LIC Jeevan Shiromani 947 (UIN 512N315V02) is the February 2020 version of LIC's with-profit money back plan for high net-worth buyers, with ₹1 crore minimum cover. You pay for the term minus four years, get two money backs near the end, and earn ₹50 to ₹55 per ₹1,000 in guaranteed additions while paying. For a 35-year-old with ₹1 crore over 16 years, our estimate is ₹7,64,400 a year.
Jeevan Shiromani 947 Premium & Maturity Calculator
Your estimate
yearly mode, after 2% rebate
two money backs + maturity
- Premium per instalment
- ₹7,64,400
- Premium paying term
- 12 years
- Total premium paid
- ₹91,72,800
- 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₹91,72,80056%
- Net gain₹71,77,20044%
Year-wise premium, additions and payouts
| Year | Age at entry | Premium paid | Guaranteed additions | Payout | Death benefit |
|---|---|---|---|---|---|
| 1 | 36 | ₹7,64,400 | ₹5,00,000 | ₹0 | ₹1,30,00,000 |
| 2 | 37 | ₹15,28,800 | ₹10,00,000 | ₹0 | ₹1,35,00,000 |
| 3 | 38 | ₹22,93,200 | ₹15,00,000 | ₹0 | ₹1,40,00,000 |
| 4 | 39 | ₹30,57,600 | ₹20,00,000 | ₹0 | ₹1,45,00,000 |
| 5 | 40 | ₹38,22,000 | ₹25,00,000 | ₹0 | ₹1,50,00,000 |
| 6 | 41 | ₹45,86,400 | ₹30,50,000 | ₹0 | ₹1,55,50,000 |
| 7 | 42 | ₹53,50,800 | ₹36,00,000 | ₹0 | ₹1,61,00,000 |
| 8 | 43 | ₹61,15,200 | ₹41,50,000 | ₹0 | ₹1,66,50,000 |
| 9 | 44 | ₹68,79,600 | ₹47,00,000 | ₹0 | ₹1,72,00,000 |
| 10 | 45 | ₹76,44,000 | ₹52,50,000 | ₹0 | ₹1,77,50,000 |
| 11 | 46 | ₹84,08,400 | ₹58,00,000 | ₹0 | ₹1,83,00,000 |
| 12 | 47 | ₹91,72,800 | ₹63,50,000 | ₹35,00,000 | ₹1,88,50,000 |
| 13 | 48 | ₹91,72,800 | ₹63,50,000 | ₹0 | ₹1,88,50,000 |
| 14 | 49 | ₹91,72,800 | ₹63,50,000 | ₹35,00,000 | ₹1,88,50,000 |
| 15 | 50 | ₹91,72,800 | ₹63,50,000 | ₹0 | ₹1,88,50,000 |
| 16 | 51 | ₹91,72,800 | ₹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 947?
LIC Jeevan Shiromani Plan 947 is a non-linked, with-profit, limited premium money back plan for high net-worth individuals. It needs a minimum sum assured of ₹1 crore and packs three benefits into one policy: two large money backs before maturity, guaranteed additions during the paying years, and an inbuilt critical illness benefit.
Plan 947 (UIN 512N315V02) was launched on 1 February 2020. It replaced the original Jeevan Shiromani Plan 847 under IRDAI’s 2019 product regulations. Plan 947 has since been withdrawn from new sale, so this page is mainly for existing policyholders who want to check their premium and payouts.
Jeevan Shiromani 947 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 947 / 512N315V02 |
| Plan type | Non-linked, with-profit, limited premium money back |
| Launched | 1 February 2020 |
| Policy term | 14, 16, 18 or 20 years |
| Premium paying term | Term minus 4 years (10, 12, 14 or 16) |
| Minimum sum assured | ₹1 crore |
| Guaranteed additions | ₹50 per ₹1,000 (years 1–5), ₹55 per ₹1,000 after, during PPT |
| Critical illness | Inbuilt, 10% of sum assured |
| Status | Withdrawn from new sale |
Eligibility
| Policy term | 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.
