| Age at Entry | |
|---|---|
| Policy Term | |
| Premium Paying Term | |
| Basic Sum Assured | |
| Premium Payment Mode | |
| Tabular Annual Premium Rate | |
| Tabular Premium | |
| Mode Rebate | |
| Annual Premium After Rebate | |
| Total Premium Over Premium-Paying Term |
| Years 1–5 | ₹50 per ₹1,000 Basic Sum Assured per year |
|---|---|
| Years 6 onward | ₹55 per ₹1,000 Basic Sum Assured per year during the Premium Paying Term |
| Guaranteed Addition — Years 1–5 | |
| Guaranteed Addition — Remaining PPT Years | |
| Total Guaranteed Additions |
| Policy Term | Payment Year | Benefit | Amount |
|---|
| Final Survival Benefit | |
|---|---|
| Guaranteed Additions | |
| Loyalty Addition | Variable; payable if declared and applicable. |
| Fixed Components Shown | |
| Maturity Formula | Final Survival Benefit + accrued Guaranteed Additions + Loyalty Addition, if any |
| Sum Assured on Death | |
|---|---|
| Definition | Higher of 10× annualized premium, Basic Sum Assured, or 125% of Basic Sum Assured. |
| Guaranteed Additions | |
| Loyalty Addition | Payable if applicable under the policy. |
| Death Benefit Formula | Sum Assured on Death + accrued Guaranteed Additions + Loyalty Addition, if any |
| Critical Illness Cover | 10% of Basic Sum Assured, subject to plan conditions. |
|---|---|
| Illustrated Amount |
The LIC Jeevan Shiromani Plan 847 is a non-linked, with-profit, limited-premium money-back insurance plan created mainly for high net-worth individuals. Its key attractions include a high minimum sum assured, guaranteed additions, built-in critical illness protection, and periodic money-back benefits.
The plan is suitable for people looking for a combination of financial protection, scheduled payouts, and additional coverage against specified critical illnesses.
What is the LIC Jeevan Shiromani Plan 847 Calculator?
The LIC Jeevan Shiromani Plan 847 Calculator is an online calculation tool that can help estimate premiums, maturity proceeds, periodic returns, insurance coverage, and other policy benefits. By entering details such as age, sum assured, policy term, and selected riders, users can get an illustration of the expected premium and benefits.
Key Features of LIC Jeevan Shiromani Plan 847
The major features of this plan include:
- Minimum Sum Assured: ₹1 crore, making the plan primarily suitable for high net-worth customers.
- Guaranteed Additions: ₹50 per ₹1,000 sum assured during the first five years and ₹55 per ₹1,000 during the remaining premium-paying period.
- Critical Illness Cover: Built-in protection covering 15 specified critical illnesses.
- Policy Terms: Available for 14, 16, 18, or 20 years.
- Premium Payment Term: Premiums are payable for four years less than the selected policy term.
- Survival Benefits: Money-back payouts are provided at predetermined stages during the policy.
- Settlement Flexibility: Maturity and death benefits can be received in instalments instead of entirely as a lump sum.
Survival Benefit Payout Structure
The money-back percentage depends on the policy term selected. The payout structure is as follows:
| 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 means Guaranteed Addition, while LA refers to Loyalty Addition.
How Does the LIC Jeevan Shiromani Calculator Work?
Using the calculator is relatively straightforward:
- Enter policy details: Provide your age, desired sum assured, policy term, and premium-related information.
- Choose riders: Select applicable options such as critical illness, accidental death, and disability riders.
- Generate the calculation: The calculator provides an estimated premium schedule along with survival benefits, maturity value, death benefit, tax benefits, and loan eligibility.
Depending on the calculator, users may also be able to select monthly, quarterly, half-yearly, or yearly premium payment modes.
Eligibility Criteria
The main eligibility conditions for LIC Jeevan Shiromani Plan 847 include:
- Minimum Entry Age: 18 years.
- Maximum Entry Age: Depends on the selected policy term:
- 55 years for a 14-year term
- 51 years for a 16-year term
- 48 years for an 18-year term
- 45 years for a 20-year term
- Minimum Sum Assured: ₹1 crore.
- Maximum Sum Assured: No upper limit.
- Premium Paying Term: Policy term minus four years.
