A semiconductor wafer has an insulating layer over a first surface of the substrate. An IPD structure is formed over the insulating layer. The IPD structure includes a MIM capacitor and inductor. A conductive via is formed through a portion of the IPD structure and partially through the substrate. The conductive via can be formed in first and second portions. The first portion is formed partially through the substrate and second portion is formed through a portion of the IPD structure. A first via is formed through a second surface of the substrate to the conductive via. A shielding layer is formed over the second surface of the substrate wafer. The shielding layer extends into the first via to the conductive via. The shielding layer is electrically connected through the conductive via to an external ground point. The semiconductor wafer is singulated through the conductive via.