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LIC Jeevan Shiromani Plan (847) Details

New LIC Plan Jeevan ShiromaniLIC Jeevan Shiromani (Plan 847). LIC’s Jeevan Shiromani is a power packed Money back plan specially designed for High Net-worth Individuals (HNI’s). This plan is so unique, with several innovative features which is not available in any other plans from LIC of India.

LIC Jeevan Shiromani (Plan 847) – Key features.
  • Minimum Basic Sum Assured of the plan shall be Rs. 1,00,00,000 (One Crore).
  • Guaranteed Additions at the rate of Rs. 50 per thousand Sum Assured for the first five years and Rs. 55 per thousand Sum Assured for the remaining years shall be accrued to the policy.
  • The policy shall participate in the profit of the corporation in the form of loyalty additions. Loyalty Additions shall be available at the time of exit from the policy, due to death claim or maturity and is after a premium payment and completion of 5 full years.
  • The plan has an inbuilt Critical Illness Benefit coverage for fifteen specified critical illnesses.
  • Policy term can be opted from 14, 16, 18 and 20 years.
  • Premium paying term will be four years lesser than the term of the plan opted.
  • Survival benefits available under the plan can also be deferred, as per the wish of the policy holder, which adds to the flexibility of the plan.
  • Settlement option for 5, 10 or 15 years shall be available for maturity as well as death benefits under the plan.

Plan Parameters

Age at Entry 18 years (Completed)
Calculate your Age
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 5,00,000
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


Money Back and Maturity

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.

Policy Term (Years) 1st Money Back 2nd Money Back Maturity Details
(on completion of policy term)
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
18 45% of SA at end of 16th policy year 45% of SA at end of 18th policy year 10% of SA + GAs + LA

In above table, SA is Basic Sum Assured or simply Sum Assured

Risk Cover and Death Benefit

In case of death during first 5 year of policy, the death claim will be Sum Assured (Basic Sum Assured) + Guaranteed Addition (GAs).

In case of death after completion of 5 policy years and before maturity, the death claim will be Sum Assured (Basic Sum Assured) + Guaranteed Addition (GAs) + Loyalty Addition (LA).

New LIC Plan – Jeevan Shiromani – જિવન શિરોમણિ (યોજના – 847)

jeevan Shiromaniજિવન શિરોમણિ (યોજના – 847)
(19 મી ડિસેમ્બર 2017 પર લોન્ચ થશે)

# નોન-લિન્ક્ડ
# નફાસાથે
# મર્યાદિત પ્રીમિયમ ચુકવણીની મુદત
# પૈસા પરત(મની બેક)
ન્યૂનતમ એસ.એ.: રૂ. 1 કરોડ
(ત્યારબાદ 5 લાખના ગુણાંકમાં)
મહત્તમ SA ની મર્યાદા નથી.
ન્યૂનતમ ઉંમર: 18 વર્ષ પૂર્ણ
પોલિસી ટર્મ: 14, 16, 18 અને 20 વર્ષ
પ્રિમ પેઇંગ ટર્મ: (પોલિસી ટર્મ – 4)
14, 16, 18 અને 20 ની શરતો માટે અનુક્રમે 55, 51, 48 અથવા 45 * પ્રવેશના માટે મહત્તમ ઉંમર.

બધા મોડ્સ માન્ય

ગેરેંટેડ એડિશન:
રૂ .50 / – દર 1000 SA માટે પ્રથમ 5 વર્ષ
બાકીના પીપીટી માટે 1000 એસએ દીઠ રૂ. 55 / –

લાભો :
5 વર્ષ દરમ્યાન મૃત્યુ: એસ.એ + જી.એ
5 વર્ષ પછી મૃત્યુ *: એસ.એ. + જીએ + એલ.એ.

ડેથ મૂળ એસ.એ ના*: 110 ટકા બી.એસ.એ. અથવા 10 ગણો એ.પી. અથવા 105% પ્રિમીયમ ચૂકવેલના.
જે વધુ હશે તે

સર્વાઇવલ બેનિફિટ્સ:
14 વર્ષ ટર્મ માટે: 10 મી અને 12 મી વર્ષમાં બીએસએના 30%
16 વર્ષની ટર્મ માટે: 35% 12 મી અને 14 મી વર્ષે
18 વર્ષ ટર્મ માટે: 14% અને 16 મી વર્ષે 40%
20 વર્ષ ટર્મ માટે: 16% અને 20 મી વર્ષમાં 45%
પાકતી મુદત પર એસએ: જીએ + એલએ સાથે બાકી રહેલ એસ.એ.

