LIC Jeevan Shiromani Plan 947
Premium & Maturity Calculator
UIN: 512N315V02
Launch Date: 01 February 2020
Withdrawn Date: 01 January 2025
Plan Type: Non-Linked Participating Money-Back Plan for HNI
Minimum Sum Assured: ₹1,00,00,000 (1 Crore)
Calculation Results
Life Insurance Corporation of India (LIC) is known for its trusted and customer-friendly insurance products. One of its standout plans for high net-worth individuals is the LIC Jeevan Shiromani Plan 947.
This plan offers a blend of insurance protection along with attractive investment benefits. To help customers understand and plan their investments better, the LIC Jeevan Shiromani Plan 947 Calculator is a useful tool.
What is LIC Jeevan Shiromani Plan 947?
LIC Jeevan Shiromani Plan 947 is a limited premium, limited-pay, non-linked, with-profits money-back life insurance plan mainly designed for high net-worth individuals who want a blend of insurance and wealth creation. It was launched in April 2025 and has quickly become popular for offering good returns with periodic payouts during the policy term.
Launch and Withdrawal Dates
- Launch Date: April 16, 2025
- Withdrawal Date: The plan was withdrawn from new business on September 21, 2025, but existing policyholders continue to enjoy the benefits.
This plan offers a unique combination of survival benefits (money back), life cover, and a lump sum amount at maturity, making it a comprehensive tool for securing your family’s financial future and growing your wealth.
Key Features of LIC Jeevan Shiromani Plan 947
- Limited Premium Payment: Pay premiums for a fixed number of years (5 or 7 years).
- Policy Term: Total term options are 15 or 18 years.
- Money Back Benefits: Survival benefits paid at intervals (4th, 8th, and 12th year for 15-year term).
- Sum Assured: Includes a high sum assured with an option for additional accidental death benefit.
- Maturity Benefit: Lump sum payment at the end of the policy term includes Sum Assured plus bonuses.
- Bonuses: Eligible for both reversionary bonuses and terminal bonuses as declared by LIC.
- Tax Benefits: Premiums paid and benefits received under this plan are eligible for tax benefits as per prevailing tax laws.
Who Should Buy LIC Jeevan Shiromani Plan?
This plan is ideal for individuals who:
- Want a limited pay premium plan with high returns.
- Desire periodic returns during the policy term through money back benefits.
- Need a life cover combined with wealth accumulation.
- Are high net-worth individuals looking for assured money back along with bonuses.
- Prefer a traditional with-profits plan with the safety of LIC’s trust and stability.
Eligibility and Policy Details
| Parameter | Details |
|---|---|
| Minimum Age at Entry | 18 years |
| Maximum Age at Entry | 55 years |
| Policy Term Options | 15 years or 18 years |
| Premium Payment Term | 5 years or 7 years (limited pay) |
| Minimum Sum Assured | ₹5,00,000 |
| Maximum Sum Assured | As per LIC guidelines |
| Mode of Premium Payment | Yearly, half-yearly, quarterly, monthly |
| Frequency of Money Back | At 4th, 8th, and 12th year (for 15-year term) |
| Loan Facility | Available against surrender value |
| Surrender Value | Available after payment of premiums for minimum 2 years |
Benefits of LIC Jeevan Shiromani Plan 947
Money Back Benefit
Policyholders get periodic payouts during the policy term, generally at the 4th, 8th, and 12th years of the policy, which amount to a part of the sum assured. This feature helps with liquidity and makes this plan attractive for wealth planning.
Death Benefit
In case of the demise of the policyholder during the policy term, the nominee receives the sum assured on death plus accrued bonuses, ensuring financial security for loved ones.
Maturity Benefit
On survival till maturity, you get the sum assured on maturity along with bonuses, resulting in a substantial corpus for future financial goals.
Bonuses
Reversionary bonuses and terminal bonuses declared by LIC add to the overall returns, providing a competitive edge over some fixed-return plans.
