LIC Jeevan Shiromani is LIC's most premium savings plan - designed exclusively for high-net-worth individuals (HNIs) who want guaranteed additions, critical illness benefits, and a minimum sum assured of Rs 1 crore in a single policy.

What Makes Jeevan Shiromani Special?

Most LIC plans have a maximum sum assured limit. Jeevan Shiromani starts at Rs 1 crore - making it a niche product for senior professionals, business owners, and wealthy families in cities like Lucknow, Varanasi, Kanpur, and now increasingly in Gorakhpur's growing business community.

Key Features

  • ▸Minimum Sum Assured: Rs 1 crore
  • ▸Entry Age: 18 to 55 years
  • ▸Policy Term: 14, 16, 18, or 20 years
  • ▸Premium Payment: 10, 12, 14, or 16 years (limited pay)
  • ▸Guaranteed Additions: Rs 50/1000 SA per year for the first 5 years, then Rs 55/1000 SA from year 6 onward
  • ▸Loyalty Additions: Payable at end of premium payment term and at maturity
  • ▸Critical Illness Benefit: Lump sum payment of 10% of sum assured on first diagnosis of any of 15 specified critical illnesses
  • ▸Loan: Available after premium payment term ends

Financial Illustration

A 40-year-old business owner takes Rs 1 crore sum assured, 20-year term, 16-year premium payment:

  • ▸Annual premium: approximately Rs 5.8-6.5 lakh
  • ▸Guaranteed additions at end of 20 years: Rs 10.5 lakh (indicative)
  • ▸Loyalty addition: announced annually by LIC board
  • ▸Critical illness cover: Rs 10 lakh lump sum
  • ▸Death benefit during term: Sum Assured + Guaranteed Additions + Loyalty Additions

This plan combines insurance, guaranteed savings, and a health safety net in one.

Tax Benefits

  • ▸Section 80C: Premium deductible up to Rs 1.5 lakh (note: premium exceeds this, so only partial deduction)
  • ▸Section 10(10D): Maturity amount is tax-free only if annual premium is less than 10% of sum assured. Since SA is Rs 1 crore and annual premium is Rs 5.8+ lakh (> 10% of SA), the maturity amount may be taxable. Consult your CA before investing.

Who Should Buy Jeevan Shiromani?

  • ▸Business owners wanting to lock in guaranteed savings with insurance cover
  • ▸Professionals looking for a high-sum-assured LIC policy with critical illness benefit
  • ▸Families building an estate or succession corpus
  • ▸Those who want the prestige and trust of LIC with HNI-level sum assured

For a detailed illustration and premium quote, call Ajay Kumar Poddar at 9415313434.