LIC Jeevan Shiromani 847 is a with-profit, limited premium money back plan for high net-worth buyers, with a minimum sum assured of ₹1 crore. Terms are 14 to 20 years with premiums for four years fewer, and guaranteed additions of ₹50 to ₹55 per ₹1,000 accrue while premiums are paid. For a 35-year-old with ₹1 crore cover over 16 years, our calculator estimates ₹7,29,120 a year and ₹1.635 crore in total payouts.
Jeevan Shiromani 847 Premium & Benefit Calculator
Your estimate
yearly mode, after 2% rebate
two money backs + maturity
- Premium per instalment
- ₹7,29,120
- Premium paying term
- 12 years
- Total premium paid
- ₹87,49,440
- Survival benefits (money back)each, at the end of years 12 and 14
- ₹35,00,000
- Guaranteed additions
- ₹63,50,000
- Estimated maturity amount30% of SA + additions
- ₹93,50,000
- Sum assured on deathplus accrued additions
- ₹1,25,00,000
- Inbuilt critical illness benefit
- ₹10,00,000
- Total premium paid₹87,49,44054%
- Net gain₹76,00,56046%
Year-wise premium, additions and payouts
| Year | Age at entry | Premium paid | Guaranteed additions | Payout | Death benefit |
|---|---|---|---|---|---|
| 1 | 36 | ₹7,29,120 | ₹5,00,000 | ₹0 | ₹1,30,00,000 |
| 2 | 37 | ₹14,58,240 | ₹10,00,000 | ₹0 | ₹1,35,00,000 |
| 3 | 38 | ₹21,87,360 | ₹15,00,000 | ₹0 | ₹1,40,00,000 |
| 4 | 39 | ₹29,16,480 | ₹20,00,000 | ₹0 | ₹1,45,00,000 |
| 5 | 40 | ₹36,45,600 | ₹25,00,000 | ₹0 | ₹1,50,00,000 |
| 6 | 41 | ₹43,74,720 | ₹30,50,000 | ₹0 | ₹1,55,50,000 |
| 7 | 42 | ₹51,03,840 | ₹36,00,000 | ₹0 | ₹1,61,00,000 |
| 8 | 43 | ₹58,32,960 | ₹41,50,000 | ₹0 | ₹1,66,50,000 |
| 9 | 44 | ₹65,62,080 | ₹47,00,000 | ₹0 | ₹1,72,00,000 |
| 10 | 45 | ₹72,91,200 | ₹52,50,000 | ₹0 | ₹1,77,50,000 |
| 11 | 46 | ₹80,20,320 | ₹58,00,000 | ₹0 | ₹1,83,00,000 |
| 12 | 47 | ₹87,49,440 | ₹63,50,000 | ₹35,00,000 | ₹1,88,50,000 |
| 13 | 48 | ₹87,49,440 | ₹63,50,000 | ₹0 | ₹1,88,50,000 |
| 14 | 49 | ₹87,49,440 | ₹63,50,000 | ₹35,00,000 | ₹1,88,50,000 |
| 15 | 50 | ₹87,49,440 | ₹63,50,000 | ₹0 | ₹1,88,50,000 |
| 16 | 51 | ₹87,49,440 | ₹63,50,000 | ₹93,50,000 | ₹1,88,50,000 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Jeevan Shiromani Plan 847?
LIC Jeevan Shiromani Plan 847 is a non-linked, with-profit, limited premium money back plan designed for high net-worth individuals. The minimum basic sum assured is ₹1 crore. It combines three things: two large money backs near the end of the term, guaranteed additions while premiums are paid, and an inbuilt critical illness benefit.
Plan 847 is the original version of Jeevan Shiromani. LIC replaced it with Jeevan Shiromani Plan 947 from 1 February 2020, so 847 is no longer sold. If you hold an 847 policy, the calculator above helps you check your premium, payout schedule and maturity.
Jeevan Shiromani 847 at a glance
| Feature | Details |
|---|---|
| Plan number | 847 |
| Plan type | Non-linked, with-profit, limited premium money back |
| Policy term | 14, 16, 18 or 20 years |
| Premium paying term | Policy term minus 4 years |
| Minimum sum assured | ₹1 crore (no upper limit) |
| Guaranteed additions | ₹50 per ₹1,000 (years 1–5), ₹55 per ₹1,000 (year 6 to end of PPT) |
| Loyalty addition | As declared by LIC, from the 6th year |
| Critical illness | Inbuilt: 10% of sum assured for 15 illnesses |
| Status | Withdrawn; replaced by Plan 947 |
Eligibility
| Policy term | Premium paying term | Maximum entry age |
|---|---|---|
| 14 years | 10 years | 55 |
| 16 years | 12 years | 51 |
| 18 years | 14 years | 48 |
| 20 years | 16 years | 45 |
The minimum entry age is 18 for every term.
