LIC’s Jeevan Shiromani

LIC’s Jeevan Shiromani


Benefits
Eligibility Condition And Other Restrictions



LIC’s Jeevan Shiromani (UIN: 512N315V01)
(A non-linked, with-profit, limited premium payment money back life insurance plan)


LIC’s Jeevan Shiromani plan offers a combination of protection and savings. This plan is specially designed for High Net-worth Individuals. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term. Periodic payments shall also be made on survival of the policyholder at specified durations during the policy term and a lump sum payment to the surviving policyholder at the time of maturity. In addition, this plan also provides for payment of a lumpsum amount equal to 10% of the chosen Basic Sum Assured on diagnosis of any of the specified Critical Illnesses.
This plan also takes care of liquidity needs through loan facility.
A) Death Benefit:
On death during first five years: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable.
On death after completion of five policy years but before the date of maturity: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition and Loyalty Addition, if any, shall be payable.
Where "Sum Assured on Death” is defined as the highest of
•10 times of annualised premium; or
•Sum Assured on Maturity as defined in 1. c) below; or
•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.
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
b) Survival Benefit:
On the life assured surviving to each of the specified durations during the policy term, provided all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:
For policy term 14 years:
30% of Basic Sum Assured on each of 10th and 12th policy anniversary.
For policy term 16 years:
35% of Basic Sum Assured on each of 12th and 14th policy anniversary.
For policy term 18 years:
40% of Basic Sum Assured on each of 14th and 16th policy anniversary.
For policy term 20 years:
45% of Basic Sum Assured on each of 16th and 18th policy anniversary.
c) Maturity Benefit:
On the life assured surviving to the end of the policy term, 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
d) Inbuilt Critical Illness Benefit:
I. Benefit: On first diagnosis of any one of the 15 critical illnesses as mentioned below, provided the policy is inforce on the date of diagnosis by payment of all premiums due under the policy, the following benefits/ facilities shall be available:
i) Lumpsum Benefit: Inbuilt Critical Illness Benefit equal to 10% of Basic Sum Assured shall be payable provided the claim is admissible.
ii) Option to defer the payment of premium(s): When a claim under inbuilt Critical Illness
Benefit is admitted, life assured will have an option to defer the payment of premiums falling
due within 2 years from the date of admission of Critical Illness claim under the policy
(including rider premiums). The deferment of premiums shall be allowed for a period of 2 years from the date of admission of Critical Illness claim and subsequent premiums, if any, shall be payable on their due dates. No interest shall be charged from the life assured for deferred premiums within the period of such deferment . During this period, if any due premium(s) are not paid, and any of the benefits payable under the base policy and/or rider(s) become due, the applicable benefit(s) shall be payable as under an inforce policy after the deduction of all the premiums due under the policy.

iii) Medical Second Opinion: The policyholder will have facility of taking Medical Second Opinion, through the available healthcare providers, internationally or through reputed hospitals in India or through specialist doctors available in different places depending on the arrangement in this regard by the Corporation. This facility shall be available only once during the policy term with no extra cost. This provision for all or either of the options of Medical Second Opinion is subject to availability of the facility and arrangement made by the Corporation and as intimated in this regard. The details of same shall be furnished to the policyholder along with the policy document.

