LIC of India has been launched LIC Jeevan Shiromani Plan 947 from 2nd February 2020, ‘LIC Jeevan Shiromani Plan 947‘ is a non-linked, with-profits, limited premium payment money back life insurance plan.

LIC started the same scheme also on 2nd February 2020, in the name of LIC’s Bima Shree plan 948, but the minimum amount of insurance in the scheme is Ten lacs (10,00,000), similarly LIC Jeevan Shiromani Plan 947. There is also a lower form of similar plan, this plan is specially designed for targeted segment of High Net-worth Individuals (HNI). It provides financial support for the family on the death of the insured person during the policy term, together with additional protection for the insured in the case of having 15 major diseases.

This scheme can be taken for, 14, 16, 18 and 20 years. The period of payment of premium will be less than 4 years, compared to the period of plan. The minimum insurance amount has been kept in One Crore (1,00,00,000) in this plan. The Unique Identification Number (UIN) for ‘LIC New Jeevan Shiromani Policy 947 ‘ is 512N315V02.

In LIC Jeevan Shiromani Plan 947 Guaranteed Additions shall accrue at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs. 55 per thousand Basic Sum Assured from 6th policy year till the end of premium paying term. In addition, the policy shall participate in the profits in form of Loyalty Additions also.

Key Features

• Guaranteed Additions during premium payment term.
• Critical Illness benefits against 15 diseases.
• Choice of 5 riders by paying additional premiums.
• 1. Accidental Death and Disability Benefit Rider
  2. Accident Benefit Rider
  3. New Term Assurance Rider
  4. New Critical Illness Benefit Rider
  5. Premium Waiver Benefit Rider
• Paid premiums are exempted from income tax under 80C.
• Tax free Money Backs and Maturity.

Eligibility/Parameters of LIC Jeevan Shiromani Plan 947

 LIC Jeevan Shiromani Plan 947 – Complete Detailed Guide (2025)

Features, Benefits, Eligibility, Premium, Maturity, Example & FAQs

LIC continues to serve as the most trusted life insurance brand in India. Over the years, it has introduced many high-value, guarantee-based plans to support long-term financial security, wealth creation, and family protection. Among these offerings, the LIC Jeevan Shiromani Plan 947 stands out as a premium, high-value, non-linked, participating, money-back plan designed especially for individuals who prefer luxury-level financial protection and long-term returns.

This plan is specifically created for High Net-Worth Individuals (HNIs), business owners, professionals, and financially strong families who require minimum ₹1 crore sum assured and want a combination of money-back, guaranteed additions, loyalty additions, and strong life cover.

In this detailed article, you will learn:

• What is LIC Jeevan Shiromani Plan 947?

• Key features

• Benefits (Survival, Death, Maturity)

• Guaranteed & Loyalty Additions

• Eligibility

• Premium Payment details

• Riders

• Complete calculation example

• Who should buy this plan

• FAQs

Let’s begin.

What is LIC Jeevan Shiromani Plan 947?

LIC Jeevan Shiromani is a high-value money-back insurance plan that offers regular survival benefits, guaranteed additions, loyalty additions, and a strong life insurance cover. It also includes an in-built critical illness benefit, making it more valuable than typical money-back plans.

This plan is ideal for policyholders who want:

• High guaranteed income

• Regular payouts

• Tax-free maturity

• Financial protection and wealth creation

• Money-back + maturity + bonus combination

The minimum sum assured is ₹1 crore, which clearly indicates its premium category.

Key Features of LIC Jeevan Shiromani Plan 947

Here are the strongest highlights of the plan:

✔ 1. High Minimum Sum Assured: ₹1 Crore

This makes the plan suitable for high-income individuals.

✔ 2. Non-Linked Plan

Returns are not connected to the stock market → zero risk.

✔ 3. Participating Plan

You earn loyalty additions depending on LIC’s performance.

✔ 4. Guaranteed Additions (GA)

You get fixed guaranteed returns every year.

✔ 5. In-built Critical Illness Benefit

Coverage for 15 critical illnesses.

✔ 6. Money-Back Structure

Based on the policy term, money is paid back periodically.

✔ 7. Policy Term Options

Choose from: 14, 16, 18, or 20 years.

✔ 8. Loan Facility Available

Financial flexibility during the policy term.

✔ 9. Tax Benefits under 80C & 10(10D)

Premiums are eligible under Section 80C.
Maturity is tax-free under Section 10(10D).

Policy Terms & Survival Benefits (Money Back Percentages)

Below table explains survival benefit distribution based on policy term:

This structure is ideal for people who want liquidity + long-term wealth creation.

