01 February 2020
₹1,00,00,000
14 / 16 / 18 / 20 Years
Policy Term – 4 Years
₹50 to ₹55 per ₹1000 SA
10% of Basic Sum Assured
30% to 45% of BSA
Guaranteed Addition + Loyalty Addition
16 Year Term: Max 51 Years
18 Year Term: Max 48 Years
20 Year Term: Max 45 Years
LIC Jeevan Shiromani Plan 947
Life Insurance Corporation of India (LIC) is well known for offering reliable and customer-focused insurance solutions. One of its premium insurance products for high-income individuals was LIC Jeevan Shiromani Plan 947.
This plan combined life insurance protection with wealth-building benefits, making it suitable for people looking for both financial security and long-term savings. To simplify premium and benefit estimation, LIC Jeevan Shiromani Plan 947 Calculator was widely used by customers for financial planning.
What is LIC Jeevan Shiromani Plan 947?
LIC Jeevan Shiromani Plan 947 was a limited-premium, non-linked, participating money-back life insurance policy specially designed for high-net-worth individuals seeking insurance coverage along with guaranteed payouts and bonus benefits.
The plan was introduced in April 2025 and gained attention because of its combination of periodic survival benefits, maturity returns, and life protection.
Launch and Withdrawal Dates
- Launch Date: 16 April 2025
- Withdrawal Date: 21 September 2025
Although the plan was withdrawn from new sales in September 2025, existing policyholders continue to receive all benefits according to the policy conditions.
The plan offered a combination of money-back payouts, maturity benefits, bonuses, and life cover, helping policyholders build wealth while protecting their families financially.
Key Features of LIC Jeevan Shiromani Plan 947
Limited Premium Payment
Premiums were required to be paid only for a fixed period of 5 years or 7 years depending on the chosen policy option.
Policy Term Options
The available policy terms were:
- 15 years
- 18 years
Money Back Benefits
The policy provided survival benefits at regular intervals during the policy term. For example, under the 15-year term option, payouts were available during the 4th, 8th, and 12th policy years.
High Sum Assured
The plan offered higher sum assured options suitable for individuals seeking substantial insurance coverage.
Maturity Benefit
At the end of the policy term, the policyholder received a lump sum maturity amount consisting of:
- Basic Sum Assured
- Accrued bonuses
- Additional terminal bonus, if declared by LIC
Bonus Benefits
Being a participating plan, LIC Jeevan Shiromani Plan 947 was eligible for:
- Simple Reversionary Bonus
- Final Additional Bonus (Terminal Bonus)
These bonuses enhanced the overall maturity value of the policy.
Tax Benefits
Premiums paid and benefits received under the policy qualified for tax benefits under applicable Income Tax rules and regulations.
Who Should Consider LIC Jeevan Shiromani Plan 947?
This policy was suitable for individuals who:
- Wanted a limited premium payment insurance plan
- Preferred periodic money-back payouts during the policy term
- Sought both insurance protection and long-term wealth creation
- Desired guaranteed returns with bonus participation
- Preferred traditional LIC plans with lower market risk and stable benefits
Eligibility and Policy Details
| Parameter | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years |
| Policy Term Options | 15 years or 18 years |
| Premium Payment Term | 5 years or 7 years |
| Minimum Sum Assured | ₹5,00,000 |
| Maximum Sum Assured | According to LIC underwriting guidelines |
| Premium Payment Modes | Yearly, Half-yearly, Quarterly, Monthly |
| Money Back Payout Frequency | 4th, 8th, and 12th policy year (for 15-year term) |
| Loan Facility | Available after acquiring surrender value |
| Surrender Value | Available after payment of at least 2 full years’ premiums |
Benefits of LIC Jeevan Shiromani Plan 947
Money Back Benefit
The plan provided periodic survival payouts during the policy term. Generally, money-back benefits were paid during the 4th, 8th, and 12th policy years, helping policyholders maintain liquidity while continuing insurance coverage.
Death Benefit
If the policyholder passed away during the policy term, the nominee received the Sum Assured on Death along with accrued bonuses, ensuring financial support for the family.
Maturity Benefit
On surviving till the end of the policy term, the policyholder received the maturity sum assured along with bonus additions, creating a sizeable corpus for future financial needs.
Bonus Benefits
LIC Jeevan Shiromani Plan 947 was eligible for:
- Simple Reversionary Bonuses
- Final Additional Bonus (Terminal Bonus)
These bonus additions increased the overall returns of the policy.
Loan Facility
Once the policy acquired surrender value, policyholders could avail loans against the policy to meet emergency financial requirements.
LIC Jeevan Shiromani Plan 947 Calculator Explained
Understanding premiums, survival benefits, maturity value, and returns is important before purchasing any insurance plan. The LIC Jeevan Shiromani Plan 947 Calculator helped users estimate all these values quickly based on selected policy details.