Loan Facility
Policyholders can avail loans against their policy after the policy acquires a surrender value, offering financial support if needed.
LIC Jeevan Shiromani Plan 947 Calculator Explained
Insurance and investment decisions depend heavily on understanding how much premium you need to pay and what you will get in return at different stages of the plan. The LIC Jeevan Shiromani Plan 947 Calculator is a simple online tool that helps you estimate premiums, benefits, maturity amount, and money back payouts based on your inputs.
How to Use the Calculator?
To use the LIC Jeevan Shiromani Calculator, you typically need to enter:
- Your age
- The policy term (15 or 18 years)
- Premium payment term (5 or 7 years)
- Sum assured (desired coverage amount)
- Mode of premium payment (yearly, half-yearly, quarterly, monthly)
Once these details are filled, the calculator provides:
- Amount of premium payable
- Expected money back payouts through the policy term
- Estimated maturity benefits including bonuses
- Death benefits in case of policyholder’s demise
Why Use the Calculator?
- Plan Financials Clearly: Know premium amounts you can afford and check benefits accordingly.
- Compare Options: Understand differences between policy terms and premium payment options.
- Budget Planning: Helps plan your finances by knowing when money back benefits will come.
- Transparency: Provides clarity on returns and risk coverage helping in confident decision making.
Several websites offer free LIC Jeevan Shiromani Plan 947 calculators which you can find on LIC India’s official site or trusted insurance portals [external link to licindia.in].
Important Considerations
- LIC Jeevan Shiromani Plan 947 is a traditional plan with bonuses linked to LIC’s performance, so returns can vary.
- Premiums must be paid on time to avail full benefits.
- Understand the policy document carefully before purchase.
- Being a limited pay plan, the premiums may be higher during the payment term but result in no further payments after that.
- The policy is withdrawn from new business since September 2025, so new buyers may look for alternative or similar plans offered currently by LIC.
How Does LIC Jeevan Shiromani Compare with Other Plans?
To understand your options, here is a brief comparison with another popular plan:
| Feature | LIC Jeevan Shiromani 947 | LIC New Money Back Plus |
|---|---|---|
| Premium Payment Term | 5 or 7 years | Regular or limited |
| Policy Term | 15 or 18 years | 16 to 25 years |
| Money Back | At fixed years (4th, 8th, 12th) | At fixed years |
| Bonus | Reversionary + terminal | Reversionary + terminal |
| Target Customer | High net-worth individuals | General customers |
How to Buy and Other Tips
- Visit the official LIC branch or website.
- Use the LIC Jeevan Shiromani Plan 947 Calculator online to estimate your benefits and premiums.
- Read brochure and official documents for clarity.
- Consult LIC agents or financial advisors for personalized advice.
- Consider your financial goals while choosing policy term and sum assured.
Frequently Asked Questions
What is LIC Jeevan Shiromani Plan 947?
It is a limited premium, money-back life insurance plan by LIC designed for high net-worth individuals, offering survival benefits, life cover, and maturity benefits with bonuses.
When was LIC Jeevan Shiromani Plan 947 launched?
The plan was launched on 01 February 2020.
Is LIC Jeevan Shiromani Plan 947 still available for new purchase?
No, it was withdrawn from new business on September 21, 2025, but existing policyholders continue to receive benefits.
What are the premium payment terms available?
Premiums can be paid for 5 or 7 years depending on the chosen policy term.
How long is the policy term?
The policy term can be either 15 years or 18 years.
When do the money back benefits get paid?
Money back benefits are paid periodically, typically at the 4th, 8th, and 12th years for the 15-year policy term.
Can I take a loan against this policy?
Yes, loans are available against the policy after it acquires a surrender value.
Conclusion
LIC Jeevan Shiromani Plan 947 is a versatile and rewarding life insurance plan that offers a mix of protection and wealth creation with periodic money back benefits. Though withdrawn for new business, existing policyholders can continue to enjoy its benefits. The LIC Jeevan Shiromani Calculator is an excellent tool for understanding and planning your investments under this plan effortlessly.