Premium and benefits: worked examples
The calculator uses an indicative premium per ₹1 lakh sum assured for each term, adjusted for age, and applies a 2% rebate for yearly payment. Individual life insurance premiums have been GST-exempt since 22 September 2025. Older receipts will show GST of 4.5% in the first year and 2.25% after, which no longer applies.
Example 1: a 35-year-old with ₹1 crore cover and a 16-year term (12 years of premium).
- Yearly premium: about ₹7,29,120; total ₹87,49,440
- Money backs: ₹35 lakh at the end of year 12 and again at year 14
- Guaranteed additions: ₹63,50,000
- Maturity (30% of SA + additions): ₹93,50,000
- Total received: ₹1,63,50,000, plus any loyalty addition
Example 2: a 40-year-old with ₹1 crore and a 20-year term pays about ₹8,91,800 a year for 16 years (₹1,42,68,800 in total). Money backs of ₹45 lakh come at years 16 and 18, and maturity is ₹95.5 lakh, for ₹1,85,50,000 in all.
Tip: loyalty addition is declared by LIC only when the policy pays out, so the calculator sets it to zero. Enter an assumed figure per ₹1,000 to see how much it could add.
Money back schedule
| Term | 1st money back | 2nd money back | At maturity |
|---|---|---|---|
| 14 years | 30% at year 10 | 30% at year 12 | 40% + GA + LA |
| 16 years | 35% at year 12 | 35% at year 14 | 30% + GA + LA |
| 18 years | 40% at year 14 | 40% at year 16 | 20% + GA + LA |
| 20 years | 45% at year 16 | 45% at year 18 | 10% + GA + LA |
Death and critical illness benefit
On death during the term, the nominee receives the sum assured on death (highest of 125% of basic sum assured, 10 times the annualised premium or 105% of premiums paid) plus accrued guaranteed additions and loyalty addition, if any. Money backs already paid are not deducted.
The inbuilt critical illness benefit pays 10% of the basic sum assured if one of 15 listed illnesses is diagnosed.
Loan, surrender and tax
A loan is available against the policy’s surrender value. To estimate what an early exit would return, use the LIC surrender value calculator. Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime), and payouts are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), subject to its conditions.
847 vs 947, and alternatives
Plan 947 kept the same structure (terms, money back pattern, additions, ₹1 crore minimum) but carried revised premium rates and the surrender and paid-up rules of IRDAI’s 2019 product regulations. Our 947 calculator uses that version’s own rate assumptions. For a current money back plan with lower entry cover, see LIC New Money Back Plan 720.
How to use this calculator
Enter your entry age, term, sum assured and mode as they appear on your policy. Add an assumed loyalty addition if you want. The results show the premium, both money backs, guaranteed additions, maturity, death cover and a year-wise table. The figures are estimates; your policy bond and LIC’s statements are final.
Frequently asked questions
Is LIC Jeevan Shiromani 847 still available?
No. Plan 847 was the original version of Jeevan Shiromani and was replaced by Plan 947 from 1 February 2020. Existing 847 policies continue with all their money back, guaranteed additions and loyalty addition rights.
When are the money backs paid in Jeevan Shiromani 847?
Two survival benefits are paid, four years and two years before maturity. For a 14-year term, 30% of the sum assured each at years 10 and 12; for 16 years, 35% at years 12 and 14; for 18 years, 40% at 14 and 16; and for 20 years, 45% at 16 and 18.
How are guaranteed additions calculated in Jeevan Shiromani?
They accrue only while premiums are being paid: ₹50 per ₹1,000 sum assured for each of the first five years, then ₹55 per ₹1,000 for the remaining paying years. A ₹1 crore policy with a 12-year paying term earns ₹63.5 lakh in additions.
What is the maturity benefit of Jeevan Shiromani 847?
At maturity you get the part of the sum assured not already paid as money back (10% to 40% depending on the term), plus all guaranteed additions and any loyalty addition LIC declares. For ₹1 crore over 16 years, that is ₹93.5 lakh before loyalty addition.
What is the death benefit?
The nominee receives the sum assured on death, which is the highest of 125% of the basic sum assured, 10 times the annualised premium and 105% of premiums paid, plus accrued guaranteed additions and loyalty addition if any. Money backs already paid are not deducted.
Does Jeevan Shiromani include critical illness cover?
Yes. The plan has an inbuilt critical illness benefit that pays 10% of the basic sum assured on diagnosis of one of 15 specified illnesses. Optional riders, such as accident and term assurance riders, could be added at purchase.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.