Jeevan Shiromani 947
Jeevan Shiromani 947: LIC of India has been launched LIC Jeevan Shiromani Plan 947 from 2nd February 2020, ‘LIC Jeevan Shiromani Plan 947‘ is a non-linked, with-profits, limited premium payment money back life insurance plan.
Indians don’t just invest for returns—they invest for security, pride, and legacy. LIC, the country’s most trusted insurer, understands this mindset and created a plan specifically for the upper segment of investors—the LIC Jeevan Shiromani Plan 947.
This plan is often called the “royal plan” because it caters to high-net-worth individuals (HNIs), offering:
- High sum assured (minimum ₹1 crore)
- Money-back survival benefits
- Critical illness coverage
- Loyalty additions at maturity
- Life insurance protection
It’s not just insurance. It’s a symbol of prestige and financial discipline.
What is LIC Jeevan Shiromani Plan 947?
- Type: Non-linked, with-profit, money-back plan.
- Category: Specially designed for HNIs with high coverage needs.
- Unique Value: Includes a built-in critical illness rider along with survival and maturity benefits.
- Launch Purpose: To blend luxury with security for investors who prefer assured returns + protection.
Key Features of LIC Jeevan Shiromani
- High Minimum Sum Assured: ₹1 crore minimum.
- Survival Benefits: Guaranteed money-back payouts during policy term.
- Maturity Benefit: Balance sum assured + loyalty addition.
- Critical Illness Cover: Protection against 15 major illnesses.
- Loan Facility: Available after 1 year of policy.
- Policy Term Options: 14, 16, 18, 20 years.
- Premium Paying Term: 4 years less than the policy term.
- Bonus & Loyalty Additions: Declared by LIC to boost returns.
- High-Status Plan: Tailored for individuals who can afford large coverage.
Eligibility Criteria – LIC Jeevan Shiromani
| Parameter | Details |
|---|---|
| Minimum Sum Assured | ₹1 crore |
| Maximum Sum Assured | No limit (multiples of ₹5 lakh) |
| Entry Age | 18 years |
| Maximum Entry Age | 55 years (for 14-year term) |
| 51 years (for 20-year term) | |
| Maximum Maturity Age | 69 years |
| Policy Term Options | 14, 16, 18, 20 years |
| Premium Payment Term | Policy term – 4 years |
Benefits of LIC Jeevan Shiromani 947
1. Death Benefit
If the life assured passes away during the policy term:
- Sum Assured on Death + Loyalty Addition (if any)
- “Sum Assured on Death” = Higher of:
- 125% of Basic Sum Assured, OR
- 7 × Annualized Premium
2. Survival Benefit (Money-Back Payouts)
| Policy Term | Payout % of Basic SA | Payout Years |
|---|---|---|
| 14 years | 30% at end of 10th & 12th year | |
| 16 years | 35% at end of 12th & 14th year | |
| 18 years | 40% at end of 14th & 16th year | |
| 20 years | 45% at end of 16th & 18th year |
3. Maturity Benefit
At policy maturity:
- Balance Sum Assured (i.e., BSA – survival benefits paid)
- Loyalty Addition (if declared).
4. Critical Illness Benefit
- Coverage against 15 specified critical illnesses.
- Provides lump sum benefit + premium waiver during treatment period.
5. Loan Facility
Loan can be availed after one full year of premium payment.
6. Tax Benefits
- 80C deduction for premiums.
- 10(10D) exemption for maturity proceeds.
Example – LIC Jeevan Shiromani Premium & Returns
Case Study:
- Age: 35 years
- Policy Term: 20 years
- Sum Assured: ₹1 crore
- Premium Paying Term: 16 years
- Approx. Annual Premium: ₹7.5 lakh
Survival Benefits
| Year | Payout (% of SA) | Amount (₹) |
|---|---|---|
| 16th Yr | 45% | 45,00,000 |
| 18th Yr | 45% | 45,00,000 |
Total Survival Benefit = ₹90,00,000
Maturity Benefit
- Balance Sum Assured = ₹10,00,000
- Loyalty Addition (example: ₹20,00,000 – depends on LIC’s performance)
👉 Final Maturity = ₹30,00,000
Total Returns (Survival + Maturity)
👉 ₹1.2 crore approx. + Insurance cover throughout.
Analyst Opinions – Strengths & Weaknesses
Strengths:
- Elite plan designed for high-net-worth individuals.
- Includes critical illness protection.
- Guaranteed payouts + bonuses.
- Life cover + money-back + maturity.
Weaknesses:
- Very high premium – not affordable for common investors.
- Returns (IRR ~6-7%) are moderate compared to market investments.
- Loyalty Addition not guaranteed.
Verdict:
LIC Jeevan Shiromani is a prestige insurance plan, more than just returns. It suits investors seeking elite coverage, critical illness protection, and regular cash inflows.
Investor Scenarios
Scenario 1 – Business Owner (Age 40, SA ₹2 crore, 18-year term)
- Annual premium: ~₹14 lakh.
- Gets periodic payouts of ₹80 lakh + maturity ₹60 lakh.
- Ideal for liquidity & tax planning.
Scenario 2 – Senior Executive (Age 35, SA ₹1.5 crore, 16-year term)
- Premium: ~₹11 lakh annually.
- Uses payouts for child’s higher education at 14–16 years.
- Ensures family protection + planned cash inflows.
Scenario 3 – Doctor (Age 45, SA ₹1 crore, 14-year term)
- Premium: ~₹7.8 lakh.
- Receives ₹60 lakh during 10th & 12th years.
- Uses survival benefits to expand clinic.
Real Investor Insights
- Mr. Sharma (Delhi, Entrepreneur): “I wanted insurance that doubles as a legacy plan. Jeevan Shiromani gave me both life cover and liquidity.”
- Mrs. Kapoor (Mumbai, Doctor): “The built-in critical illness rider is a blessing. My family’s future is secured, and I also get periodic payouts.”
- Mr. Iyer (Bangalore, Corporate VP): “It’s expensive, yes, but it fits my long-term wealth management plan.”
Expert Insights – How It Compares
- Vs. Jeevan Shree: Jeevan Shiromani is more modern with critical illness cover.
- Vs. Term Insurance: Term gives higher cover at low premium but no returns.
- Vs. ULIP: ULIPs may offer higher returns but involve risk.
👉 Jeevan Shiromani is best for those who want safety, dignity, liquidity, and LIC’s trust in one product.
FAQs – Jeevan Shiromani 947
Q1. What is the minimum sum assured in Jeevan Shiromani?
👉 ₹1 crore.
Q2. Is loyalty addition guaranteed?
👉 No, it depends on LIC’s performance.
Q3. Does it cover critical illnesses?
👉 Yes, 15 major illnesses with premium waiver.
Q4. What is the premium paying term?
👉 Policy term – 4 years.
Q5. Who should buy Jeevan Shiromani?
👉 Businessmen, professionals, HNIs, and individuals with high insurance needs.
Final Thoughts – Should You Invest in Jeevan Shiromani 947?
✔ Best for HNIs, professionals, and businessmen.
✔ Offers life cover + critical illness + guaranteed money-back + maturity.
✔ A prestige-oriented plan, not just for returns.
✔ Great for legacy planning & liquidity management.
⚠️ Not suitable for middle-class investors due to high premium requirement.
Conclusion:
LIC Jeevan Shiromani 947 is more than insurance—it’s a financial crown jewel. It provides elite coverage, periodic liquidity, tax benefits, and security for loved ones. If you belong to the segment it caters to, this plan is a perfect blend of royalty and responsibility.