II. Conditions and restrictions under Inbuilt Critical Illness Benefit:
(A) Inbuilt Critical Illness benefit will be payable only after the Corporation is satisfied on the basis of available medical evidence that the specified illness has occurred. However, in some illnesses covered under this benefit, a specific deferment period applies to establish permanence of the illness covered.
(B) This benefit shall be payable only once during the currency of the policy. Under a paid-up policy proportionate benefit amount shall be payable.
(C) The list and definitions of the 15 Critical Illness conditions covered under this benefit:
CANCER OF SPECIFIED SEVERITY:
OPEN CHEST CABG
MYOCARDIAL INFARCTION
KIDNEY FAILURE REQUIRING REGULAR DIALYSIS
MAJOR ORGAN /BONE MARROW TRANSPLANT (as recipient)
STROKE RESULTING IN PERMANENT SYMPTOMS
PERMANENT PARALYSIS OF LIMBS
MULTIPLE SCLEROSIS WITH PERSISTING SYMPTOMS
AORTIC SURGERY
PRIMARY (IDIOPATHIC) PULMONARY HYPERTENSION
ALZHEIMER’S DISEASE/ DEMENTIA
BLINDNESS
THIRD DEGREE BURNS
OPEN HEART REPLACEMENT OR REPAIR OF HEART VALVES
BENIGN BRAIN TUMOR
(D) Waiting period:
A waiting period of 90 days will apply from the date of commencement of risk or date of revival of risk cover, whichever is later, to the first diagnosis of the Critical Illness under consideration. This would mean that this benefit shall terminate if any of the contingencies mentioned in Para 1.d.II. above occurs: (i) at any time on or after the date on which the risk under the Policy has commenced but before the expiry of 90 days reckoned from that date or
(ii) before the expiry of 90 days from the date of Revival.
However, waiting period will not apply to conditions arising directly out of accident. (E) Survival period:
A survival period of 30 days is applicable from the date of diagnosis of Critical Illness listed above. If death occurs within the survival period, no inbuilt critical illness benefit shall be payable. (F) Exclusions:
The Corporation shall not be liable to pay any of the benefits under Inbuilt Critical Illnesses Benefit if the critical illness has occurred directly or indirectly as a result of any of the following:
•Any of the listed critical illness conditions where death occurs within 30 days from the date of diagnosis
•Any sickness condition related to the critical illnesses listed above manifesting itself within 90 days of the commencement of risk or revival of risk cover, whichever is later.
•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.
(G) Termination of Inbuilt Critical Illness Benefit:
The Inbuilt Critical Illness Benefit will terminate on the earliest occurrence of any of the following events:
•The date on which the claim is paid in respect of this benefit; or
•The date of expiry of policy term; or
•The date on which surrender benefit is settled under the policy; or
•On cancellation/termination of the policy for any reason; or
•On cancellation/termination of the policy by the Corporation on grounds of misrepresentation, fraud or non-disclosure established in terms of Section 45 of the Insurance Act, 1938, as amended from time to time; or
•On diagnosis of a Critical Illness within the waiting period Any critical illness manifesting itself during the waiting period is not admissible. The first admissible critical illness which is manifested, diagnosed and lodged after waiting period and during the currency of policy, once admitted for, shall preclude any further critical illness and therefore the benefit will terminate.
Guaranteed Additions:
Guaranteed Additions shall accrue at the end of each policy year during the Premium Paying Term (PPT), provided all due premiums have been paid till date. The rate of Guaranteed Additions shall be as follows:
•Rs. 50 per thousand Basic Sum Assured for first five years
•Rs. 55 per thousand Basic Sum Assured from 6th policy year till end of PPT
In case of a paid-up policy or on surrender of a policy the Guaranteed Addition for the policy year in which the last premium is received will be added on proportionate basis in proportion to the premium received for that year.

Participation in profits:
Provided the policy has completed five policy years and atleast 5 full years’ premium have been paid, then depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was inforce.

In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five
policy years and atleast 5 full years’ premium have been paid In case of surrender of policy, Loyalty Addition shall be payable for the completed policy year for which the policy was inforce. Optional Benefit:
Rider Benefits:
The following four optional riders are available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. Therefore, a maximum of three riders can be availed under a policy.
a) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02).
This rider can be opted for at any time within the premium paying term of the Base plan provided the outstanding premium paying term is atleast 5 years. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, in case of accidental death, the Accident Benefit Rider Sum Assured will be payable as lumpsum along with the death benefit under the base plan. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

