LIC Jeevan Shiromani Plan 947 Calculator

LIC Jeevan Shiromani Plan 947 is a limited-premium money-back life insurance plan for people requiring a high Basic Sum Assured. It provides two survival benefits before maturity and pays the remaining part of the Basic Sum Assured at the end of the policy term. Guaranteed Additions also build during the eligible premium-paying years.

The LIC Jeevan Shiromani Plan 947 Calculator helps existing policyholders estimate their premium commitment, money-back payments, Guaranteed Additions and maturity benefit. It can also show the minimum death cover and inbuilt Critical Illness Benefit based on the entered details.

LIC launched Plan 947 on 1 February 2020 and withdrew it from new sales on 1 January 2025. Existing policies continue according to their original terms. This guide applies only to Plan 947 with UIN 512N315V02.

Also Check:

• LIC Jeevan Shiromani Calculator All in One
• LIC Jeevan Shiromani Plan 847 Calculator

What Does the Calculator Show?

After the age at entry, policy term and Basic Sum Assured are entered, the calculator can show:

• Premium Paying Term
• Estimated annual and payment-mode premium
• Total scheduled base premium
• First and second survival benefits
• Basic maturity portion
• Accrued Guaranteed Additions
• Optional Loyalty Addition estimate
• Estimated maturity benefit
• Minimum Sum Assured on Death
• Inbuilt Critical Illness Benefit

The result is an estimate, not an official LIC quotation or claim statement. The exact premium may differ because of underwriting, health conditions, extra premium, riders and taxes.

LIC Jeevan Shiromani Plan 947 Overview

Eligibility and Policy Terms

The age is considered on a nearer-birthday basis. The calculator should stop the calculation when the entered age is not allowed for the selected term.

Plan 947 is a limited-premium policy. Premiums are always payable for four years less than the policy term. It does not offer a single-premium option.

How to Use LIC Jeevan Shiromani Plan 947 Calculator

1. Enter the age when the policy started, not the present age.
2. Select the policy term shown in the policy schedule.
3. Enter the Basic Sum Assured. It must be at least ₹1 crore and in multiples of ₹5 lakh.
4. Select yearly, half-yearly, quarterly or monthly premium mode.
5. If required, enter the base premium from the policy schedule or receipt. Do not include tax, rider premium or late fees.
6. Enter a Loyalty Addition rate only when testing an assumption or using a confirmed rate. Otherwise, leave it blank.
7. Select Calculate to view the premium period, money-back benefits, Guaranteed Additions and maturity estimate.

Guaranteed values and the optional Loyalty Addition should always appear separately in the result.

Sample Annual Premiums Jeevan Shiromani Plan 947

LIC’s brochure provides these sample annual premiums for a ₹1 crore Basic Sum Assured and a standard life. Tax is excluded.

These figures already include the 2% yearly-mode rebate. The calculator must not deduct the yearly rebate again from these sample premiums.

The brochure gives only selected sample ages. Unless the calculator contains LIC’s complete official premium table, a premium for another age should be labelled approximate.

Premium-mode rebate

High Sum Assured rebate

For example, the rebate on a ₹2 crore Basic Sum Assured is:

₹2,00,00,000 × 0.03 ÷ 1,000 = ₹600

The rebate reduces the premium. It is not added to any policy benefit.

Money-Back Benefits

Survival benefits are payable when the life assured survives to the specified policy anniversaries and the policy meets the applicable conditions.

These payments do not close the policy. Life cover continues until maturity, subject to the policy terms.

For a ₹1 crore Basic Sum Assured and a 20-year policy, the survival benefits are ₹45 lakh in year 16 and another ₹45 lakh in year 18.

Maturity Benefit Formula

The maturity benefit is calculated as:

Maturity Benefit =
Sum Assured on Maturity
+ Accrued Guaranteed Additions
+ Loyalty Addition, if declared and payable

The Sum Assured on Maturity depends on the policy term.

For every term, the two survival benefits and basic maturity portion together equal 100% of the Basic Sum Assured.

Guaranteed Additions and Loyalty Addition

Guaranteed Additions accrue at these rates:

• ₹50 per ₹1,000 of Basic Sum Assured for the first five policy years.
• ₹55 per ₹1,000 from the sixth policy year to the end of the Premium Paying Term.

The formulas are:

GA for First Five Years =
(Basic Sum Assured ÷ 1,000) × ₹50 × 5

GA for Remaining Premium Years =
(Basic Sum Assured ÷ 1,000) × ₹55
× (Premium Paying Term − 5)

Guaranteed Additions accrue at the end of an eligible policy year when the required premium has been paid. They are not yearly cash payments.

Loyalty Addition is different. It depends on LIC’s declaration and the policy satisfying the required conditions. The calculator should leave it at zero by default and show any entered amount as non-guaranteed.

Real Calculation Example

Consider a standard-life example with these details:

The ₹10,75,550 sample annual premium already includes the yearly-mode rebate.

Guaranteed Additions

For the first five years:

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

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

Survival benefits

For a 14-year policy, 30% of the Basic Sum Assured is payable in years 10 and 12.

