In short (tl;dr)
Jeevan Shiromani is a money back plan with a ₹1 crore minimum sum assured, guaranteed additions, a loyalty addition and a built-in critical illness benefit.
About LIC Jeevan Shiromani
Jeevan Shiromani (Plan 947) starts at a Basic Sum Assured of ₹1 crore. Terms are 14, 16, 18 or 20 years, with premiums payable for four years less. It pays 30% of the sum assured at the end of the fourth-last and second-last policy years, and 40% plus all additions at maturity.
Guaranteed Additions accrue at ₹50 per ₹1000 for the first five years, ₹55 for years six to ten and ₹60 thereafter, and a Loyalty Addition is payable at maturity or on an earlier death claim. The plan also carries an in-built Critical Illness Benefit that advances 10% of the Basic Sum Assured on diagnosis of a defined condition.
Because the sums assured are large, LIC's underwriting here is more involved than on its retail plans, and the high sum assured rebates are correspondingly meaningful.
Key features
- Minimum Basic Sum Assured ₹1 crore
- 30% of the sum assured paid at the fourth-last and second-last policy years
- Guaranteed Additions rising from ₹50 to ₹60 per ₹1000, plus a Loyalty Addition
- In-built Critical Illness Benefit advancing 10% of the sum assured
- Premiums payable for four years less than the policy term
Jeevan Shiromani at a glance
- Plan number
- 947
- Category
- Money Back
- Entry age
- 18 to 55 years
- Policy term
- 14, 16, 18, 20 years
- Premium paying term
- Policy term minus 4 years
- Sum assured
- ₹1 Crore and above
- Maximum maturity age
- 69 years
- UIN
- 512N315V02
LIC publishes a page for this plan. It does not state the plan number or UIN on the page itself, so treat those two rows here as unconfirmed. Check it on licindia.in
Benefits under Jeevan Shiromani
Death benefit
Sum Assured on Death — the higher of 125% of the Basic Sum Assured and 7 times the annualised premium — plus accrued Guaranteed Additions and the Loyalty Addition, subject to a minimum of 105% of premiums paid.
Maturity benefit
40% of the Basic Sum Assured plus all accrued Guaranteed Additions plus the Loyalty Addition.
Who it suits
A business owner or senior professional who needs a large, structured savings contract with a critical illness advance built in.
What to watch out for
The ₹1 crore floor puts total annual premiums well above ₹5 lakh, which means maturity proceeds on policies issued from 1 April 2023 will generally not qualify for the Section 10(10D) exemption. Take tax advice before buying.
How this calculator works
Jeevan Shiromani is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹103.70 per ₹1,000 at age 30, 16-year term, 12-year premium term
- Discount basis
- 5.68% a year, on LIC (2012-14) Ultimate mortality
- Guaranteed additions
- ₹50 per ₹1,000 for years 1–5; ₹55 per ₹1,000 for years 6–10; ₹60 per ₹1,000 from year 11 onwards
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Jeevan Shiromani on licindia.inLIC valuation and bonus declarationsIRDAI regulations
LIC Jeevan Shiromani — frequently asked questions
What is the minimum sum assured for Jeevan Shiromani?
₹1,00,00,000 — one crore — in multiples of ₹10 lakh thereafter. It is LIC's high net worth money back plan.
When does Jeevan Shiromani pay the survival benefit?
30% of the Basic Sum Assured at the end of the fourth-last policy year and another 30% at the end of the second-last. For a 20-year term, that is years 16 and 18, with 40% plus additions at maturity in year 20.
Does Jeevan Shiromani cover critical illness?
Yes, there is an in-built Critical Illness Benefit that pays 10% of the Basic Sum Assured on first diagnosis of any of the defined critical illnesses, without an extra premium.
Will Jeevan Shiromani maturity proceeds be tax free?
For policies issued on or after 1 April 2023, Section 10(10D) exemption is lost if total annual premiums across your non-ULIP policies exceed ₹5 lakh. At a ₹1 crore sum assured the premium will normally breach that, so the maturity proceeds would be taxable. The death benefit remains exempt regardless.
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