LIC Jeevan Shiromani Plan 847 Calculator
Calculate Premium, Survival Benefits & Maturity Amount
Plan Features:
• Minimum Sum Assured: ₹1,00,00,000 (1 Crore)
• Guaranteed Additions: ₹50 per thousand (1st 5 years), ₹55 per thousand (6th year onwards)
• Money Back Plan with periodic survival benefits
• Inbuilt Critical Illness coverage for 15 diseases
Premium Details
Benefits Summary
Death Benefit Details
Year-wise Benefit Schedule
| Year | Premium Paid | GAs Accrued | Life Cover | Money Back |
|---|
Note: LA (Loyalty Addition) will be declared by LIC at the time of maturity/death (applicable from 6th year onwards). The actual loyalty addition varies and is not included in the above calculations.
The LIC Jeevan Shiromani Plan 847 Calculator is an essential tool for individuals considering this prestigious insurance policy, designed specifically for high net-worth individuals.
LIC Jeevan Shiromani Plan 847 is a non-linked, with-profit, limited premium payment money-back plan intended for high net-worth individuals. It stands out due to its high minimum sum assured, guaranteed additions, critical illness cover, and flexible money-back features.
This policy is ideal for those seeking security, periodic returns, and robust coverage for critical health conditions.
What is the LIC Jeevan Shiromani Plan 847 Calculator?
The LIC Jeevan Shiromani Plan 847 Calculator is an online tool that helps users estimate premiums, maturity value, yearly returns, risk coverage, and benefits. By entering age, sum assured, term, and rider options, users receive a clear illustration of what they will pay and gain.
Key Features of LIC Jeevan Shiromani Plan 847
- Minimum Sum Assured: ₹1 crore (One Crore), making it exclusive for high net-worth individuals.i
- Guaranteed Additions (GA): ₹50 per thousand sum assured for the first 5 years, ₹55 per thousand for the next years of premium paying term.
- Critical Illness Benefit: Inbuilt coverage for 15 specified illnesses.
- Policy Terms: Choose 14, 16, 18, or 20 years. Premium payable for 4 years less than policy term (i.e., term minus 4 years).
- Survival Benefits: Periodic returns at key policy milestones (see table below).
- Flexible Settlement: Option to defer maturity/death benefit payments in instalments.
Survival Benefit Payout Structure
| Policy Term | 10th Year | 12th Year | 14th Year | 16th Year | 18th Year | 20th Year |
|---|---|---|---|---|---|---|
| 14 Years | 30% | 30% | 40% + GA + LA | |||
| 16 Years | 35% | 35% | 30% + GA + LA | |||
| 18 Years | 40% | 40% | 20% + GA + LA | |||
| 20 Years | 45% | 45% | 10% + GA + LA |
GA = Guaranteed Addition; LA = Loyalty Addition.
How Does the Calculator Work?
- Step 1: Enter age, sum assured, term, and premium payment details.
- Step 2: Select riders (Critical Illness, Accidental Death, Disability).
- Step 3: Calculator shows premium schedule, survival benefit payouts, maturity amount, death benefits, tax benefits, and loan eligibility.
Most calculators allow monthly, quarterly, half-yearly, or yearly mode selection for flexibility.
Eligibility Criteria
- Minimum Age: 18 years at entry.
- Maximum Age: Varies by term (55 years for 14-year term, 51 years for 16-year, 48 years for 18-year, 45 years for 20-year).
- Sum Assured: Minimum ₹1 crore, no upper limit.
- Premium Payment Term: Policy term minus 4.
- Riders: Can select up to 3 riders, including Critical Illness.
Detailed Premium and Benefit Structure
Premiums are calculated based on age, sum assured, term, and rider selection. For example, for a 20-year policy with a ₹1 crore sum assured, the annual premium could be around ₹7-8 lakh—payable for only 16 years. GST and rider costs are added to base premiums.
Guaranteed Additions Calculation
- ₹50 per ₹1,000 Sum Assured for first 5 years.
- ₹55 per ₹1,000 Sum Assured for remaining premium paying term.
For a ₹1 crore policy:
- First 5 years: ₹5 lakh per year guaranteed addition.
- Next 11 years: ₹5.5 lakh per year guaranteed addition.
- Total Accrued GA: ₹85.5 lakh by maturity for a 20-year term.
Maturity Benefits
At policy maturity (end of term):
- Survival Benefits: Paid at pre-decided intervals.
- Final Maturity Payout: Remaining Basic Sum Assured + Total Guaranteed Additions + Loyalty Additions.
- Deferred Settlement Option: Choose installments over 5, 10, or 15 years, with interest set by LIC.
Death Benefit Structure
If the policyholder passes away:
- Before 5 years: Sum Assured on Death + GA (at ₹50/1000).
- After 5 years: Sum Assured on Death + GA (first 5 years at ₹50/1000, remaining at ₹55/1000) + Loyalty Addition.