30% of ₹1 crore = ₹30,00,000

The policy provides ₹30 lakh in year 10 and another ₹30 lakh in year 12.

Maturity benefit

The basic maturity portion is 40%:

40% of ₹1 crore = ₹40,00,000

Maturity benefit excluding Loyalty Addition:

₹40,00,000 + ₹52,50,000
= ₹92,50,000

Total scheduled benefits excluding Loyalty Addition:

₹30,00,000 + ₹30,00,000 + ₹92,50,000
= ₹1,52,50,000

Total scheduled base premium:

₹10,75,550 × 10 = ₹1,07,55,500

The ₹1.525 crore total combines payments received in policy years 10, 12 and 14. It is not one lump-sum maturity payment and should not be treated as investment profit or return. The example also excludes tax, riders, extra premium, loan interest and Loyalty Addition.

Death Benefit

For an in-force policy, the Sum Assured on Death is the higher of:

125% of Basic Sum Assured

or

7 × Annualised Premium

The death benefit cannot be less than 105% of eligible premiums paid up to the date of death. Tax, rider premium and extra premium are excluded from this comparison.

During the first five policy years, the claim includes the Sum Assured on Death and accrued Guaranteed Additions. After five policy years, Loyalty Addition may also be included when declared and payable.

In the example:

125% of ₹1 crore = ₹1,25,00,000

7 × ₹10,75,550 = ₹75,28,850

Therefore, the Sum Assured on Death would be ₹1.25 crore before adding eligible Guaranteed Additions and Loyalty Addition. The final claim still depends on policy status and LIC’s records.

Critical Illness Benefit in LIC Jeevan Shiromani Plan 947

Plan 947 includes an inbuilt benefit covering 15 specified critical illnesses. If an eligible claim is admitted, LIC pays 10% of the Basic Sum Assured as a lump sum. For a ₹1 crore policy, this equals ₹10 lakh.

The covered conditions include specified cancers, major heart conditions, stroke, kidney failure, major organ transplant and other illnesses listed in the policy document. Each condition must meet LIC’s exact medical definition.

A 90-day waiting period applies from the commencement of risk or revival, whichever is later. The waiting period does not apply when the illness is directly caused by an accident. A 30-day survival period applies after diagnosis.

If a claim is admitted, eligible premiums falling due during the next two years may be deferred without interest. A medical second-opinion facility may also be available once during the policy term, subject to LIC’s arrangements.

What Happens If Premiums Stop?

LIC allows a 30-day grace period for yearly, half-yearly and quarterly premiums. Monthly premiums receive 15 days. The policy remains in force during this period.

If the policy has not acquired paid-up value, benefits stop after the grace period when the premium remains unpaid. After the required minimum premium and policy period have been completed, the policy may continue with reduced paid-up benefits.

The basic paid-up proportion can be expressed as:

Paid-Up Ratio =
Number of Full Years’ Premiums Paid
÷ Original Premium Paying Term in Years

Death, survival, maturity and Critical Illness Benefits have their own paid-up rules. Accrued Guaranteed Additions also require separate treatment. A calculator should not apply one simple ratio to every benefit unless all formulas from the policy document have been implemented.

A lapsed policy may be revived within five consecutive years from the first unpaid premium date, subject to payment of arrears with interest, continued insurability and LIC’s approval.

Surrender Value and Policy Loan

The policy can acquire surrender value after at least one full year’s premium has been paid and one policy year has been completed.

LIC pays the higher of Guaranteed Surrender Value and Special Surrender Value. Guaranteed Surrender Value depends on eligible premiums paid, the applicable premium surrender factor, the surrender factor for accrued Guaranteed Additions and survival benefits already paid. Special Surrender Value is determined by LIC under its applicable rules.

An online calculator cannot provide the exact final surrender amount without all current factors.

Loan interest is charged at the applicable rate and compounded half-yearly. Outstanding loan and interest may be deducted from survival, maturity, surrender or death benefits.

Tax Rule

Applicable tax is charged separately on the premium and does not increase policy benefits.

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

Any deduction under Section 80C depends on the tax regime and applicable conditions. Tax treatment should be checked with a qualified professional using the policy issue date and premium details.

Frequently Asked Questions

Is Plan 947 still available for purchase?

No. LIC withdrew it from new sales on 1 January 2025. Existing policies continue according to their original terms.

Are the sample annual premiums exact for every age?

No. The brochure provides selected sample ages. A premium for another age is approximate unless the calculator contains LIC’s complete official premium table.

Is Loyalty Addition guaranteed?

No. It depends on LIC’s declaration and the policy satisfying the required conditions.

Are Guaranteed Additions paid every year?

No. They accrue during eligible policy years but are not paid as yearly cash benefits.

Conclusion

LIC Jeevan Shiromani Plan 947 combines two scheduled money-back payments with a final maturity benefit, Guaranteed Additions, life cover and an inbuilt Critical Illness Benefit. The calculator makes it easier to understand when premiums stop and when the main benefits may become payable.

Results should be treated as planning estimates. Premiums, policy status, Loyalty Addition, surrender value, loan balance and claim amounts must be checked against the policy bond and LIC’s official records.