LIC of India introduced the Jeevan Shiromani Plan 947 as a premium insurance product for High Net-worth Individuals (HNIs). Launched as a non-linked, participating, guaranteed returns, money-back plan, this policy is tailor-made for those seeking financial protection, regular payouts, critical illness coverage, and lump-sum maturity.
This plan combines the elements of insurance, investment, and health protection, making it one of LIC’s most elite offerings.
🔍 What is LIC Jeevan Shiromani Plan 947?
LIC Jeevan Shiromani is a limited premium, money-back life insurance plan that not only secures your future but also offers guaranteed additions and participation in corporation’s profits (via bonuses). It is specifically designed for individuals with a higher financial capacity, with a minimum Sum Assured starting at ₹1 crore.
⭐ Key Features of LIC Jeevan Shiromani 947
| Feature | Description |
|---|---|
| Plan Type | Non-linked, Participating, Limited Premium, Money-back Plan |
| Policy Category | High Net-worth Individual (HNI) Plan |
| Critical Illness Benefit | In-built cover for 15 major critical illnesses |
| Survival Benefits | Paid at regular intervals (Money Back) |
| Guaranteed Additions | ₹50 per ₹1,000 Sum Assured for first 5 years; ₹55 per ₹1,000 thereafter |
| Bonus Eligibility | Simple Reversionary Bonus + Final Additional Bonus |
| Tax Benefits | Under Sections 80C & 10(10D) of Income Tax Act |
| Loan Facility | Available after 1 year |
| Premium Waiver Rider | Optional |
📅 Policy Term and Premium Paying Term Options
| Policy Term (in years) | Premium Paying Term (PPT) |
|---|---|
| 14 | 10 |
| 16 | 12 |
| 18 | 14 |
| 20 | 16 |
👤 Eligibility Criteria
| Parameter | Minimum | Maximum |
|---|---|---|
| Age at Entry | 18 years (completed) | 55 years |
| Age at Maturity | — | 69 years |
| Policy Term | 14, 16, 18, 20 years | — |
| Basic Sum Assured | ₹1,00,00,000 (1 Crore) | No Limit (in multiples of ₹5 Lakh) |
💰 Guaranteed Additions
Guaranteed Additions (GAs) are added annually:
- ₹50 per ₹1,000 of Basic Sum Assured for the first 5 years
- ₹55 per ₹1,000 from 6th year onward
For example, if your Basic Sum Assured is ₹1 crore, you will receive ₹5 lakh/year as guaranteed additions for first 5 years, then ₹5.5 lakh/year from year 6 onward.
🩺 Critical Illness Benefits
✅ In-Built Cover for 15 Critical Illnesses:
- Cancer, Heart Attack, Stroke, Kidney Failure, Major Organ Transplant, etc.
✅ Benefits:
- Lump-sum amount equal to 10% of Basic Sum Assured
- Premium waiver for 2 years
- Second Medical Opinion facility
💵 Survival Benefits (Money Back)
Payable as a percentage of Basic Sum Assured at fixed intervals:
For Policy Term 14 years:
- 30% at end of 10th & 12th year
- Remaining 40% + GA + Bonus at maturity (14th year)
| Policy Term | Survival Benefit Years | Payout Structure |
|---|---|---|
| 14 years | 10th year, 12th year | 30%, 30%, 40% (on Maturity) |
| 16 years | 12th year, 14th year | 35%, 35%, 30% (on Maturity) |
| 18 years | 14th year, 16th year | 40%, 30%, 30% (on Maturity) |
| 20 years | 16th year, 18th year | 45%, 25%, 30% (on Maturity) |
⚰️ Death Benefits
- Before commencement of risk: Refund of premium paid (excluding taxes and rider premium)
- After commencement of risk: “Sum Assured on Death” + Guaranteed Additions + Bonuses
Sum Assured on Death = Higher of:
- 125% of Basic Sum Assured
- 7 times of annual premium
(Minimum: 105% of all premiums paid)
📈 Maturity Benefits
At the end of the policy term, if the life assured survives:
- Remaining % of Sum Assured
- Accrued Guaranteed Additions
- Simple Reversionary Bonus
- Final Additional Bonus (if any)
📊 LIC Jeevan Shiromani Plan 947 Example
Let’s understand this plan with an example:
🎯 Example Scenario:
- Policyholder Age: 35 years
- Policy Term: 16 years
- Premium Paying Term: 12 years
- Basic Sum Assured: ₹1,00,00,000 (1 Crore)
- Option: Yearly Premium Mode
- Premium (Approximate): ₹6,97,000 per annum
🧾 Premium & Coverage Summary
| Particulars | Details |
|---|---|
| Policy Term | 16 Years |
| Premium Paying Term | 12 Years |
| Sum Assured | ₹1 Crore |
| Annual Premium | ₹6.97 Lakhs (Approx.) |
| Total Premium Paid | ₹83.64 Lakhs (₹6.97L x 12 years) |
| Guaranteed Additions | ₹13.75 Lakhs (1st 5 yrs) + ₹27.5 Lakhs (next 11 yrs) = ₹41.25 Lakhs |
| Critical Illness Cover | ₹10 Lakhs |
| Death Sum Assured | ₹1.25 Crore + GAs + Bonus |
🗓️ Year-wise Breakdown
| Year | Age | Premium Paid | Guaranteed Additions (GA) | Survival Benefit | Death Benefit (Approx) |
|---|---|---|---|---|---|
| 1 | 35 | ₹6.97L | ₹5L | — | ₹1.25Cr + ₹5L + Bonus |
| 5 | 39 | ₹6.97L | ₹25L (cumulative) | — | ₹1.25Cr + ₹25L + Bonus |
| 10 | 44 | ₹6.97L | ₹37.5L | ₹35L | ₹1.25Cr + ₹37.5L + Bonus |
| 12 | 46 | ₹6.97L | ₹44.5L | ₹35L | ₹1.25Cr + ₹44.5L + Bonus |
| 16 | 50 | ₹0 | ₹55L (approx) | ₹30L + Bonuses | — |
📦 Maturity Calculation (Approx.)
| Component | Amount (₹) |
|---|---|
| Remaining SA (30%) | ₹30,00,000 |
| Guaranteed Additions | ₹55,00,000 |
| Simple Reversionary Bonus | ₹20,00,000 (est.) |
| Final Additional Bonus (FAB) | ₹10,00,000 (est.) |
| Total Maturity Payout | ₹1.15 Crore |
🎯 Why Choose LIC Jeevan Shiromani Plan 947?
- ✅ Designed for HNIs with large corpus goals
- ✅ Built-in critical illness protection
- ✅ Guaranteed annual additions
- ✅ Tax-free survival and maturity benefits
- ✅ Prestige + Security in a single plan
📝 Additional Information
| Feature | Details |
|---|---|
| Loan Facility | Available after 1 policy year |
| Revival | Within 5 years of first unpaid premium |
| Assignment/Nomination | Allowed |
| Proposal Form | Form No. 300 or 340 |
| Grace Period | 30 days (Yearly/Half-yearly), 15 days (Monthly) |
| Policy Surrender | After 1 year |
| Cooling-Off Period | 15 days from receipt of policy document |
📌 Final Words
LIC Jeevan Shiromani Plan 947 is more than just an insurance policy — it’s a comprehensive wealth creation + protection tool for affluent individuals looking to ensure their family’s financial future while enjoying multiple benefits during their lifetime.
With its blend of guaranteed returns, critical illness support, and loyalty rewards through bonuses, LIC Jeevan Shiromani stands out as a premium life insurance plan.
