LIC’s Jeevan Shiromani Plan947
This is at ltd premium non-linked with profits , money back plan with built in critical illness benefits , guaranteed additions will accrue. Rs.50 per 1000 basic SA first 5 years and 55 per 1000 of basic SA from 6th year onwards till and premium paying term loyalty additions are also payable from 6th year onwards if any.
Sum assured on death -125% of basic SA
Death Benefit
First 5years –SA on death + Accrue Guaranteed Additions (GA)
From 6th years onwards .SA on death accrued GA. Loyalty additions(LA) if any.
Survival and maturity Benefits
| Policy term | Survival benefits | Maturity Benefits |
| 14 years | 30% of basic SA at end | 30% of basic SA at end |
| 18 years | 45% of basic SA at end | 16th & 18th |
In Built Critical illness Benefits
On first diagnosis of any one of specified 15 critical illness.
1.)10% of basic SA is paid immediately.
2.) Option to defer the payment of premiums(including rider premiums)for 2years without interest .Falling due with 2 years from date of admission of claim.
3.) Facility of taking second medical opinion whether claim is admission or not at no extra cost to policy holder . This facility is available only once during the policy term.
Features & Condition
Minimum age at entry – 15 years
Maximum age at entry -50 years
Policy term – 9,12,15, yrs
- Term 9years , Maximum at maturity 59 years , Minimum assured Rs.35,000
- Term 12 years , Maximum at maturity 62 years , Minimum assured Rs.50,000
- Term15 years ,Maximum at maturity 65years , Minimum assured Rs.70,000
- Maximum sum assured –No limit
- Sum assured in multiples – Rs.5000 only
- Available Riders – ADDB and term rider for full policy term.
Mode of payment single premium high sum assured rebate(as% of tabular premium ) term 9years. Up to 70,000 – Nil
Rs.75,000 to 1,45,000 – 6%
Rs.1,50,000 & above – 8%
Term 12 years
Up to 95,000 – Nil ,Rs.1,00,000 to 1,95,000 – 4%,Rs2,00,000 above 6%
Term 15 years
Up to Rs.1,45,000 – Nil,1,50,000 to 2,95,000 – 3%,3,00,000 above – 5%
Policy loan – Only after one policy year
Surrender –first year 75% of SP
2nd year onwards – 90% of SP less SB paid
Back dating allowed without loan months benefits . Interest will be charged for Exact no . of days from DOC of payments.
Tax Benefits
On basic premium -U/S 80c up to 10% of SA, Maturity –Taxable, Death Claim –U/S 10 (10D)