# ઇનબિલ્ટ ક્રિટીકલ ઇલનેસ
(15 ક્રિટિકલ રોગોના નિદાન પર 10% બીએસએસ + 2 વર્ષનું પ્રીમિયમ હોલિડે)
# 1 વાર્ષિક પ્રીમિયમ પછી ચુકવેલ અપ
# ડેટિંગ બેક લીન મંથ માન્ય
# 1 કરોડનો વધારાનો અકસ્માત લાભ.
# સમાધાન વિકલ્પ
# એસ.બી. પછીથી વ્યાજ સાથે લઈ શકાય છે.
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To provide Security and Safety

  • In general Insurance, the property can be insured against any contingency i.e. fire, earthquake etc.
  • The uncertainty due to fire, accident, death, illness, disability in the human life, is compensated financially by general insurance.
  • Insurance is the only way to assist and provide adequate cover at the time of sufferings.
  • General Insurance provides only protection to the human life and property respectively.


Companies conducting insurance business are known as ‘Insurers’. Insurers bring together persons exposed to the same risk by collecting premium from them and pay compensation to those who suffer. The insurer on the lines explained in examples determines premium. Insurer’s role is that of a trustee and has to ensure that nobody takes undue advantage of the arrangement.In a nutshell both underwriting and claim settlement are to be done with great care.


Various laws, passed by the state for this purpose involve the use of insurance, compulsory or voluntary, as a tool of social security. The Employees State Insurance Act, 1948 provides for the Employees State Insurance Corporation to pay the expenses of sickness, disability, maternity and death and for the maintenance of hospitals, dispensaries, etc. for the benefit of industrial employees and their families, who are insured persons.The scheme operates in certain industrial areas as notified by the government.

Social security is an obligation of the state. Subject has been included in list III of the seventh schedule of the constitution of India as “Social Security and Social Insurance” and “Welfare of labour including, inter alia, liability for workmen’s compensation, etc.” Further, Article 41 of the Directive Principles of State Policy called upon the state to make provision for public assistance in the case of, inter alia, sickness and disablement and in othercases of undeserved want.

Insurers play an important role in the social security schemes sponsored by the government i.e. Solatium Fund, the Personal Accident Social Security Scheme and the Hut Insurance Scheme. The Crop Insurance Scheme (RKBY) is also of social significance.

Rural insurance schemes are designed to provide social security to the rural families. The insurance companies have introduced special insurance schemes, at subsidised rates of premium to cover cattle and other livestock for the beneficiaries of IRDP and various other government sponsored programmes and financial institutions.

Companies of their own also offer on commercial basis insurance covers, which have the objective of social security. Examples: Janata Personal Accident, Jan Arogya, Bhavishya Arogya, Raj Rajeshwari Mahila Kalyan Yojna, etc.


Insurers play a vital role in mobilizing funds for economic developments of the country. Savings out of insurance fund are utilized in investments for economic growth.

Strength of insurance company lies in that of huge amount collected and pooled together. This so collected amount is called premiums. This is known as pooling of risks.

The very existence of risk that is uncertainty concerning the future is a severe handicap in economic activities. Insurance removes the fear, worry and anxiety associated this future uncertainty and thus encourages free investment of capital in business enterprises and promotes efficient use of existing resources. Thus insurance encourages commercial and industrial development and thereby contributes to a vigorous economy and increased national productivity.

These days organization of industries, commerce and trade depends on insurance, because no bank or financial institutions lend money without having insurance cover as collateral security. Insurers are closely associated with agencies and institutions engaged in fire loss prevention, cargo loss prevention, and Industrial and road safety. Insurers have established Loss Prevention Association of India with intention of creating awareness of need of loss prevention and implementing loss prevention measure in various sectors.

Before acceptance of risk, insurer arranges for the survey and inspection of the property to be insured by a qualified engineer and other experts not only to evaluate but also to suggest improvements to avoid losses, which in turn, not only reduces the rates but also reduces the loss potentials.

Insurance ranks with export trade, shipping and banking services as earner of foreign exchange to the country. Insurers are also operating in foreign countries and earning foreign exchange and represent invisible export.

Cattle and other livestock and also equipment like pump sets are rural business. Various rural schemes provide necessary financial protection against loss or damage to poor farmers and other peoples of weaker section of society.


Every human being has fear in his mind.

  • The fear whether he will be able to meet the basic needs of the life i.e. Food, clothing and Housing (Roti, Kapda and Makkan).
  • He has fear not only for himself but also for his dependents.
  • The source of income to meet his basic needs may be through service or business.
  • If he was able to meet his basis needs then he acquires the assets i.e. vehicles, property or jewellery.
  • Then he gets additional fear of saving the assets from destruction. ( The assets may be destroyed through accident, fire or earthquake etc. and the income may be cut off due to certainty i.e. old age and death or uncertainty i e. accident, illness or disability.)
  • As you know, the old age and death is certain for every human being while the accident, illness, disability and destruction of assets may be random.
  • A certain number of accidents will take place but with whom, it is uncertain.

