Are you looking for a high-return insurance plan with short-term premium payments? The LIC Jeevan Shiromani Plan might be the perfect fit. This plan not only offers life insurance protection but also promises guaranteed returns, making it an ideal choice for high-income individuals seeking both security and investment benefits.
In this article, we’ll explain how the LIC Jeevan Shiromani scheme works, its benefits, eligibility, and how you could receive up to ₹1 crore in returns by investing for just four years.
What is LIC Jeevan Shiromani?
LIC Jeevan Shiromani is a non-linked, with-profits, limited premium payment money-back life insurance plan. Designed especially for high net-worth individuals, it offers a combination of life cover, investment return, and critical illness benefits.
This plan is unique because it provides:
- Guaranteed Additions
- Survival Benefits
- Maturity Benefits
- Critical Illness Cover
- Short premium payment term of 4 years
Key Features of LIC Jeevan Shiromani
| Feature | Details |
|---|---|
| Minimum Sum Assured | ₹1 Crore |
| Policy Term Options | 14, 16, 18, and 20 years |
| Premium Paying Term | Policy Term – 4 years |
| Survival Benefits | Paid at regular intervals during policy term |
| Guaranteed Additions | ₹50 per ₹1,000 Sum Assured per year (1st-5th year)₹55 thereafter |
| Critical Illness Cover | Included |
| Loan Facility | Available after premium payment of 1 year |
| Tax Benefits | Available under Section 80C and 10(10D) |
Example: How You Can Get ₹1 Crore
Suppose you opt for a policy term of 20 years and pay premiums for only 4 years. Based on your age and chosen sum assured, LIC will determine your yearly premium. Over the course of the policy, you’ll receive:
- Survival Benefits at defined intervals
- Guaranteed Additions every year
- Lump Sum Maturity Amount, which can be close to or exceed ₹1 crore depending on the bonus and returns.
Note: Exact returns vary by age, health, and LIC’s declared bonuses. It’s advised to consult a licensed LIC agent for personalized estimates.
Benefits of LIC Jeevan Shiromani
- Short-Term Investment: Pay premiums for just 4 years.
- High Returns: Possibility of ₹1 crore return on maturity.
- Guaranteed Additions: Ensures minimum return growth annually.
- Critical Illness Benefit: Covers 15 major illnesses.
- Money-back Option: Periodic survival benefits before maturity.
- Loan Facility: Liquidity support through loans.
- Tax Savings: Deductions under Income Tax laws.
How to Apply for LIC Jeevan Shiromani
- Visit Your Nearest LIC Branch: Speak to an official or agent to understand the premium, benefits, and policy terms.
- Fill Out the Application Form: Provide required KYC documents and health details.
- Undergo Medical Test (if required): Based on your age and sum assured.
- Pay the First Premium: Once approved, pay your first premium to activate the policy.
- Receive Policy Bond: You’ll get the official bond outlining all details of your LIC Jeevan Shiromani plan.
Who Should Consider This Plan?
- High-income individuals looking for both insurance protection and investment.
- Those seeking limited premium payment with long-term coverage.
- Investors interested in guaranteed returns along with critical illness coverage.
Frequently Asked Questions (FAQs)
Q1. What is the minimum age to apply for LIC Jeevan Shiromani?
A: 18 years.
Q2. What is the maximum age at entry?
A: 55 years (varies based on the policy term selected).
Q3. Can I surrender the policy before maturity?
A: Yes, after paying premiums for at least 2 years.
Q4. Is this plan available online?
A: No, you must apply through an LIC branch or authorized agent.
Q5. Is the ₹1 crore return guaranteed?
A: Returns depend on the sum assured, guaranteed additions, bonuses, and policy term. ₹1 crore is possible with the right plan structure.
Final Words
The LIC Jeevan Shiromani Plan is an excellent option for those who want secure, high-value returns with short-term commitment. With benefits like critical illness cover, life insurance protection, and attractive maturity returns, this plan stands out in LIC’s portfolio.
Disclaimer: This article is for informational purposes only. Always consult a certified LIC advisor before making investment decisions.
