LIC of India has been launched LIC Jeevan Shiromani Plan 947 from 2nd February 2020

LIC Jeevan Shiromani Plan 947 – Features, Benefits, Full Details and Review

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 Jeevan Shiromani Policy 947 — LIC Jeevan Shiromani Plan 947

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.

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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.

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Key Features

Guaranteed Additions during premium payment term.
Premium Waiver Benefit (PWB) Rider in case of Minor Policy Holder.
Paid premiums are exempted from income tax under 80C.
Tax free Money Backs and Maturity u/s 10(10D).
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
Settlement option for 5, 10 or 15 years shall be available for maturity as well as death benefits under the plan.

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Eligibility/Parameters of LIC Jeevan Shiromani Plan 947

Age at Entry	8 years (Completed)
Policy Term (Premium Paying Term)	14(10), 16(12), 18(14), 20(16)
Maximum Age at Entry in Years (As per Nearest Birthday)	55 Years for 14 Year Term 51 Years for 16 Year Term 48 Years for 18 Year Term 45 Years for 20 Year Term
Basic Sum Assured	1,00,00,000 and above in multiples of (10,00,000)
Premium Paying Mode	Yearly, Half Yearly, Quarterly, Monthly (SSS and NACH Only)
Premium Payment Mode rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Eligibility/Parameters of LIC Jeevan Shiromani Plan 947

Benefits

The benefits payable under an inforce policy are as under:

Death Benefit

On death during first five years: “Sum Assured on Death” along with accrued Guaranteed Additions shall be payable.

On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Death is defined as the higher of

10 times of annualised premium or
Absolute amount assured to be paid on death , i.e. 125 % Basic Sum Assured.
This death benefit shall not be less than 105 % of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.

Survival Benefit (Money Back):

Policy Term	1st Money Back	2nd Money Back	Maturity Details
14	30% of SA at end of 10th policy year	30% of SA at end of 12th policy year	40% of SA + GAs + LA
16	35% of SA at end of 12th policy year	35% of SA at end of 14th policy year	30% of SA + GAs + LA
18	40% of SA at end of 14th policy year	40% of SA at end of 16th policy year	20% of SA + GAs + LA
20	45% of SA at end of 16th policy year	45% of SA at end of 18th policy year	10% of SA + GAs + LA

On the life assured surviving to each of the specified duration, during the policy term, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:

For policy term 14 years : 30 % of Basic Sum Assured on each of 10th and 12th policy anniversary
For policy term 16 years : 35 % of Basic Sum Assured on each of 12th and 14th policy anniversary
For policy term 18 years : 40 % of Basic Sum Assured on each of 14th and 16th policy anniversary
For policy term 20 years : 45 % of Basic Sum Assured on each of 16th and 18th policy anniversary

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Maturity Benefit

On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable

Where “Sum Assured on Maturity” is as under

For policy term 14 years : 40 % of Basic Sum Assured

For policy term 16 years : 30 % of Basic Sum Assured

For policy term 18 years : 20 % of Basic Sum Assured

For policy term 20 years : 10 % of Basic Sum Assured

GUARANTEED ADDITIONS:

Provided the policy is inforce, a Guaranteed Addition 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 will accrue at the end of each policy year for which full years premiums have been paid. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy

In case of a paid-up policy or on surrender of a policy the Guaranteed Addition for the policy year in which the last premium is received (i.e. wherein full year’s premiums have not been received) will be added on proportionate basis in proportion to the premium received for that year

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LIC Jeevan Shromani Plan 947 With Example

Purchase Year	2020
Age	30 Years
Basic Sum Assured	1,00,00,000
Policy Term	20 Years
Premium Paying Term	16 Years (20-4)
Premium of Basic Plan (without GST)	7,36,568. 1st yr. 720709. 2nd yr. onward

LIC Jeevan Shromani Plan 947 With Example

As per above policy details, following table provides Year-wise and age premium paid, moneyback, risk covers and maturity details.

Let’s understanding the mention below Table:

The year-wise progress of policy has been illustrated below, Policy holder will get TWO Money Backs of Rs. 45,00,000 each on completion of 16th and 18th policy years and on maturity (completion of 20 years) Rs. 1,05,50,000 + Loyalty Addition (LA). In case of death before 20 years, for example, if death happens after 14 years from commencement, then Death claim shall be 2,15,00,000 + Loyalty Additions (LA) and paid to the nominee.

AGE	RISK NORMAL	PREMIUM	LIC RETURN
30	13000000	736568	0
31	13500000	720709	0
32	14000000	720709	0
33	14500000	720709	0
34	15000000	720709	0
35	16550000	720709	0
36	17100000	720709	0
37	17650000	720709	0
38	18200000	720709	0
39	18750000	720709	0
40	19300000	720709	0
41	19850000	720709	0
42	20400000	720709	0
43	20950000	720709	0
44	21500000	720709	0
45	22050000	720709	0
46	22050000	0	4500000
47	22050000	0	0
48	22050000	0	4500000
49	22050000	0	0
50	Maturity		1,05,50,000