LIC Jeevan Shiromani: The Premium Plan for High-Net-Worth Individuals

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.