b) LIC’s Accident Benefit Rider (UIN:512B203V03)
This rider can be opted for at any time within the premium paying term of the Base plan provided the outstanding premium paying term is atleast 5 years. The benefit cover under this rider shall be available during the premium paying term. If this rider is opted for, in case of accidental death, the Accident Benefit Rider Sum Assured will be payable as lumpsum along with the death benefit under the base plan.
c) LIC’s New Term Assurance Rider (UIN: 512B210V01)
This rider is available at inception of the policy only. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, an additional amount equal to Term Assurance Rider Sum Assured shall be payable on death of the Life Assured during the policy term.
d) LIC’s New Critical Illness Benefit Rider (UIN: 512A212V01)
This rider is available at the inception of the policy only. The cover under this rider shall be available during the policy term. If this rider is opted for, on first diagnosis of any one of the specified 15 Critical Illnesses covered under this rider, the Critical Illness Sum Assured shall be payable.
The premium for LIC’s Accident Benefit Rider or LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Critical Illness Benefit Rider shall not exceed 100% of premium under the base plan and the premiums under all other life insurance riders put together shall not exceed 30% of premiums under the base plan.
Each of above Rider sum assured cannot exceed the Basic Sum Assured. For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch Office.
Option to defer the Survival Benefit(s):
The policyholder shall have an option to defer the Survival Benefit(s) and take the increased Survival Benefits (i.e. deferred original Survival Benefit(s) along with interest) at any time on or after its due date but during the currency of the policy. If the increased survival benefit(s) are not taken by the policyholder during the currency of the policy the same shall be payable along with benefit payable at the time of termination of the policy in the form of death or maturity or surrender. This option can be availed under an inforce as well as paid-up policy.
The annual compound interest rate payable on each deferred Survival Benefit shall be equal to the Yield corresponding to 5 year G-Sec Rate minus 150 basis points. Where, 5 year G-Sec Rate shall be as at 31st March preceding the date of exercise of deferment option. This rate shall be fixed for the entire duration of deferment of that Survival Benefit.
This option can be exercised for either or both of the Survival Benefits separately and is to be intimated in writing to the servicing branch office of the Corporation at least six months before the due date of the Survival Benefit. Else the survival benefits would be paid on their due dates as per the terms of the policy. Settlement Option (for Maturity Benefit):
Settlement Option is an option to receive Maturity Benefit in installments over the chosen period of 5 or 10 or 15 years instead of lump sum amount. This option can be opted for full or part of the maturity proceeds payable under the policy. The amount opted for this option by the Life Assured can be either in absolute value or as a percentage of the total claim proceeds payable (including the payment of deferred Survival Benefit(s), if any).
The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum installment amount as under:
Mode of Installment payment Minimum installment amount
Monthly Rs. 5000/-
Quarterly Rs. 15000/-
Half-Yearly Rs. 25000/-
Yearly Rs. 50000/-
If the net claim amount is less than the required amount to provide the minimum installment
amount as per the option exercised by the Life Assured, the claim proceed shall be paid in lump sum only. The interest rates applicable for arriving at the installment payments under Settlement Option shall be as fixed by the Corporation from time to time.
For exercising the settlement option against Maturity Benefit, the Life Assured shall be required to exercise option for payment of net claim amount in installments at least 3 months before the due date of maturity claim.
After the commencement of Installment payments under Settlement Option against Maturity Benefit:
•If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option and commute the outstanding instalments the same shall be allowed on receipt of written request from the Life Assured. In such case, the lumpsum amount, which is higher of the following shall be paid and the policy shall terminate.
- discounted value of all the future installments due; or
- (the original amount for which settlement option was exercised) less (sum of total installments already paid);
•The interest rates applicable for discounting the future installment payments shall be as fixed by the Corporation from time to time.
•After the Date of Maturity, in case of death of the Life Assured, who has exercised Settlement Option, the outstanding installments will continue to be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.
Option to take Death benefit in installments:
This is an option to receive Death Benefit in installments over the chosen period of 5 or 10 or 15 years instead of lump sum amount. This option can be opted for full or part of the Death proceeds payable under the policy. The amount opted for this option by the Life Assured can be either in absolute value or as a percentage of the total claim proceeds payable (including the payment of deferred Survival Benefit(s), if any).
The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum installment amount as under:
Mode of Installment payment Minimum installment amount
Monthly Rs. 5000/-
Quarterly Rs. 15000/-
Half-Yearly Rs. 25000/-
Yearly Rs. 50000/-
If the net claim amount is less than the required amount to provide the minimum installment amount as per the option exercised by the Life Assured, the claim proceed shall be paid in lump sum only. The interest rates applicable for arriving at the installment payments under this option shall be as fixed by the Corporation from time to time.
For exercising option to take Death Benefit in instalments, the Life Assured can exercise this option during his/her lifetime while in currency of the policy, specifying the period of Instalment payment and net claim amount for which the option is to be exercised. The death claim amount shall then be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.
