LIC Jeevan Sangam Plan (Plan No:831)

LIC Jeevan Sangam plan (Plan No:831) is a single premium life insurance plan which provides high life cover in case of death and good return on survival as maturity. This plan comes with a fixed 12 year term which can be planned for future financial requirement. This plan is closed for sale from 01-06-2015.

Key Features

  • High Risk Cover in case of death
  • Option to select Maturity Sum Assured (MSA)
  • Guaranteed Return (MSA) + Loyalty addition on maturity
  • Any time surrender option & higher surrender value
  • Premium paid is eligible for rebate under 80(C)
  • Maturity amount will be tax free under 10(10D)

Plan Parameters

Age of Entry 6 to 50 Years
Premium Paying Mode Single Go to Premium Calculator
Policy Term 12 Years (fixed)
Maturity Sum Assured 75000 and above (in multiples of 10000)
High Sum assured Rebate
(per thousand) 		Rs. 15 on 0 to 2,00,000 of Sum Assured
Rs. 15 on 2,00,000 to 3,90,000 of Sum Assured
Rs. 15 on 5,00,000 and above Sum Assured
Loan After 3 Months
Surrender Any time during the policy
Guaranteed Surrender Value 70% in after 3 years and 90% after 2nd year onwards

Death benefits

  • On death during first five policy years:
    • Before start of risk, only premium paid excluding taxes will be paid. This case will be applicable if, the policy holder's age is less than 8 years at the time of death.
    • After start of risk, 10 times of premium paid (excluding service tax & rebate) will be paid as death benefit.
  • On death after 5 year of policy and before maturity:
    • 10 times of single premium paid (excluding service tax & rebate) + loyalty addition will be paid as death benefit.
    • After start of risk, 10 times of premium paid (excluding service tax & rebate) will be paid as death benefit.

Maturity benefit

  • On survival of policy holder i.e. completion of 12 year term, Maturity Sum Assured (MSA) + Loyalty Addition shall be paid.

Jeevan Sangam plan 831 with Example

To understand Jeevan Sangam Plan, Lets take an example of a person who is purchasing Jeevan Sangam Plan with following details.

Maturity Sum Assured: Rs. 2,00,000
Policy Term: 12 Years
Policy Purchase Year: 2015
Age: 30 Years
Single Premium: Rs. 99492

Calculate premium other than above, Click Here

At maturity, Jeevan Sangam provides Guaranteed Maturity Sum assured plus variable loyalty addiiton as maturity amount on survival of policy holder. Following table indicates the maturity details.

YearMaturity Sum Assured (Guaranteed)Loyalty Addition (Variable)Maturity Amount (Approx)
20272,00,00024,0002,24,000

In case of unfortunate death during policy term, 10 times of single premium paid (excluding taxes) will be paid, further to this after completion of 5 years of policy, loyaltiy addition will also be payable, following table shows year-wise life cover in case of death.

Policy Year Year 10 x ( Single Premium excluding tax) Loyalty Addition (Variable) Total Amount to be received in case of death
1 2016 965098 0 965098
2 2017 965098 0 965098
3 2018 965098 0 965098
4 2019 965098 0 965098
5 2020 965098 0 965098
6 2021 965098 12000 977098
7 2022 965098 14000 979098
8 2023 965098 16000 981098
9 2024 965098 18000 983098
10 2025 965098 20000 985098
11 2026 965098 22000 987098

Comments & Reviews (23)

Wrote :

28-01-2016 16:43:10

Is 831 no plan stand alone policy nor not

Wrote :

28-01-2016 20:28:00

it is a single premium plan.

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Wrote :

11-12-2015 14:35:01

I see comment as " plan 831 is not for sale", any similar options ? I want to buy one time premium option for a girl of age 7yrs. Note : not mandatory, but parents (or any one else) should not be allowed to take loan on this. Any such No-Loan lock option. The girl should get complete benefits. Can any one suggest good plan(s) ?

Wrote :

11-12-2015 23:21:14

You may opt for single premium endowment plan (817).

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Wrote :

22-11-2015 21:12:12

Hi, I took this policy on 8/5/2015. I got bond very late and now I would like to take loan. so, how much I will get? my premium is 75067/-.thanks.

Wrote :

22-11-2015 22:15:06

You can get approximately 35-45% of premium paid as loan amount.

Wrote :

22-11-2015 22:26:40

35-45%, on what basis shall I get this percentage? Thanks.

Wrote :

22-11-2015 22:30:23

Please read policy document, every thing is mentioned over there.

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Wrote :

25-06-2015 18:24:33

Hi, I have a amount of 8 la to invest, am 37 yrs old and have a family with two kids. what are the best options available. thanks

Wrote :

27-06-2015 10:48:40

I would suggest a term plan of at least 50 lakh and you can invest your 8 lakh amount as 80% in FD and 20% in mutual funds

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Wrote :

24-06-2015 20:53:13

Iwant to buy this policy but its closed i think so could u plz help me if any similar policy plz advise me

Wrote :

25-06-2015 11:40:02

you can buy single premium endowment plan (817).

