Formula
P = (T − R) × (1 − m) × S / 1000
I = P / f
T = A / (ä × (1 − λ))
M = G + (Σt=1n at + L) × S / 1000
P × Σt=0k−1 (1 + r)−t = Σt Ct (1 + r)−t + M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- m
- mode rebate: 2% yearly, 1% half-yearly, nil quarterly and monthly
- S
- Basic Sum Assured
- I
- each instalment
- f
- instalments a year: 1, 2, 4 or 12
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 9%
- M
- maturity amount
- G
- guaranteed maturity sum, 40% of S (the rest is paid out earlier as survival benefits)
- at
- guaranteed addition credited in policy year t, ₹ per ₹1,000 of sum assured
- L
- loyalty addition, ₹ per ₹1,000 of sum assured
- Ct
- survival benefit at the end of year t: 30% of S in year n − 4, 30% of S in year n − 2
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
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.
Worked example: at 30, ₹1,00,00,000 of cover over 16 years costs ₹10,16,260 a year for 12 years and is projected to pay ₹1,33,00,000 at maturity, a return of 4.80% a year.
What is 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
Which Jeevan Shiromani term should you pick?
The term is the choice that moves everything else, and the brochure lists the options without ever setting them beside each other. Here they are at age 30 on ₹1,00,00,000 of cover, so the rows differ only by the term and the premium term that goes with it.
| Policy term | You pay for | Premium a year | Total paid in | Projected maturity | Return a year |
|---|---|---|---|---|---|
| 14 years | 10 years | ₹12,17,415 | ₹1,21,74,147 | ₹1,21,00,000 | 4.70% |
| 16 years | 12 years | ₹10,16,260 | ₹1,21,95,120 | ₹1,33,00,000 | 4.80% |
| 18 years | 14 years | ₹8,68,965 | ₹1,21,65,503 | ₹1,45,00,000 | 4.88% |
| 20 years | 16 years | ₹7,55,701 | ₹1,20,91,210 | ₹1,57,00,000 | 4.94% |
The gap between the first two columns is how long the cover runs on after the last premium: 4, 4, 4, 4 years, in the order above.
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
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-07. Check it on licindia.in
What are the benefits of LIC Jeevan Shiromani?
What does LIC Jeevan Shiromani pay on death?
Sum Assured on Death, meaning 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.
What do you get at maturity?
40% of the Basic Sum Assured plus all accrued Guaranteed Additions plus the Loyalty Addition.
Who is LIC Jeevan Shiromani for?
A business owner or senior professional who needs a large, structured savings contract with a critical illness advance built in.
What should you 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) (Schedule II of the Income-tax Act, 2025) exemption. Take tax advice before buying.
What does LIC Jeevan Shiromani cost?
Worked out on a 16-year term with premiums paid for 12 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 30
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹1,00,00,000 | ₹10,16,260 | ₹1,21,95,120 | ₹1,33,00,000 |
| ₹2,00,00,000 | ₹20,03,120 | ₹2,40,37,440 | ₹2,66,00,000 |
| ₹5,00,00,000 | ₹49,58,800 | ₹5,95,05,600 | ₹6,65,00,000 |
Premiums are modelled on this plan's own tabular rates. The additions on this plan are contractual rather than declared, so unlike a with-profits plan the figure does not rest on a bonus declaration.
By age, on ₹1,00,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Projected maturity | Age when it pays |
|---|---|---|---|---|
| 25 years | ₹10,15,634 | ₹1,21,87,614 | ₹1,33,00,000 | 41 |
| 30 years | ₹10,16,260 | ₹1,21,95,120 | ₹1,33,00,000 | 46 |
| 40 years | ₹10,21,651 | ₹1,22,59,809 | ₹1,33,00,000 | 56 |
| 50 years | ₹10,42,000 | ₹1,25,03,995 | ₹1,33,00,000 | 66 |
The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the last column: when the money arrives, and how old you are when it does.
Where the maturity figure comes from
Taken apart, on the ₹1,00,00,000 policy in the first table. Every line is contractual on this plan: the additions are written into the policy at a stated rate rather than declared each year, so none of this depends on how LIC's investments do.
- Basic sum assured (guaranteed)
- ₹40,00,000
- Guaranteed additions
- ₹88,50,000
- Loyalty addition
- ₹4,50,000
- Paid at maturity
- ₹1,33,00,000
- Income paid before then, 2 payments of ₹30,00,000 from year 12
- ₹60,00,000
- Return a year on the premiums
- 4.80%
When does LIC Jeevan Shiromani pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 16, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 16 years. It is not a market return. On this plan the figures behind it are contractual, so it moves only with the age and term you enter.
Who can take LIC Jeevan Shiromani?
Age to start
- Minimum
- 18 years
- Maximum
- 55 years
These are the widest limits the plan allows. The range narrows once you choose a policy term, and the calculator applies whichever range fits your answers.
Policy term
- Terms sold
- 14, 16, 18 or 20 years
Age when the policy matures
- Maximum
- 69 years
Your age at entry plus the policy term cannot come to more than 69.
Years you pay for
- Premium paying term
- Policy term minus 4 years
Sum assured
- Minimum
- ₹1,00,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹20 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 9 of the Jeevan Shiromani sales brochure, linked in the form above.
Tax on LIC Jeevan Shiromani
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹1,00,00,000 policy priced above costs ₹10,16,260 a year, which is 10.2% of the sum assured. That is above the 10% test, so both provisions are restricted for it. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
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, meaning the death benefit in each policy year, every survival payout and the maturity value, then 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
- 5.65% a year, on LIC (2012-14) Ultimate mortality
- Guaranteed additions
- ₹50 per ₹1,000 for years 1 to 5; ₹55 per ₹1,000 for years 6 to 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
How LIC Jeevan Shiromani compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| Jeevan ShiromaniNo. 947 · this page | 14, 16, 18, 20 years | Term minus 4 years | ₹1 Crore | A high net worth money back plan, minimum sum assured ₹1 crore. |
| New Money Back Plan - 25 YearsNo. 721 | 25 years | 20 years | ₹2 Lakh | Four payouts of 15% across 25 years, with the highest money back bonus rate. |
| Bima RatnaNo. 764 | 15, 20, 25 years | Term minus 4 years | ₹5 Lakh | Guaranteed additions that step up over time, plus two payouts before maturity. |
| Dhan RekhaNo. 863 | 20, 30, 40 years | 10, 15, 20 years | ₹2 Lakh | Non-participating money back: payouts keyed to the term, guaranteed additions from year six, and the full sum assured at maturity. |
| Jeevan UmangNo. 745 | 30 to 100 years | 15, 20, 25, 30 years | ₹2 Lakh | 8% of the sum assured every year for life once premiums finish, and cover to age 100. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
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) (Schedule II of the Income-tax Act, 2025) 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.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Jeevan Shiromani before deciding.
New Money Back Plan - 25 Years
No. 721Four payouts of 15% across 25 years, with the highest money back bonus rate.
Open calculatorBima Ratna
No. 764Guaranteed additions that step up over time, plus two payouts before maturity.
Open calculatorDhan Rekha
No. 863Non-participating money back: payouts keyed to the term, guaranteed additions from year six, and the full sum assured at maturity.
Open calculatorJeevan Umang
No. 7458% of the sum assured every year for life once premiums finish, and cover to age 100.
Open calculator