Eligibility Conditions and Other Restriction: a) Minimum Basic Sum Assured: Rs. 1, 00, 00,000 b) Maximum Basic Sum Assured: No limit (The Basic Sum Assured shall be in multiples of Rs. 500,000/-) c) Policy Term: 14, 16, 18 and 20 years d) Premium Paying Term: (Policy term – 4) years e) Minimum Age at entry: 18 years (completed) f) Maximum Age at entry: 55 years (nearer birthday) for policy term 14 years 51 years (nearer birthday) for policy term 16 years 48 years (nearer birthday) for policy term 18 years 45 years (nearest birthday) for policy term 20 years g) Maximum Age at Maturity : 69 years (nearer birthday) for policy term 14 years 67 years (nearer birthday) for policy term 16 years 66 years (nearer birthday) for policy term 18 years 65 years (nearer birthday) for policy term 20 years Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk. Payment of Premiums: Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only). 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. Mode Rebate: Yearly mode - 2% of Tabular Premium Half-yearly mode - 1% of Tabular premium Quarterly, Monthly (NACH) & - NIL High Basic Sum Assured Rebate On tabular premium (Rs.): 100,00,000 to 195,00,000 - Nil 200,00,000 to 495,00,000 - 0.030 ‰ BSA 500,00,000 and above - 0.050 ‰ BSA Paid-up: If less than one year’s premium has been paid and any subsequent premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace period and nothing shall be payable. However, after atleast one full year’s premium has been paid and on completion of one policy year and any subsequent premiums be not duly paid, the policy shall not be void but shall continue as a paid-up policy till the end of policy term. The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called ‘Death Paid-up Sum Assured’ and shall be equal to [Sum Assured on Death * (Number of premiums paid / Total Number of premiums payable)]. In addition to the Death Paid-up Sum Assured the Guaranteed Additions accrued upto the date of First Unpaid Premium along with Loyalty Addition, if any, shall also be payable on death. The Sum Assured on Maturity under a paid-up policy shall be reduced to such a sum called ‘Maturity Paid-up Sum Assured’ and shall be equal to [Sum Assured on Maturity * (Number of premiums paid / Total Number of premiums payable)]. In addition to the Maturity Paid-up Sum Assured, the Guaranteed Additions accrued upto the date of First Unpaid Premium along with Loyalty Addition, if any, shall also be payable on maturity. The survival benefits payable under a paid-up policy shall be equal to [(survival benefit payable under inforce policy) * (Number of premiums paid / Total Number of premiums payable)] and shall be payable on Life Assured surviving to each of the specified duration during the policy term. However, if option to defer the Survival Benefit(s) has been exercised and payment of such Survival Benefit(s) have not yet been made, these increased Survival Benefit(s) as specified in above shall be payable on termination of policy in the form of death or maturity or surrender. The inbuilt Critical Illness Benefit under a paid-up policy, provided the same has not been admitted earlier, shall be equal to (10% of Basic Sum Assured) *(number of premiums paid / total number of premiums payable) and shall be payable on first diagnosis of any of the specified critical illnesses. Under a Paid-up policy, Loyalty Addition , if any, shall be payable for the completed policy years for which the policy was inforce, provided the premiums have been paid for atleast 5 full years and after completion of 5 policy years. Rider(s) shall not acquire any paid-up value and the rider benefit(s) cease to apply, if policy is in lapsed condition. Revival: If premiums are not paid by the end of the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability. The Corporation reserves the right to accept at original terms, accept at modified terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Life Assured. If the revival period falls beyond the premium paying term and the policy is revived after the due date of survival benefit, then the difference between full Survival Benefit payable under inforce policy and Survival Benefit already paid considering paid-up policy shall be paid. Revival of rider(s), if opted for, will be considered along with revival of the Base Policy, and not in isolation. Surrender Value: The policy can be surrendered at any time provided one full year’s premium has been paid and after completion of one policy year. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value. The Special Surrender Value is reviewable and shall be determined by the Corporation from time to time subject to prior approval of IRDAI. The Guaranteed Surrender Value payable during the policy term shall be equal to the total premiums paid multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid less any survival benefits already due and payable under the policy. These Guaranteed Surrender Value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered and are as specified below: Premiums referred above shall not include any taxes, extra amount if charged under the policy due to underwriting decision and rider premiums, if any. In addition, surrender value of accrued Guaranteed Additions, shall also be payable, which is equal to the accrued Guaranteed Additions multiplied by Guaranteed Surrender Value factor applicable to accrued Guaranteed Additions. These Guaranteed Surrender Value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered and are as specified below: In addition to the payable Surrender Value, if the option to defer the Survival Benefit(s) has been exercised and payment of such Survival Benefit(s) which were due but have not yet been made, these increased Survival Benefit(s) as specified above, shall also be paid. Policy Loan: Loan can be availed during the policy term provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time. The interest rate to be applied for policy loan and as applicable for full term of the loan shall be determined at periodic intervals. For loan sanctioned in Financial Year 2017-18, the applicable interest rate is 9.5% p.a. payable half-yearly for entire loan term. The maximum loan as a percentage of surrender value shall be as under: •For inforce policies- upto 90% •For paid-up policies- upto 80% Any loan outstanding along with interest shall be recovered from the survival benefits or claim proceeds at the time of exit. Exclusion: Suicide: This policy shall be void I. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months 15 from the date of commencement of risk , the Corporation will not entertain any claimexcept for 80% of the premiums paid, provided the policy is inforce. II. If 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 be payable. Then Corporation will not entertain any other claim under this policy. This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies. Note: Premiums referred above shall not include any taxes, extra amount if charged under the policy due to underwriting decision and any rider premium(s) other than Term Assurance Rider, if any. Disclaimer: The above information is general information of policy. Policy will governed by terms and condition issued by LIC OF INDIA Benefits payable under an inforce policy (where all due premiums have been paid):

Annuity Mode Monthly Quarterly Half-yearly Annual
Minimum Annuity Rs.1000 per month Rs.3000 per quarter Rs.6000 per half year 12000 per annum


Joint Life:
The joint life annuity can be taken between any lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings

Annuity Options
The options available under Immediate Annuity are:
Option F: Immediate Annuity for life with return of Purchase Price.
Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

The options available under Deferred Annuity are:
Option 1: Deferred annuity for Single life
Option 2: Deferred annuity for Joint life