Some of the crucial features of this policy are:

The basic sum assured is free from taxes.
The premiums paid are tax exempted.
There are 15 diseases in total listed for critical illness benefits.
Accidental death and disability riders are there to be added.

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    Jeevan Shiromani is one of the best-regarded insurance policies for those who want life coverage, death benefits, and illness coverage as well. This insurance policy is best for those who fall in the higher income bracket as the minimum base sum is of 1 crore. The policyholder can cover the future of their family members and can make them financially stable in case of the death of the insured. The insured will also get a certain amount after a specified time, which is decided according to the policy term and amount. There is an inbuilt coverage for critical diseases for which the policyholder will get almost 10 percent of the total assured amount upon diagnosis.


    The major benefits that are included in this insurance policy are listed below:

    • Survival benefit: In the case of the policyholder being alive, during the term of the policy, the company tends to pay a certain percent of the basic sum assured to the holder. However, all the premiums must be paid without any lags or defaults. The fixed period may vary from term duration to duration.
    • Death benefit: Death benefit is claimed in the case of the death of the policyholder before the term of the policy is over.  The death benefit cannot be less than 105 percent of the total premium. The type of death benefits covered are:
    • Death before completion of five years: In this case, if the policyholder faces death, then the nominee gets a lump sum of the assured death sum. However, the policyholder must pay all the premiums to that date. In this benefit, the lump sum and the guaranteed addition is also added.
    • Death after completion of five years: In the case of death of the policyholder after five years from the very start of the policy, the nominee will get an assured sum along with the loyalty bonuses and guaranteed benefits.
    • Maturity benefits: Maturity benefit is paid in a lump sum after the term of the policy is completed. The assured sum after maturity is decided by the policy term.
    • Critical illness benefits: The policyholder can get benefits in case he is diagnosed with any of the listed critical diseases. The insured can get a lump sum amount, second medical opinion and deferment of premiums. The listed diseases are:
    • bypass grafting of coronary artery
    • cancer (mentioned severity)
    • kidney failure
    • myocardial infarction
    • organ/bone marrow transplant
    • paralysis of limbs (permanent)
    • stroke
    • aortic surgery
    • multiple sclerosis
    • dementia/Alzheimer’s
    • PPH
    • benign brain tumor
    • third-degree burns
    • blindness
    • repairing of heart valves

    Key points

    • Minimum age limit: 18 years
    • Maximum age limit: 55 yrs (14 yr plan); 51 years (16 yr plan); 48 yrs (18 yr plan); 45 yrs (20 yr plan)
    • Premium payments: half-yearly, annually, quarterly, monthly
    • Basic sum: 1 crore (multiples of 5 lakhs)
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