Jeevan Shiromani 847 Plan launching on 19th Dec 2017.
Plan is Specially crafted for Mumbai!
LIC Jeevan Shiromani (Plan 847) – Key features.
- Minimum Basic Sum Assured of the plan shall be Rs. 1,00,00,000 (One Crore).
- Guaranteed Additions at the rate of Rs. 50 per thousand Sum Assured for the first five years and Rs. 55 per thousand Sum Assured for the remaining years of premium paying term, shall be accrued to the policy.
- The policy shall participate in the profit of the corporation in the form of loyalty additions. Loyalty Additions shall be available at the time of exit from the policy, due to death claim or maturity and is after a premium payment and completion of 5 full years.
- The plan has an inbuilt Critical Illness Benefit coverage for fifteen specified critical illnesses.
- Policy term can be opted from 14, 16, 18 and 20 years.
- Premium paying term will be four years lesser than the term of the plan opted.
- Survival benefits available under the plan can also be deferred, as per the wish of the policy holder, which adds to the flexibility of the plan.
- Settlement option for 5, 10 or 15 years shall be available for maturity as well as death benefits under the plan.
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| Benefits Payable -LIC’s Jeevan Shiromani (Plan 847) |
| Policy Term | 10th Year | 12th Year | 14th Year | 16th Year | 18th Year | 20th Year |
| 14 Years | 30 % | 30 % | 60 % + GA + LA | | | |
| 16 Years | | 35 % | 35 % | 30 % + GA + LA | | |
| 18 Years | | | 40 % | 40 % | 20 % + GA + LA | |
| 20 Years | | | | 45 % | 45 % | 10 % + GA + LA |
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| Eligibility conditions and restrictions – LIC’s Jeevan Shiromani (Plan 847) |
| Condition | Minimum | Maximum |
| Age at entry | 18 Years | 55 Years for 14 Year term |
| 51 Years for 16 year term |
| 48 Years for 18 year term |
| 45 years for 20 year term |
| Critical Illness (Additional Rider) | 1,00,000 | 25,00,000 (Including existing policies) |
| Term Assurance Rider | 1,00,000 | 25,00,000 (Including existing policies) |
| Other Important Features |
| Modes Available | Yearly, Half Yearly, Quarterly and Monthly(NACH and Salary deduction) |
| Income Tax Rebates | 80 C for premium paid and section 10(10D) for maturity, SB and Death Benefits. |
| Loan | Loan available after payment of just one year of premium and completion of one year term. |
Critical Illness Covered in Jeevan Shiromani
- 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
Minimum Sum Assured 1 Cr.
Non linked with profit money back limited premium paying Term
Guaranteed Returns ₹50/1000 for the first 5 years and thereafter ₹55/1000
Age – 18 to 55
Term – PPT
14 – 10
16 – 12
18 – 14
20 – 16
Risk commences immediately on issuance of Policy
Inbuilt Critical Illness Rider
15 Critical Illness included.
In case of CI Premium can be deferred for 2 years. No interest on the same.
Benefits of Jeevan Shiromani Plan 847
Death Benefit : Death SA + Guaranteed Additions+ LA.
SB
14 years Term
30% on 10/12 Anniversary
16 years Term
35% on 12/14 Anniversary
18 years Term
40% on 14/16Anniversary
20years Term
45% on 16/18 Anniversary
Maturity Benefit : Balance SA plus GA plus LA.
List of the critical illnesses covered under ‘Inbuilt Critical Illness Benefit’ :
- Cancer of Specified Severity – Includes- leukemia, lymphoma and sarcoma. Excludes- tumors carcinoma in situ, benign, pre-malignant, non melanoma skin carcinoma, prostate tumors unless having gleson score > 6, thyroid cancers classified as T1N0M0, lymphotic leukaemia < RAI 3,Non invasive bladder papillary cancer classified as T1N0MO, all tumors in presence of HIV.
- Open Chest CABG – Excludes – Angioplasty and/or other intra arterial procedures.
- Myocardial Infraction(First heart attack of specific severity) – Excludes Other coronary syndrome,angina pectoris, rise in cardio biomarkers or Troponin T.
- Kidney failure with regular dialysis – Should be irreversible failure of both kidneys
- Major organ/Bone marrow Transplant recipient – Includes – Heart, lung, liver, kidney, pancreas which has irreversible end stage failure, Human bone marrow using haematopoietic stem cells.Excludes – Other stem cell transplants.
- Stroke resulting in permanent symptom – Excludes – Transient ischemic attacks, traumatic injury of the brain, vascual disease affecting only the eye or optic nerve or vestibular functions.
- Permanent Paralysis of Limb – Loss of two limbs as a result of injury or disease or brain or spinal cord. Present for more than 3 months.
- Multiple sclerosis with permanent symptom – Excludes – SLE & HIV
- Aortic Surgery – Aorta means Thoracic and Abdominal Aorta. Excludes – Minimally invasive or intra arterial techniques.
- Primary(idiopathic)Pulmonary Hypertension – Excludes – Pulmonary hypertension associated with lung disease, hypoventilation,thromboembolic disease, drugs and toxins diseases of left side of hear, congenital heart disease.
- Alzheimers Disease / Dementia – Excludes – Non organic disease such as Neurosis, psychiartic illness, alcohol related brain damage.
- Blindness – Loss of vision in both eyes due to accident or illness not correctable by aids or surgical procedure
- Third degree burns – 20 % of body scarring needed.
- Open Heart Replacement or repair of heart valve
- Benign Brain tumor – Excludes- Cysts, Granulomas, Malformation of arteris or veins of brain, Heamtomas, abscessess, pituitary tumors, tumors of skull bones, tumors of spinal cord.