- Riders: Up to three riders can be selected, including critical illness protection.
Premium and Benefit Structure
The premium depends on several factors, including the policyholder’s age, selected sum assured, policy duration, and rider choices.
For instance, under a 20-year policy with a ₹1 crore sum assured, the annual premium may be approximately ₹7–8 lakh, payable for 16 years. Applicable GST and rider charges would be added separately to the base premium.
Guaranteed Additions Calculation
The plan provides guaranteed additions according to the following rates:
- First five years: ₹50 for every ₹1,000 of sum assured.
- Remaining premium-paying years: ₹55 for every ₹1,000 of sum assured.
Example for a ₹1 Crore Policy
For a basic sum assured of ₹1 crore:
- Guaranteed addition during the first five years = ₹5 lakh per year.
- Guaranteed addition for the following 11 years = ₹5.5 lakh per year.
- Total guaranteed additions over these 16 years = ₹85.5 lakh.
Maturity Benefits
At the completion of the selected policy term, the policyholder can receive benefits according to the plan conditions.
The maturity benefits include:
- Survival Benefits: Paid at predetermined milestones during the policy.
- Final Maturity Amount: The remaining Basic Sum Assured along with accumulated Guaranteed Additions and Loyalty Additions.
- Deferred Settlement: The maturity proceeds can be received through instalments spread over 5, 10, or 15 years, with interest determined by LIC.
Death Benefit Under LIC Jeevan Shiromani Plan 847
If the policyholder dies during the policy period, the death benefit depends on when the death occurs.
Death Before Completion of Five Years
The benefit consists of the Sum Assured on Death plus Guaranteed Additions, calculated at the applicable ₹50 per ₹1,000 rate.
Death After Five Years
The benefit includes:
- Sum Assured on Death
- Guaranteed Additions accumulated during the policy
- Loyalty Addition, wherever applicable
The first five years use the ₹50 per ₹1,000 rate, while subsequent applicable years use the ₹55 per ₹1,000 rate.
The Sum Assured on Death is the highest of:
- 10 times the annualised premium, excluding taxes and rider premiums
- 125% of the Basic Sum Assured
- 105% of the total premiums paid
The death benefit can also be received in instalments if the policyholder has selected the applicable settlement option.
Critical Illness Cover
An important feature of Jeevan Shiromani Plan 847 is its in-built critical illness protection.
The benefit provides a lump-sum payment if the insured is diagnosed with any of the 15 specified critical illnesses. The payout is equal to 10% of the Basic Sum Assured.
The stated eligibility range for critical illness cover is ₹1 lakh to ₹25 lakh, including coverage under other LIC policies.
Tax Benefits
The plan may provide tax-related benefits subject to applicable conditions and prevailing tax laws.
- Premiums: Eligible for deduction under Section 80C.
- Maturity, death, and survival benefits: Eligible for exemption under Section 10(10D), subject to applicable conditions.
How to Use the LIC Jeevan Shiromani 847 Calculator
You can use the calculator by following these steps:
1. Enter Policy Information
Provide details such as:
- Age
- Gender
- Policy term
- Basic sum assured
2. Select Premium Frequency
Choose the preferred payment frequency:
- Yearly
- Half-yearly
- Quarterly
- Monthly
3. Select Riders
Depending on eligibility, riders can be selected, including:
- Critical Illness
- Accidental Death and Disability
- Accident Benefit
- New Term Assurance Rider
4. Check the Results
The calculator can display:
- Premium details
- Survival benefits
- Maturity benefits
- Death cover
- Loan eligibility
5. Review the Illustration
Users can review annual, cumulative, and final benefit calculations to understand how the policy works over its entire term.
Pros and Cons of LIC Jeevan Shiromani Plan 847
Advantages
- High sum assured and substantial potential benefits
- Guaranteed additions at predetermined rates
- Built-in critical illness coverage
- Flexible survival and maturity payouts
- Loan and surrender facilities
- Applicable tax benefits
Limitations
The plan also has certain limitations:
- The minimum sum assured is high at ₹1 crore.
- It is mainly appropriate for high net-worth individuals.
- Returns may be lower than some market-linked or investment-oriented products.
- Loyalty Additions are variable and are not fixed in advance.