Guaranteed Additions (GA)

LIC offers guaranteed additions to enhance the plan’s value.

• First 5 Years → ₹50 per ₹1,000 Sum Assured

• After 5 years → ₹55 per ₹1,000 Sum Assured

Example

For ₹1 crore sum assured:

• First 5 years GA
  → ₹50 × 1,00,000 = ₹50,00,000

• Subsequent years GA
  → ₹55 × 1,00,000 per year

This makes the plan extremely rewarding.

Benefits of LIC Jeevan Shiromani 947

Let’s break down all benefits:

1️⃣ Survival Benefit (Money Back Payouts)

As per the policy term, you receive money-back at important milestones (12th, 14th, 16th, 18th year).

2️⃣ Maturity Benefit

At the end of the policy term, you get:

• Remaining percentage of Sum Assured

• Guaranteed Additions

• Loyalty Additions

This can create a large maturity corpus—often crossing ₹1.25–₹1.5 crore.

3️⃣ Death Benefit

In case of death, nominee gets:

• 125% of Sum Assured on Death OR

• Absolute Sum Assured on Death OR

• 105% of total premiums paid

Whichever is higher is paid.

4️⃣ In-Built Critical Illness Benefit

Covers 15 major illnesses, including:

• Cancer

• Kidney Failure

• Heart Disease

• Organ Transplant

A lump sum amount is paid for treatment.

5️⃣ Loan Facility

Policy loan is available after acquiring surrender value.

6️⃣ Tax Benefits

• Premium under Section 80C

• Maturity under Section 10(10D) (conditions apply)

???? Eligibility (Who Can Apply)

???? Premium Payment Term (PPT)

???? Available Riders

1. LIC Accidental Death & Disability Rider

2. Accident Benefit Rider

3. Term Assurance Rider

4. New Critical Illness Rider

Riders make the plan even more powerful.

???? Example: Full Calculation (₹1 Crore Sum Assured)

(Approx premium: ₹7,15,000 – ₹7,50,000 per year depending on age)

???? Policy Term – 16 years

Survival Benefits:

• 12th Year → 35 lakh

• 14th Year → 35 lakh

???? Maturity (16th Year)

• 30% of SA → 30 lakh

• Guaranteed Additions → ₹75–85 lakh

• Loyalty Addition → ₹20–40 lakh

???? Total Maturity: ₹1.25 – ₹1.55 Crore

This makes it one of LIC’s highest-return guaranteed plans.

⭐ Why Should You Choose LIC Jeevan Shiromani?

✔ High Guaranteed Additions

Assured growth every year.

✔ Large Money-Back Payouts

Financial flexibility during the policy term.

✔ High Security + Zero Market Risk

Perfect for safe long-term wealth creation.

✔ Tax-Free Maturity

Huge tax benefits under section 10(10D).

✔ Critical Illness Coverage (Rare Feature)

Included without extra cost.

⭐ Who Should Buy LIC Jeevan Shiromani 947?

This plan is perfect for:

• High-Net-Worth Individuals (HNI)

• Business owners

• Doctors, CAs, Engineers

• Salaried individuals earning ₹15–20 lakh+

• People wanting a safe crorepati plan

• Individuals looking for guaranteed money-back payouts

It is not ideal for low-income individuals because of high premiums.

???? Pros & Cons

✔ Pros

• Large guaranteed additions

• Loyalty addition

• Money-back + maturity combination

• Critical illness cover included

• High loan value

✘ Cons

• High premium requirement

• Minimum SA ₹1 crore

• Not suitable for middle-income category

???? Frequently Asked Questions (FAQ)

1. Is LIC Jeevan Shiromani a market-linked plan?

No, it is non-linked and non-market dependent.

2. What is the minimum sum assured?

₹1,00,00,000 (1 Crore)

3. Is maturity tax-free?

Yes, under Section 10(10D) (conditions apply).

4. Can I buy this plan online?

Usually, it is sold offline through LIC advisors.

5. Is loan allowed?

Yes. After surrender value builds up.

6. Is this plan suitable for retirement?

Yes, because it gives money-back + heavy maturity benefits.

⭐ Conclusion – Should You Buy LIC Jeevan Shiromani 947?

If you want a safe, guaranteed, high-return plan with life cover + money-back + bonuses, then LIC Jeevan Shiromani is one of the best options in India.

It helps you:

• Build a tax-free corpus

• Receive regular money-back benefits

• Enjoy guaranteed yearly additions

• Get critical illness protection

• Secure your family with strong life insurance

For people who want premium insurance combined with wealth creation, this plan is a perfect choice.