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.
| 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 |
The plan provides Guaranteed additions (GAs) at the rate Rs 50 per thousand of Sum Assured for first 5 policy years and Rs. 55 per thousand of sum assured from 6th year till the year of last premium payment and one time loyalty addition on maturity.
During the policy term, this plan provides two fixed money backs (as certain percentage of Sum Assured) and on completion of policy term, maturity will be Sum Assured + Guaranteed additions (GAs) + Loyalty Addition (LA). Following table provides money backs and maturity details of all term available in this plan.
In case of death during first 5 year of policy, the death claim will be 125 % of Basic Sum Assured + Guaranteed Addition (GAs) at the rate of Rs 50 per thousand of Sum Assured per year.
In case of death after completion of 5 policy years and before maturity, the death claim will be 125 % of Basic Sum Assured + Guaranteed Addition (GAs) at the rate of Rs 55 per thousand of Sum Assured per year (up to the policy year of last premium payment) + Loyalty Addition (LA).
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