Premium and benefits: worked examples
The calculator uses indicative rates per ₹1,000 sum assured for each term, which rise with age, and applies the yearly (2%) or half-yearly (1%) rebate. No GST applies from 22 September 2025.
Example 1: age 35, ₹1 crore, 16-year term (12 years of premium).
- Yearly premium: about ₹7,64,400; total ₹91,72,800
- Money backs: ₹35 lakh at year 12 and ₹35 lakh at year 14
- Guaranteed additions: ₹63,50,000
- Maturity: ₹93,50,000 (30% of sum assured + additions)
- Total payouts: ₹1,63,50,000, plus any loyalty addition
Example 2: age 40, ₹1 crore, 20-year term. The premium is about ₹8,72,200 a year for 16 years (₹1,39,55,200). Money backs of ₹45 lakh arrive at years 16 and 18, and maturity is ₹95.5 lakh, for ₹1,85,50,000 in total.
Tip: compare examples 1 and 2. The longer term earns more additions, but you also pay for four more years, so the gain over premiums is smaller. The calculator’s year-wise table shows the trade-off clearly.
Money back and maturity
| Term | Money backs | At maturity |
|---|---|---|
| 14 years | 30% at years 10 and 12 | 40% + additions + LA |
| 16 years | 35% at years 12 and 14 | 30% + additions + LA |
| 18 years | 40% at years 14 and 16 | 20% + additions + LA |
| 20 years | 45% at years 16 and 18 | 10% + additions + LA |
Loyalty addition (LA) is declared by LIC at maturity or death, so the calculator leaves it at zero unless you enter an assumed figure.
Death benefit
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 any loyalty addition. Money backs already paid are not deducted. The inbuilt critical illness benefit pays 10% of the sum assured on diagnosis of a listed illness.
Loan, surrender and tax
Loans are available within the surrender value. Before surrendering such a large policy, estimate the payout with the LIC surrender value calculator. Premiums count under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime); 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.
947 vs 847
Both versions share the same terms, money back pattern, additions and ₹1 crore minimum. Plan 947 brought revised premium rates and the surrender and paid-up rules of the 2019 regulations. Our two calculators use each version’s own rate assumptions, so a 947 premium can differ from an 847 premium for the same age. For a money back plan open today at lower cover, see LIC New Money Back Plan 720.
How to use this calculator
Enter your entry age, term, sum assured and mode as on your policy bond. The results show the premium, the paying term, both money backs, guaranteed additions, maturity, death cover and a year-wise schedule. All values are estimates; LIC’s records are final.
Frequently asked questions
When was LIC Jeevan Shiromani 947 launched?
Plan 947 was launched on 1 February 2020 as the revised version of Jeevan Shiromani 847, with UIN 512N315V02. It has since been withdrawn from new sale. Existing policies continue with all their benefits.
What are the money back payouts in Jeevan Shiromani 947?
Two survival benefits are paid four and two years before maturity: 30% each at years 10 and 12 for a 14-year term, 35% at 12 and 14 for 16 years, 40% at 14 and 16 for 18 years, and 45% at 16 and 18 for 20 years. The rest of the sum assured comes at maturity.
How much maturity will I get from Jeevan Shiromani 947?
Maturity is the remaining sum assured (10% to 40%) plus all guaranteed additions and any loyalty addition. On ₹1 crore over 16 years, that is ₹93.5 lakh before loyalty addition, and ₹1.635 crore including both money backs.
What is the minimum sum assured for Jeevan Shiromani 947?
₹1 crore. There is no upper limit, subject to LIC's underwriting. This high entry point is why the plan is positioned for high net-worth individuals.
What is the death benefit in Jeevan Shiromani 947?
The sum assured on death is the highest of 125% of the basic sum assured, 10 times the annualised premium or 105% of premiums paid. Accrued guaranteed additions and any loyalty addition are added, and money backs already received are not deducted.
Is GST charged on my Jeevan Shiromani 947 premium?
No, not from 22 September 2025, when individual life insurance premiums were exempted from GST. Before that, traditional plans like this carried 4.5% GST in the first year and 2.25% from the second year.
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.