LIC Jeevan Shiromani Plan: What are the Salient Features of the Plan?

Last updated:
LIC Jeevan Shiromani Plan: What are the Salient Features of the Plan?

LIC Jeevan Shiromani Plan: What is It?

LIC came up with several investments and insurance plans to aid Indian citizens in their time of need. But one of the premium policies which a person can avail of LIC is the Shiromani plan as it gives some of the best benefits of life insurance to high net worth individuals or HNIs. 

This allows individuals to make the lives of those people secure who are dependent on them and can sustain their way of living even when they are not around. In addition, the LIC Jeevan Shiromani plan is not dependent on the stock market movement, making it a more secure way of investing your money for the future. 

Moreover, the LIC Jeevan Shiromani plan is a limited premium payment money back life insurance where the policyholder receives a basic minimum sum of Rs 1 crore. The poLICyholder can acquire additionals at the rate of Rs 50 per thousand on the basic sum assured for their first five years of premium. For the rest of the years, it is Rs 55 per thousand on the basic term till the end of the premium paying tenure. 

Jeevan Shiromani Plan Benefits

One can avail of a number of benefits when they get LIC Jeevan Shiromani. Some of the significant benefits are listed down below for the feasibility of our readers. 

If the policyholder dies before completing the first five years of the policy terms, then the assured sum and all the additions will be guaranteed to the nominee. In addition to this, if a person passes away after five years of the policy term, the nominee will get the assured sum with additional guarantees and loyalties. 

On the other hand, if the person survives the policy term, a pre-determined amount of the basic assured amount will be paid to the policyholder. Likewise, when the policy matures, the insurance holder gets an accrued guarantee along with their loyalty additions. 

Moreover, the policyholder does not have to worry about anything if they are diagnosed with the aforementioned catastrophic illness. Their policy will not be terminated, and they will get paid as per the policy criteria. 

Lastly, you will get tax benefits under the extant tax laws which are imposed by the GOI. 

LIC Jeevan Shiromani Plan Details: Eligibility Criteria

Below we have listed the essential eligibility criteria for the LIC Shiromani plan that one should know about before availing of the policy. 

  • Age of the policyholder:- 18 years to 55 years maximum.
  • Policy tenure:- minimum 14 years to 20 years maximum.
  • Basic sum assured:- Rs 1,00,00,00 to no upper limit. 
  • Maturity age of the policy:- 65 years to 69 years of poLICyholder's age. 

Jeevan Shiromani Plan: Features

  • You can surrender the Jeevan Shiromani plan as soon as you complete paying the premium of one year and receive the benefits of the policy. 
  • One can decide how they want to pay the premium, and it can be paid annually, half-yearly, quarterly, and even monthly. This gives better flexibility in paying a premium to policyholders. 
  • This is a limited premium plan which provides the user with survival benefits with assured money-back for the specified durations. 
  • The policy is built to support the family of the policyholder in the unfortunate events that lead to the demise of the policyholder. 
  • Likewise, the policyholder can avail of profit-sharing in the form of loyalty additions which can be paid at the death or at the maturity of the LIC plan. 

LIC Jeevan Shiromani with Example

Now let's take an example of how Jeevan Shiromani's plan works in two different scenarios. 

Example - 1 

Kartik, who is 40 years old, is thinking about availing Jeevan Shiromani plan from LIC. He wants to receive the basic assured sum of Rs 3,00,00 for the policy tenure of 16 years. As a result, his poLICy paying tenure would be 12 years, and the premium factor would come out to be 95.10. Now the premium amount which he needs to pay each year for the next 12 years would be Rs 28,530 + tax. Given below is the breakdown of how the annual premium of Rs 28,530 came out. 

= 95.10/1000 * Rs 3,00,000

= Rs 28,530 + Tax

Example - 2 

Ms. Preeti, age 30, wants to invest her money in LIC Jeevan Shiromani's plan for 14 years of the policy term. As a result, her premium paying term will be of 10 years. To avail of the assured sum of Rs 1 crore, she needs to make the payment of the annual premium of Rs 10,75,550 + taxes. Now, if Ms. Preeti wants to surrender her policy after 7 years, so after 7 years. Total premium she needs to pay is = 7 X 10,75,550 = 75,28,850. Guaranteed additions in the 1st 5 years is 5 X 5,00,000 = Rs 25,00,000. Guaranteed additions for next 6th and 7th year = Rs 5,50,00 and Rs 5,50,00. This results in total guaranteed additions = 25,00,000 + 5,50,000 + 5,50,000 = Rs 36,00,000. 

Also, the survival benefit for the seven years is nill. The guaranteed surrender value will be the surrender value of premiums paid + the surrender value of guaranteed additions - her survival benefits. 

Premium paid = 50% X 75,28,850 = Rs 37,64,425 

Surrender value of premiums paid = guaranteed surrender value factor for guaranteed additions x guaranteed additions = 19.18% X Rs 36,00,000.

Surrender value of premiums paid = Rs 6,90,480

The guaranteed surrender value = 37,64,425 Rs + Rs 6,90,480

= 44,54,905 Rs

Feature Alert: Avail a Term Insurance Plan in a few simple steps here.

Protect yourself and your family with the help of Goal Based Planning from INDmoney. Seldom do we keep track of the extent of insurance protection available for our families. Do all this and a lot more with INDmoney. Check if your life insurance plan matches your life goals here.


So this is what LIC Jeevan Shiromani's plan is all about. It is the best way to secure your future and make the investment of your money in the right place. From the above examples, we hope you are able to understand the working of the Shiromani plan of LIC along with its benefits and other features which make it a unique LIC poLICy for high earners. 

  • What is the right time to invest in LIC Jeevan Shiromani's plan?

  • What is the minimum premium amount you need to pay for availing of LIC Jeevan Shiromani?

  • What are the rider options available for LIC Jeevan Shiromani?

  • How can one claim LIC Jeevan Shiromani policy when needed?