LIC Jeevan Shiromani Plan 847 Calculation Formula
A simplified method can be used to understand the Guaranteed Addition calculation.
Guaranteed Addition Per Year
GA per year = Sum Assured × Applicable Rate ÷ 1,000
For example, if the sum assured is ₹1 crore and the applicable GA rate is ₹50 per ₹1,000:
Years 1–5: ₹5,00,000 guaranteed addition per year.
For the subsequent applicable years at ₹55 per ₹1,000:
Year 6 onwards: ₹5,50,000 guaranteed addition per year.
Maturity Benefit
The simplified maturity calculation can be expressed as:
Maturity Benefit = Final Survival Benefit + Total Accrued Guaranteed Additions + Loyalty Additions
LIC Jeevan Shiromani Plan 847 – Summary Table
| Feature | Details |
|---|---|
| Plan Type | Non-linked, with-profit money-back plan |
| Minimum Sum Assured | ₹1 crore |
| Premium Payment Term | Policy term minus 4 years |
| GA Rate – Years 1–5 | ₹50 per ₹1,000 |
| GA Rate – Later Years | ₹55 per ₹1,000 |
| Available Riders | Critical Illness, ADDB, Accident, Term Assurance |
| Loan Facility | After 1 year |
| Surrender Facility | After 1 year |
| Maturity Settlement | Lump sum or instalments over 5/10/15 years |
| Tax Benefits | Sections 80C and 10(10D) |
| Survival Benefits | Money-back payouts at specified intervals |
| Built-in Critical Illness | 15 illnesses, 10% of Sum Assured |
Why Use the LIC Jeevan Shiromani Calculator?
The calculator can make the policy easier to understand by providing a detailed view of its financial structure.
Clarity
It breaks down premiums and benefits at different stages of the policy.
Comparison
You can test different sum assured amounts, policy terms, and rider combinations.
Personalisation
It can help match the policy structure with your financial goals, eligibility, and expected benefits.
Better Decision-Making
By reviewing the expected financial outflow and policy benefits beforehand, you can make a more informed choice.
Tips for Choosing LIC Jeevan Shiromani Plan 847
Before selecting this type of policy, consider the following:
- Compare the illustrated maturity and death benefits with other available insurance options.
- Make sure you are comfortable with the relatively high premium requirement.
- Select riders according to your actual protection requirements.
- Review the timing of survival benefits to see whether they match your financial needs.
- Use a calculator to create a policy-specific illustration before making a decision.
Frequently Asked Questions
Who can purchase LIC Jeevan Shiromani Plan 847?
The plan is primarily intended for high net-worth individuals because its minimum Basic Sum Assured is ₹1 crore. The entry age starts at 18 years and the maximum age depends on the policy term selected.
What is the minimum and maximum sum assured?
The minimum Basic Sum Assured is ₹1 crore, while LIC does not specify an upper limit in the supplied information.
How are premiums paid?
Premiums are payable for a period that is four years shorter than the selected policy term. For example, a 20-year policy requires premiums for 16 years. Payment can be made yearly, half-yearly, quarterly, or monthly.
What survival benefits are available?
The plan provides money-back benefits at predetermined policy milestones. The percentage payable depends on whether the selected policy term is 14, 16, 18, or 20 years.
How is the maturity benefit determined?
The maturity benefit consists of the applicable final survival benefit, accumulated Guaranteed Additions, and Loyalty Additions. Guaranteed Additions are calculated at ₹50 per ₹1,000 for the first five years and ₹55 per ₹1,000 thereafter during the applicable period.
Conclusion
LIC Jeevan Shiromani Plan 847 is a high-value money-back insurance plan designed primarily for individuals seeking substantial life coverage, guaranteed additions, periodic payouts, and critical illness protection.
The LIC Jeevan Shiromani Plan 847 Calculator makes it easier to understand the premium requirement, survival payouts, maturity value, death benefit, Guaranteed Additions, and available rider options. By reviewing these figures in advance, prospective policyholders can better evaluate whether the plan fits their financial requirements and protection goals.
Note: All images and videos used on this website are sourced from Google or YouTube. If you have any issues regarding any image or video, please contact us via email through our official website.
If you find any problem with this post or wish to request its removal, please contact us through:
https://licpolicycalculator.in/contact-us
Comments 0