- Sum Assured on Death is higher of:
- 10 × annualized premium (excluding tax/riders)
- 125% of Basic Sum Assured
- 105% of all premium paid.
Death benefits can also be paid in installments if opted by the policyholder.
Critical Illness Cover
The inbuilt critical illness rider provides lump-sum payments on diagnosis of any of 15 critical illnesses. The payout equals 10% of the Basic Sum Assured.
Eligibility for critical illness: 1 lakh to 25 lakh (including other LIC policies)
Tax Benefits
- Premium Paid: Eligible for Section 80C tax exemption.
- Maturity/Death/Survival Benefits: Exempt under Section 10(10D), subject to conditions.
Step-by-Step Guide to Using the LIC Jeevan Shiromani 847 Calculator
1. Choose Policy Details:
- Enter age, gender, term, and sum assured.
2. Select Premium Frequency:
- Yearly, half-yearly, quarterly, or monthly.
3. Opt Riders:
- Critical Illness, AD & Disability, Accident Benefit, New Term Assurance Rider.
4. View Results:
- Calculator displays premium breakdown, survival and maturity benefits, death cover, and loan eligibility.
5. Review the Illustration:
- Get annual, cumulative, and final benefits table.
Pros and Cons
Pros:
- High sum assured and returns
- Guaranteed additions (fixed accrual)
- Inbuilt critical illness cover
- Flexible survival & maturity benefits
- Loans and early surrender enabled
- Tax-exempt benefits
Cons:
Premium and Maturity Calculation Formula (Simplified)
- High premiums (minimum ₹1 crore sum assured)
- Best suited for HNIs
- Returns may be lower compared to market-linked/investment plans
- Loyalty additions are variable
Guaranteed Addition per year: GAper year=Sum Assured×Rate1000
- For example, ₹1 Crore sum assured and ₹50/₹1000 GA:
GAyear 1-5=1,00,00,000×501000=₹5,00,000 per year
GAyear 6+=1,00,00,000×100055=₹5,50,000 per year
Maturity Benefit:Maturity=Final SB+All GA accrued+Loyalty Additions
Section-wise Summary Table
| Feature | Details |
|---|---|
| Policy Type | Money-back, with profits, non-linked |
| Minimum Sum Assured | ₹1 crore |
| Premium Payment Term | Policy term minus 4 years |
| GA Rate (Years 1-5) | ₹50/₹1000 |
| GA Rate (Years 6+) | ₹55/₹1000 |
| Riders | Critical Illness, ADDB, Accident, Term Assurance |
| Loan Facility | After 1 year |
| Surrender Facility | After 1 year |
| Maturity Settlement | Lump sum or installment (5/10/15 years) |
| Tax Benefit | Section 80C, 10(10D) |
| Survival Benefits | Money-back at intervals (see above) |
| Inbuilt Critical Illness | 15 diseases, 10% Sum Assured |
Why Use the LIC Jeevan Shiromani Calculator?
- Clarity: Breaks down premium and benefits at each stage.
- Comparison: Try different sums assured, terms, and riders.
- Personalization: Helps in planning goals, eligibility, and returns.
- Informed Decision: Know risks, benefits, and financial outflows before buying.
Tips for Buying LIC Jeevan Shiromani 847
- Compare the illustrated maturity and death benefit with other plans.
- Only opt if comfortable with high premium outflows.
- Choose rider options wisely for maximum cover.
- Review survival benefit payouts for periodic financial needs.
- Use calculator for precise, scenario-specific illustrations.
Frequently Asked Questions (FAQs)
Who is eligible to buy the LIC Jeevan Shiromani Plan 847?
This plan is specially designed for high net-worth individuals; the minimum sum assured is ₹1 crore. The entry age starts at 18 and varies with the chosen policy term.
What is the minimum and maximum sum assured?
The minimum basic sum assured is ₹1 crore, with no maximum limit set by LIC. This feature makes the plan unique among LIC offerings.
How does the premium payment work?
Premiums are only payable for the policy term minus 4 years. For example, a 20-year policy requires premium payments for 16 years. The premium can be paid yearly, half-yearly, quarterly, or monthly.
What survival benefits are offered?
Survival benefits (money-back payouts) are available at major milestones, like the 10th, 12th, 14th, etc., years. The percentage depends on the policy term selected and ensures flexibility for the policyholder.
How is the maturity benefit calculated?
Maturity benefits include the final survival benefit, total guaranteed additions, and loyalty additions. The guaranteed additions are ₹50 per thousand sum assured for the first 5 years, then ₹55 per thousand for the remaining term.
Conclusion
The LIC Jeevan Shiromani Plan 847 is a premium money-back insurance product designed for those who want the best coverage, guaranteed returns, and health security. Using the LIC Jeevan Shiromani Calculator, every prospective buyer can make an informed, transparent, and confident decision about this unique plan.