LIC Jeevan Shiromani Calculator

LIC Jeevan Shiromani is a limited-premium money-back life insurance plan for policies with a high Basic Sum Assured. Instead of paying the full benefit at one time, the plan provides two survival benefits before maturity and pays the remaining part at the end of the policy term.

The LIC Jeevan Shiromani Calculator helps existing policyholders understand this payment structure. It estimates the Premium Paying Term, survival benefits, maturity portion and accrued Guaranteed Additions. If a premium amount is entered from the policy record, it can also estimate the yearly premium outgo and total scheduled base premium.

The calculator supports Plan 847 and Plan 947. Both versions have been withdrawn from new sales, but existing policies continue according to their original terms. Calculator results are for understanding and planning; they are not official LIC quotations or claim statements.

What Is LIC Jeevan Shiromani?

LIC Jeevan Shiromani is a non-linked, participating, limited-premium money-back plan. Non-linked means the policy benefits are not directly connected to stock-market movements. Participating means the policy may qualify for Loyalty Addition when LIC declares it and the required conditions are met.

The minimum Basic Sum Assured was ₹1 crore, with higher amounts available in multiples of ₹5 lakh. Policyholders could choose a term of 14, 16, 18 or 20 years. Premiums were payable for four years less than the selected policy term.

The plan also includes life cover, Guaranteed Additions and an inbuilt benefit for 15 specified critical illnesses. Paid-up, surrender, loan, settlement and rider provisions depend on the applicable policy version and policy status.

Plans Supported by the Calculator

Plan 947 was launched on 1 February 2020 and withdrawn on 1 January 2025. An existing Plan 847 policy did not automatically change into Plan 947. The plan number and UIN printed on the policy schedule decide which contract applies.

The main Premium Paying Terms, survival-benefit percentages, maturity percentages and Guaranteed Addition rates used in this calculator are the same for both versions. Plan selection is still important because death-benefit wording, riders and other contractual or servicing provisions may differ.

What Does the Jeevan Shiromani Calculator Show?

After the policy details are entered, the calculator can show:

• Premium Paying Term
• Estimated yearly base premium, when a premium is entered
• Total scheduled base premium
• First and second survival benefits
• Basic maturity portion
• Accrued Guaranteed Additions
• Optional Loyalty Addition estimate
• Estimated maturity benefit
• Total projected policy payout
• Year-wise premium and benefit schedule

The calculator does not generate a fresh LIC premium quotation. The best premium input is the base premium shown on the policy schedule or premium receipt. Tax, rider premium and late-payment charges should not be included unless the calculator provides a separate field for them.

Eligibility and Entry-Age Limits

The calculator should stop the calculation when the selected age is not allowed for the chosen policy term.

Correct Survival and Maturity Schedule

The survival benefits are not paid in two consecutive years. The correct schedule is:

For every term, the two survival benefits and basic maturity portion together equal 100% of the Basic Sum Assured. Guaranteed Additions and Loyalty Addition, if declared, are separate.

Details Required for Calculation

Plan version: Select Plan 847 or Plan 947 exactly as printed on the policy schedule.

Age at entry: Enter the age when the policy started, not the present age.

Policy term: Select 14, 16, 18 or 20 years.

Basic Sum Assured: Enter the amount shown in the policy document. The minimum is ₹1 crore, and higher amounts must be in multiples of ₹5 lakh.

Premium mode and amount: When available, enter one base-premium instalment from the policy record and select yearly, half-yearly, quarterly or monthly mode. Do not include tax or rider premium in the base-premium field.

Loyalty Addition rate: Leave this optional field blank unless a declared or assumed rate is being tested. Loyalty Addition is not guaranteed.

Formulas Used in the Calculator

Premium Paying Term

Premium Paying Term = Policy Term − 4 years

For a 14-year policy:

Premium Paying Term = 14 − 4 = 10 years

Estimated yearly base premium

Estimated Yearly Base Premium =
Base Premium per Instalment × Number of Instalments per Year

The number of instalments is 1 for yearly, 2 for half-yearly, 4 for quarterly and 12 for monthly mode.