The calculator generally provided estimates for:
- Premium payable
- Money-back payouts
- Maturity amount
- Death benefit
- Bonus projections
By entering details such as age, policy term, premium payment term, and sum assured, users could easily understand the expected returns and overall benefits under the plan.
How to Use the LIC Jeevan Shiromani Plan 947 Calculator?
Using the LIC Jeevan Shiromani Plan 947 Calculator is simple and helps users estimate premiums, money-back benefits, and maturity returns easily. Generally, you need to enter the following details:
- Age of the policyholder
- Policy term (15 years or 18 years)
- Premium payment term (5 years or 7 years)
- Desired sum assured amount
- Premium payment frequency (yearly, half-yearly, quarterly, or monthly)
After entering these details, the calculator displays:
- Estimated premium payable
- Expected money-back payouts during the policy term
- Projected maturity amount including bonuses
- Death benefit payable to the nominee
Benefits of Using the Calculator
Better Financial Planning
The calculator helps users understand premium commitments and future payouts before purchasing the policy.
Compare Different Policy Options
Users can compare different combinations of policy terms, premium payment terms, and sum assured values to choose the most suitable option.
Easy Budget Management
Knowing the timing of survival benefits and maturity payouts helps in planning future financial goals more effectively.
Transparency in Returns
The calculator provides a clear estimate of premiums, bonuses, and insurance coverage, helping users make informed decisions confidently.
LIC Jeevan Shiromani Plan 947 calculators were available on LIC’s official website as well as several trusted insurance portals.
Important Points to Remember
- LIC Jeevan Shiromani Plan 947 was a traditional participating insurance plan, and bonus amounts depended on LIC’s yearly performance.
- Premiums had to be paid regularly to keep the policy active and continue receiving benefits.
- It was important to read the policy brochure and terms carefully before investing.
- Since it was a limited premium payment plan, premium amounts during the payment period could be comparatively higher, but no premiums were required afterward.
- The plan was withdrawn from new business from September 2025, so interested buyers now need to explore similar LIC plans currently available in the market.
How Does LIC Jeevan Shiromani Compare with Other Plans?
The table below gives a quick comparison between LIC Jeevan Shiromani Plan 947 and another popular LIC money-back policy.
| Feature | LIC Jeevan Shiromani 947 | LIC New Money Back Plus |
|---|---|---|
| Premium Payment Term | 5 years or 7 years | Regular or limited premium |
| Policy Term | 15 years or 18 years | 16 to 25 years |
| Money Back Benefits | Paid at fixed intervals like 4th, 8th, and 12th years | Paid at fixed policy intervals |
| Bonus Eligibility | Simple Reversionary Bonus + Final Additional Bonus | Simple Reversionary Bonus + Final Additional Bonus |
| Suitable For | High net-worth individuals | General policyholders |
How to Buy LIC Jeevan Shiromani Plan 947?
When the plan was available, it could be purchased through:
- LIC branch offices
- LIC’s official website
- Authorised LIC agents and advisors
Before buying the plan, it was advisable to use the LIC Jeevan Shiromani Plan 947 Calculator online to estimate premiums, maturity value, and money-back payouts.
Useful Tips Before Choosing the Plan
- Carefully read the official LIC brochure and policy terms.
- Compare policy terms and premium payment options before investing.
- Consult LIC agents or financial advisors for personalised recommendations.
- Select the sum assured according to your long-term financial goals and protection needs.
- Understand bonus-related returns since bonus rates may vary depending on LIC’s yearly performance.
Frequently Asked Questions
What is LIC Jeevan Shiromani Plan 947?
LIC Jeevan Shiromani Plan 947 was a limited premium money-back insurance plan offering survival benefits, life protection, and maturity returns with bonus additions.
When was LIC Jeevan Shiromani Plan 947 launched?
The plan was introduced on 1 February 2020.
Is LIC Jeevan Shiromani Plan 947 still available?
No, the policy was withdrawn from new business on 21 September 2025. However, existing policyholders continue to enjoy all benefits according to policy terms.
What premium payment terms were available?
The policy allowed premium payments for either 5 years or 7 years depending on the selected policy option.
What policy terms were available?
The available policy terms were:
- 15 years
- 18 years
When were the money-back benefits paid?
For the 15-year policy option, survival benefits were generally paid during the 4th, 8th, and 12th policy years.
Was loan facility available under this plan?
Yes, policyholders could avail loans against the policy after the policy acquired surrender value.
Conclusion
LIC Jeevan Shiromani Plan 947 was considered a premium insurance and savings solution that combined life protection, periodic money-back benefits, and long-term wealth creation. Although the plan has been withdrawn for new buyers, existing policyholders continue to benefit from its features. The LIC Jeevan Shiromani Plan 947 Calculator remains a useful tool for estimating premiums, maturity value, and policy benefits for better financial planning.
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