Therefore, to overcome these problems, the Insurance plays a very important role.

The principal source of income of an individual comes from the compensation for work performed by him. If this source of income gets cut off then:

Family will make social and economic adjustments like:

  • Wife may take employment at the cost of home making responsibilities
  • Children may have to go for work at the cost of education.
  • Family members might have to accept charity from relatives, friends etc. at the cost of their independence and self-respect.
  • Family standard of living might have to be reduced to a level below the essentials for health and happiness.

Link Your AADHAAR And PAN To Your LIC Policies

 Life insurance companies have to mandatory obtain their customers’ Aadhaar numbers and link the same with their respective policies. This follows an amendment in the Prevention of Money Laundering Act (PMLA) Rules, 2017 in June of this year.

Before you start the online process, keep these documents and numbers handy:

• Policy numbers
• Make sure that your mobile number is updated in your Aadhaar card. If not, then get it updated before linking them. You will have to enter the mobile number as registered with UIDAI as the OTP generated will be sent to this number.

Step 1: Visit the LIC website, and on the homepage click on ‘Link Aadhaar and PAN to policy’.

Alternatively, click here to go directly and click on ‘Proceed’.

You can also click here to go directly to the linking page (https://kyclink.licindia.in/UIDSeedingWebApp)

Step 2: Fill and submit the form after furnishing Aadhaar, PAN, email, and mobile number.
Step 3: A message will be shown on the success of the registration for linkage.

Step 4: After verification with UIDAI, an SMS or email confirmation will be sent to you. The verification may take few days.

If for any reason you cannot do the linkage online, or especially when you are not required to hold PAN (and therefore have to furnish Form 60), here’s how you can link your policies offline:

What you need:
• Aadhaar /PAN mandate form
• Self-attested copy of Aadhaar card and PAN Card / Form 60
• Policy numbers.

To get the form, either ask your agent to get one for you or download from the LIC website – On the homepage click on ‘Download Aadhaar /PAN mandate’.

The Form ( as on LIC website) opens up as a PDF document.

After filling the form, you can submit this Aadhaar / PAN Mandate Form along with a self-attested copy of Aadhaar card and PAN Card / Form 60 at the nearest LIC Branch for linking of your Aadhaar / PAN number to your policies. While self-attesting, it’s better to mention on the photocopies the purpose of furnishing the self-attested documents, i.e., for the purpose of linking of policies, in order to minimise the misuse, if any.

LIC advisory
After messages started floating around in social media regarding the linking process of LIC policies through SMS, LIC had recently come out with an advisory stating, “LIC of India informs the public and policyholders that no such message has been sent by LIC. Also no facility to link Aadhaar number to policies is available through SMS in LIC.” To avoid any misuse of one’s personal information make sure to go through your agent or visit the LIC office directly.

Aadhaar or PAN compulsory for new registration on LIC website
To access online services on the LIC website, the insurer had already made it compulsory to furnish PAN or Aadhaar number. Policyholders looking to register for online services will have to either provide PAN or Aadhaar number in addition to other details such as policy number and date of birth.
Click here to know more about it.

Should you invest in LIC’s Jeevan Utkarsh single premium policy?

Life Insurance Corporation’s (LIC) Jeevan Utkarsh is a closed-ended single premium insurance plan. It was launched in September and is open for investments till March 31, 2018. It is a non-linked, with-profit, single premium life insurance plan which comes with an option for accidental death and disability benefit riders in its basic plan.

How it works
The amount of single premium will depend on the sum assured chosen called the basic sum assured, which will be paid on maturity of the plan. The minimum basic sum assured is Rs 75,000 and the premium will vary according to age of the policyholder.


If the policyholder dies before the policy matures, the death benefit (10 times the single premium) along with loyalty addition, if any, will be paid to the nominee. On surviving the term, the policyholder gets the sum assured along with loyalty additions, if any, on maturity.

When will the loyalty additions be paid?
Typically, with-profit insurance policies are eligible for bonuses. Jeevan Utkarsh has no provision for bonuses but has the element of loyalty additions. According to LIC, “The policies under this plan shall participate in the profits in the form of loyalty addition which shall be payable at the time of exit after completion of 5 policy years.” It means the policy will be eligible for loyalty additions only after 5 years either on death or on surrendering the policy.

Depending on the insurer’s profitability, and hence not guaranteed, the declared loyalty addition will be added to the sum assured and paid on maturity. It’s a one time-addition to the policy unlike bonuses which are added each year when the insurance company makes a profit.

Returns on the policy
This is a policy with tax benefits under section 80C of the Income-tax Act, 1961. It’s not market-linked nor a guaranteed return plan as the returns will hinge solely on the amount of loyalty additions declared by LIC.

As per the illustration on the LIC website, here are the returns that can be expected:

For a 25-year-old who opts for a sum assured of Rs 75,000,  ..

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