This manuscript proposes novel and a very general shadowed k-μ fading model for charaterizing the realistic Line of Sight (LOS) propagation scenarios of 5G and beyond. In this model, the received signal is assumed to be composed of the clustering of multipath components. In each of these clusters, shadowing of the dominant component is represented by the inverse Gamma distribution. First of all, mathematically-tractable expressions of probability density function (PDF) and moment-generating function (MGF) of the k-μ/inverse Gamma LOS-shadowed fading model are obtained. The proposed channel model is validated by reproducing the well-established fading distributions such as Rayleigh, Rice and Nakagami-m under light shadowing conditions and LOS-shadowed fading distributions such as the k-µ/Gamma and Abdi’s Rice/Gamma model under heavy shadowing conditions numerically. The proposed PDF is further utilized to derive the expressions for channel capacity under four adaptation policies named as optimal rate adaptation with constant transmit power (C ora ), optimal power and rate adaptation (C opra ), channel inversion with fixed rate (C cifr ) and truncated channel inversion with fixed rate (C tifr ). Furthermore, analytical expressions for outage probability (OP) and error probabilities under different modulation schemes are derived. The analytical expressions are investigated under light, moderate, and heavy shadowing environments used extensively in literature.