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LIC Jeevan Shiromani Plan (847) Details

LIC Jeevan Shiromani is a non-linked money back plan especially for high income group with minimum sum assured 1 Crore. This plan comes with guaranteed addition at the rated of Rs. 50 per thousand of basic sum assured for first 5 policy years and Rs 55 per thousand of sum assured from sixth policy year till the year of last premium payment. Available premium payment terms in this plan are 10, 12, 14 and 16 years with 14, 16, 18 and 20 years as maturity term respectively. Apart from Inbuilt critical illness rider which provides benefits against 15 critical illnesses like cancer and kidney failure, it has option to opt riders like Accidental Death & Disability Benefit (AD & DB), Critical Illness rider, Accidental Benefit riders, Term Assurance rider. This plan has been explained with the help of an example in later part of this article.

Key Features

  • Guaranteed Additions during premium payment term.
  • Critical Illness benefits against 15 diseases.
  • Availability of Accidental Death & Disability Benefit (AD & DB), Term Assurance riders.
  • Paid premiums are exempted from income tax under 80C.
  • Tax free Money Backs and Maturity.
Calculators For Jeevan Shiromani Plan (847)
Premium Calculator Maturity Calculator

Plan Parameters

Age at Entry18 years (Completed)
Calculate your Age
Policy Term (Premium Paying Term)14(10), 16(12), 18(14), 20(16)
Maximum Age at Entry in Years)
(As per Nearest Birthday)
55 Years for 14 Year Term
51 Years for 16 Year Term
48 Years for 18 Year Term
45 Years for 20 Year Term
Basic Sum Assured 1,00,00,000 and above in multiples of 5,00,000
Premium Paying Mode Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Money Back and Maturity

The plan provides Guaranteed additions (GAs) at the rate Rs 50 per thousand of Sum Assured for first 5 policy years and Rs. 55 per thousand of sum assured from 6th year till the year of last premium payment and one time loyalty addition on maturity. During the policy term, this plan provides two fixed money backs (as certain percentage of Sum Assured) and on completion of policy term, maturity will be Sum Assured + Guaranteed additions (GAs) + Loyalty Addition (LA). Following table provides money backs and maturity details of all term available in this plan.

Policy Term (Years)1st Money Back2nd Money BackMaturity Details
(on completion of policy term)
1430% of SA at end of 10th policy year 30% of SA at end of 12th policy year40% of SA + GAs + LA
1635% of SA at end of 12th policy year 35% of SA at end of 14th policy year30% of SA + GAs + LA
1840% of SA at end of 14th policy year 40% of SA at end of 16th policy year20% of SA + GAs + LA
2045% of SA at end of 16th policy year 45% of SA at end of 18th policy year10% of SA + GAs + LA

In above table, SA is Basic Sum Assured or simply Sum Assured

Risk Cover and Death Benefit

In case of death during first 5 year of policy, the death claim will be 125 % of Basic Sum Assured + Guaranteed Addition (GAs) at the rate of Rs 50 per thousand of Sum Assured per year.

In case of death after completion of 5 policy years and before maturity, the death claim will be 125 % of Basic Sum Assured + Guaranteed Addition (GAs) at the rate of Rs 55 per thousand of Sum Assured per year (up to the policy year of last premium payment) + Loyalty Addition (LA).

Jeevan Shiromani Policy (847) with an Example

For explanation, let's take example of a policy with following details.

Purchase Year2017
Age29 Years
Basic Sum Assured1,00,00,000
Policy Term20
Premium Paying Term16
Premium of Basic Plan (without GST)6,91,390

As per above policy details, following table provides Year-wise and age premium paid, moneyback, risk covers and maturity details.

Year No Year Age Basic Sum Assured Premium Paid Guaranteed Additions(GAs) Life Cover
(125% of BSA + GAs +LA)
Return
1 2017 29 10000000 691390 500000 13000000 0
2 2018 30 10000000 1382780 1000000 13500000 0
3 2019 31 10000000 2074170 1500000 14000000 0
4 2020 32 10000000 2765560 2000000 14500000 0
5 2021 33 10000000 3456950 2500000 15000000 0
6 2022 34 10000000 4148340 3050000 15550000 + LA 0
7 2023 35 10000000 4839730 3600000 16100000 + LA 0
8 2024 36 10000000 5531120 4150000 16650000 + LA 0
9 2025 37 10000000 6222510 4700000 17200000 + LA 0
10 2026 38 10000000 6913900 5250000 17750000 + LA 0
11 2027 39 10000000 7605290 5800000 18300000 + LA 0
12 2028 40 10000000 8296680 6350000 18850000 + LA 0
13 2029 41 10000000 8988070 6900000 19400000 + LA 0
14 2030 42 10000000 9679460 7450000 19950000 + LA 0
15 2031 43 10000000 10370850 8000000 20500000 + LA 0
16 2032 44 10000000 11062240 8550000 21050000 + LA 4500000
(1st Money Back)
17 2033 45 10000000 -- -- 21050000 + LA 0
18 2034 46 10000000 -- -- 21050000 + LA 4500000
(2nd Money Back)
19 2035 47 10000000 -- -- 21050000 + LA 0
20 2036 48 Maturity 9550000 + LA

Please Note: Above illustration has been generated just for the purpose of explanation.

Comments & Reviews (8)

Wrote : 21-03-2018 00:46:14

Jeevan shiromani plan of lic is high profile plan, this plan recomend to those personality whose yearly income is 15 lacs or more. It is a compact plan of insurance + investment + term benifit + medical benifit . Simply it' s known as ek naam aur kai kaam. Those who belong kolkata & howrah or near about contact me 8777495536 financial advisor, binod agarwal for any detail, or how to fulfil our goals of life.

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Wrote : 08-02-2018 18:08:35

For any LIC related queries/clarifications, please feel free to reach out to me @ 9830597138. Applicable to residents of West Bengal & Kolkata only.

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Wrote : 11-01-2018 18:05:25

I think HDFC elite advantage gives better returns @12% without any rider benefits. Can you check and put comparison here for the benefit of the people

Replied : 13-01-2018 23:16:29
We are not aware of this plan. Please visit HDFC website.

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Wrote : 10-01-2018 12:07:57

Jeevan Shiromani plan is very good plan with guaranteed returns. LIc is govt insurance company. It has crores of properties . So no worry for your money. High earned people take this polacy and get good returns. Another one is Medical claims also opted in this polacy 10 lack rupees spend to deceases and accidents. If any one interested please contact me.

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Wrote : 28-12-2017 21:43:00

Sir, As they mention it is upper class plan, if u want any other risk nd investment plan LIC launches alot of high benefits plan along with risk covers. If u want to knw pls contact..

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Wrote : 28-12-2017 12:23:34

Very Bad experience after reading this article. It is not for lower or middle class people.

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Wrote : 28-12-2017 08:12:27

term 20 years @ 45 age yearly premium ?

Replied : 28-12-2017 09:26:24
Sum assured is also required for premium calculation. Please use premium calculator to know your premium.

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Wrote : 26-12-2017 14:45:50

Plan 847 policy term is 14/16/18/20...some changes 14/16/18/18*....in website

Replied : 26-12-2017 23:07:29
Hi, Thanks for your feed back. Highlighted typing error has been corrected.

Wrote : 27-12-2017 08:41:53

Thanks for ur updation.

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