LIC Jeevan Shiromani Plan 947
High Sum Assured Money Back Offline Calculator
LIC Jeevan Shiromani Plan 947 Overview
LIC Jeevan Shiromani Plan 947 is a non-linked, participating, individual life insurance savings plan designed for High Net Worth Individuals (HNIs). It offers high risk cover, critical illness cover, and high guaranteed additions with a minimum Sum Assured of ₹1 Crore.
Eligibility & Rules
- Entry Age: 18 to 55 Years
- Policy Term: 14, 16, 18, 20 Years
- Premium Paying Term: Policy Term minus 4 Years
- Minimum Sum Assured: ₹1,00,00,000 (1 Crore)
Key Plan Benefits
- Survival Benefit: 30% or 45% of Basic SA paid periodically during the policy term.
- Maturity Benefit: Remaining 40% of SA + Guaranteed Additions + Loyalty Addition.
- In-built Critical Illness: 10% of Basic SA paid on diagnosis of 15 specified critical illnesses, plus premium waiver for 2 years.
Detailed Maturity Benefit
40% of Basic Sum Assured + Guaranteed Additions + Loyalty Addition (if any). The rest 60% is paid as survival payouts.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹1,00,00,000 |
| Policy Term / PPT | 16 Years / 12 Years |
| Base Premium (per 1000 SA) | ~₹8,34,000 |
| Yearly Premium (Yr1 incl. GST) | ~₹8,72,000 |
| Total Paid Premium (12 Yrs) | ~₹1,02,52,000 |
| Each Survival Payout (35% SA × 2) | ₹35,00,000 |
| Total Survival Payouts | ₹70,00,000 |
| Guaranteed Additions (GA) | ₹63,50,000 |
| Maturity (30% SA + GA) | ₹93,50,000 |
| Total Benefits (Survival + Maturity) | ₹1,63,50,000 + LA |
Calculating…