani

LIC Jeevan Shiromani is a premium policy designed especially for high net worth individuals. This plan combines savings, protection and medical cover and offers attractive returns with tax benefits. The policy is a non-linked, limited premium paying plan that offers life insurance cover, a lump-sum amount on maturity and payouts at regular intervals. Optional riders are also available.

LIC’s Jeevan Shiromani Policy Details

The biggest advantage this plan has over others is that it gives the policy holder annual survival benefits after the premium payment term and a maturity/death benefit at the time of maturity/death. What you need to know about this policy is:

  • Full payout on death of policy holder or on maturity
  • Portion of assured sum paid back at varying intervals
    • 14 years policy: 30% of sum assured paid in 10th and 12th year
    • 16 years policy: 35% of sum assured paid in 12th and 14th year
    • 18 years policy: 40% of sum assured paid in 14th and 16th year
    • 20 years policy: 45% of sum assured paid in 16th and 18th year
  • Policy maturity term: 14 / 16/ 18 / 20 years
  • Premium to be paid for: 4 years less than policy term
  • Medical cover included for 15 major illnesses
  • Mode of Premium Payment: monthly/ quarterly/ every six months or annually.
  • Minimum assured sum: Rs 1,00,00,000.
  • Maximum assured sun: None
  • Income Tax Exemptions for Premium paid under Section 80C
  • Tax rebate for money back / maturity/death benefits under Section 10(10D)
  • Loan and surrender facilities can be availed after paying premium for 1 year and 3 years respectively

The minimum age at which an individual can purchase this policy is 18 years. However, the maximum age limit varies according to the policy duration. An individual must be no older than 55 years to buy the 14 year policy and 51 years for the 16 year policy. For the 18 year and 20 year policy you must be no older than 48 and 45 years respectively. So, hurry get in touch with an LIC agent now.

Minimum age 18 years
Maximum age 55 years for Policy term 14 years
51 years for Policy term 16 years
48 years for Policy term 18 years
45 years for Policy term 20 years
Policy term 14, 16, 18 & 20 years
Premium paying term Policy term (-) 4 years
Minimum Sum Assured Rs. 1 Crore
Maximum Sum Assured No limit
Premium payment Yearly / Half yearly / Quarterly / Monthly (Thru bank)
Loan Eligible after 1st year
Surrender Eligible after 3 years
Critical Illness (In built) 15 Major diseases are covered
Money Back at For Policy term 14 years, 30% of SA in 10th & 12th year
For Policy term 16 years, 35% of SA in 12th & 14th year
For Policy term 18 years, 40% of SA in 14th & 16th year
For Policy term 20 years, 45% of SA in 16th & 18th year
On Maturity / Death Sum Assured + Guaranteed Additions + Loyalty Addition
Income Tax Benefits (i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Money Back amount/ Maturity amount / Death claim is
Non-taxable u/s 10(10d)


Lic Jeevan Shiromani Insurance Plan No 847
New LIC Jeevan Shiromani Plan