This result shows the estimated yearly premium outgo. It may not equal the official Annualised Premium used in the policy contract because modal adjustments can apply.

Total scheduled base premium

Total Scheduled Base Premium =
Estimated Yearly Base Premium × Premium Paying Term

This excludes tax, rider premium, underwriting extras and late fees.

Guaranteed Additions

For the first five policy years:

Guaranteed Additions =
(Basic Sum Assured ÷ 1,000) × ₹50 × 5

From the sixth policy year to the end of the Premium Paying Term:

Guaranteed Additions =
(Basic Sum Assured ÷ 1,000) × ₹55
× (Premium Paying Term − 5)

Guaranteed Additions accrue at the end of each eligible policy year for which the required full-year premium has been paid. They are not yearly cash payments.

Survival benefits

Survival Benefit =
Basic Sum Assured × Applicable Survival Percentage

The formula is applied separately to both scheduled survival payments.

Estimated maturity benefit

Basic Maturity Portion =
Basic Sum Assured × Applicable Maturity Percentage

Estimated Maturity Benefit =
Basic Maturity Portion
+ Accrued Guaranteed Additions
+ Loyalty Addition, if entered

Optional Loyalty Addition

Estimated Loyalty Addition =
(Basic Sum Assured ÷ 1,000) × Entered Rate

An entered Loyalty Addition rate is only an assumption unless LIC has declared and confirmed it for the policy.

How to Use the Calculator

1. Check the policy schedule and select Plan 847 or Plan 947.
2. Enter the age at entry, policy term and Basic Sum Assured.
3. If the premium is known, select its payment frequency and enter one base-premium instalment.
4. Leave Loyalty Addition blank unless an assumed or confirmed rate is available.
5. Select Calculate to view the Premium Paying Term, benefit amounts and year-wise schedule.
6. Check that the survival benefits appear in the correct policy years.
7. Use Reset to clear all entries and results.

For a monthly policy, enter one monthly base-premium instalment. The calculator multiplies it by 12 to show an estimated yearly base premium.

Real Calculation Example

Consider an illustrative Plan 947 policy with:

The ₹8 lakh premium is used only to explain the calculator. It is not an LIC premium quotation.

Total scheduled base premium:

₹8,00,000 × 10 = ₹80,00,000

Guaranteed Additions for the first five years:

(₹1,00,00,000 ÷ 1,000) × ₹50 × 5
= ₹25,00,000

Guaranteed Additions for years 6 to 10:

(₹1,00,00,000 ÷ 1,000) × ₹55 × 5
= ₹27,50,000

Total Guaranteed Additions:

₹25,00,000 + ₹27,50,000 = ₹52,50,000

The survival benefits are paid in policy years 10 and 12:

First Survival Benefit in Year 10
= 30% of ₹1,00,00,000
= ₹30,00,000

Second Survival Benefit in Year 12
= 30% of ₹1,00,00,000
= ₹30,00,000

The basic maturity portion in policy year 14 is:

40% of ₹1,00,00,000 = ₹40,00,000

Assumed Loyalty Addition:

(₹1,00,00,000 ÷ 1,000) × ₹100
= ₹10,00,000

Estimated maturity benefit:

₹40,00,000 + ₹52,50,000 + ₹10,00,000
= ₹1,02,50,000

Total projected payout across different policy years:

₹30,00,000 + ₹30,00,000 + ₹1,02,50,000
= ₹1,62,50,000

The ₹10 lakh Loyalty Addition is only an assumption. The total projected payout combines payments received in years 10, 12 and 14, so it should not be treated as one lump sum or as investment profit.

Understanding the Results

Estimated yearly base premium is the entered base instalment multiplied by the number of payments in one year. It is not an official fresh premium quotation.

Survival benefits are the two scheduled money-back payments. They are payable when the life assured survives to the specified policy years and the policy meets the applicable conditions.

Guaranteed Additions accrue during eligible premium-paying years. They are normally included in an eligible maturity or death claim instead of being paid every year.

Estimated maturity benefit combines the basic maturity portion, accrued Guaranteed Additions and any assumed Loyalty Addition.

Total projected payout adds the two survival benefits and estimated maturity amount. These payments are received in different years.

Death Benefit

The calculator focuses on survival and maturity benefits. It should not estimate a death claim without the exact plan version, date of death, policy status, premiums paid and applicable contract terms.

A death claim may include the applicable Sum Assured on Death, accrued Guaranteed Additions and Loyalty Addition, if eligible. A minimum benefit linked to premiums paid may also apply. Paid-up status and outstanding loans can reduce the final amount. Plan 847 and Plan 947 policy documents should not be treated as interchangeable for death-claim calculation.

Inbuilt Critical Illness Benefit

Jeevan Shiromani includes an inbuilt benefit covering 15 specified critical illnesses. If an eligible claim is admitted, LIC pays a lump sum equal to 10% of the Basic Sum Assured.

The policyholder may also have the option to defer certain premiums for up to two years and use a medical second-opinion facility, subject to availability and policy conditions. The illness definition, required severity, waiting period, survival period and exclusions must all be satisfied. The calculator does not estimate this claim.

Paid-Up, Surrender and Loan Values in LIC Jeevan Shiromani

A policy may continue with reduced paid-up benefits after the required minimum premiums have been paid. Surrender permanently closes the policy and may return less than the premiums paid, especially in earlier years.

A loan may be available after at least one full year’s premium has been paid and one policy year has been completed, subject to the policy acquiring surrender value and LIC’s conditions. The maximum loan may be up to 90% of surrender value for an in-force policy and up to 80% for a paid-up policy.

Paid-up, surrender and loan values depend on the policy version, payment history, policy year, status and LIC’s applicable factors. This maturity calculator does not calculate them. An official LIC quotation is required.

Tax Rule

Tax treatment depends on the policy issue date, premium amount, applicable tax regime and current law. A maturity payment should not automatically be treated as tax-free.

For non-ULIP life insurance policies issued on or after 1 April 2023, Section 10(10D) exemption may not apply when the applicable aggregate annual premium exceeds ₹5 lakh, subject to statutory conditions. Death proceeds are treated separately under the law.

Premium deductions under Section 80C also depend on the selected tax regime and other conditions. Personal tax advice should be obtained from a qualified professional.

Important Limitations of LIC Jeevan Shiromani Calculator

The calculator estimates scheduled survival and maturity benefits. It does not provide an official fresh premium, death claim, Critical Illness Benefit claim, paid-up value, surrender value, loan amount or rider benefit.

Actual payments depend on the policy version, payment history, policy status, LIC’s declared additions and outstanding loans. The policy bond and LIC’s official records remain final.

Frequently Asked Questions

Does the calculator support both Plan 847 and Plan 947?

Yes. Select the plan number printed on the policy schedule. Plan 847 uses UIN 512N315V01, while Plan 947 uses UIN 512N315V02.

When are survival benefits paid under a 14-year policy?

A 14-year policy pays 30% of the Basic Sum Assured in policy year 10 and another 30% in policy year 12. The remaining 40% forms the basic maturity portion in year 14.

Can the calculator find a fresh LIC premium?

No. It uses the premium entered from an existing policy record. When the premium is unavailable, the calculator can still estimate benefits linked to the Basic Sum Assured.

Is Loyalty Addition guaranteed?

No. It depends on LIC’s declaration and the policy satisfying the required conditions. An entered rate is only an illustration until LIC confirms it.

Are Guaranteed Additions paid every year?

No. They accrue during eligible policy years but are not yearly cash payments. They are included with an eligible policy benefit according to the contract.

Is the calculator result an official LIC maturity amount?

No. It is an educational estimate. The final amount depends on the policy bond, premium history, policy status, declared additions, outstanding loan and LIC records.

Conclusion

The LIC Jeevan Shiromani Calculator makes the benefit structure of Plans 847 and 947 easier to understand. It shows how long premiums continue, when the two survival benefits are payable, how much Basic Sum Assured remains for maturity and how Guaranteed Additions may build during the Premium Paying Term.

The most reliable results we will get are when we fill details directly from the policy schedule. All estimates should be checked against the policy bond and LIC’s official records before making a decision involving maturity, surrender, loan, paid-up status or a claim.