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Wrote :

31-05-2015 20:13:15

my son age 6yrs.100000/=(MSA) jeevan sangam, maurity amount ? thank you

Wrote :

31-05-2015 21:54:05

100000 (gauranteed) 5000(variable)

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Wrote :

31-05-2015 16:33:56

Suppose I want to pay as premium of 50 thousand then how much sum assured I all get after 12 yes my age is 30

Wrote :

31-05-2015 21:56:55

by paying 51292, you can buy maturity sum assured of 1,00,00 and you will get 1,00,000 plus bonus.

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Wrote :

30-05-2015 12:35:57

I am aged 40 yrs want to take SA 1 lakhs. What are the medical requirement.

Wrote :

30-05-2015 12:48:49

No medical requirements.

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Wrote :

28-05-2015 23:38:34

I want to purchase this policy in my daughter name, who is 11 yr. Old, I am 36 yr. Old, I will be the proposer. Please let me know whether I will get the insurance coverage or not.

Wrote :

29-05-2015 13:40:07

If you will buy in the name of your daughter then life cover will be against her life not yours.

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Wrote :

27-05-2015 19:15:18

sir i want to know why are the polcy for a limited period,i want to know is this possible to extend the period 31 may 2015 to further continue...........

Wrote :

27-05-2015 23:10:12

No, extension is not expected.

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Wrote :

27-05-2015 12:36:07

If I pay 1lakh than After 12 year wat is my Accout Benifit .. PLAN No. 831

Wrote :

27-05-2015 14:08:38

What is you age?

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Wrote :

27-05-2015 11:37:48

Hlo sir I am 35yrs old and i want to know that if i buy this JEEVAN SANGAM policy of S.A. rs 50000. Then how much amount i will get after 12 years.

Wrote :

27-05-2015 14:15:10

Minimum sum assured is 75000.

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Wrote :

27-05-2015 10:25:55

Hi my dob is 05.08.1988, I want to buy this for Rs. 100000, if I have to surrender in 1 years, then what will be the amount.

Wrote :

27-05-2015 14:06:37

Policy can only be surrendered after 3 year of successful completion.

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Wrote :

22-05-2015 09:15:38

I am aged 48 yrs want to take SA 5 lakhs. What are the medical requirement.

Wrote :

22-05-2015 14:42:28

ECG, Heamogram, SBT-13, RUA, CTMT,HbA1c

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Wrote :

18-05-2015 18:04:06

hey this is very good plan

Wrote :

18-05-2015 18:36:17

Blank

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Wrote :

17-05-2015 12:32:35

Hi, I am 42 year old. I want to buy this product. Maturity value of 5 lakh .how much I paid the premium. In 10 lakh how much. In case of my death in one year

Wrote :

17-05-2015 12:46:12

For 5 lakh premium will be 300121 and for 10lakh maturity premium will be 600242. In case of death 10 times of single premium (excluding service tax) will be paid .

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Wrote :

17-05-2015 12:16:02

Hi, I am 42 year old. I want to buy this product. Maturity value of 5 lakh .how much I paid the premium. In 10 lakh how much. In case of my death in one year

Wrote :

17-05-2015 12:32:39

Sir, please provide term of the policy you wish to take, means for how many years the policy will be taken.

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Wrote :

12-05-2015 23:26:17

Hi I am in the age of 27 and I want to buy ths policy Jeevan Sangam for a Maturity Sum Assured Rs 520000/- .how much i will get after maturity.

Wrote :

13-05-2015 13:41:28

520000 (Fixed) 80000 (Variable). and single premium will be 252783.

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Wrote :

12-05-2015 18:04:51

I need detail of plan 831

Wrote :

13-05-2015 14:47:59

Jeevan Sangam plan (831) is a single premium fixed term (12 year) endowment policy which provides option to choose Maturity amount and provide life cover of 10 times of single premium. with addition to Maturity amount loyalty addition also.

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Wrote :

06-05-2015 23:30:40

Sir I am 39 yes old I want to buy this policy ,what are the minimum medical requirements for the policy

Wrote :

08-05-2015 07:06:26

It also depends upon what sum assured you are buying. Please tell the SA.

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Wrote :

11-04-2015 23:30:43

Hi I am in the age of 42 and I want to buy ths policy Jeevan Sangam for a Maturity Sum Assured Rs 200000/- and if my death after one year, then how much my family will got. If deatg is after Two years and similarly.

Wrote :

12-04-2015 08:55:08

Sir, as per your details, the premium excluding service tax will be 1,17,450, so in case of death your nominee will get 11,74,500 up to 5 years and from 5 year and before maturity,loyalty addition will be added too.

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Wrote :

19-03-2015 22:29:04

more detail in lic jiwan sangam 831 plan

Wrote :

19-03-2015 23:13:04

Please visit following page:
http://www.insurance21.in/lic-jeevan-sangam-plan-831.php

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Wrote :

11-03-2015 16:57:34

the 10 times risk cover start from the pay of policy bought by the policy holder if his age is more then 8 year , in case of less then 8 year the risk would be starting after completion of 8 year. plz do not misguide u can check on the lic website under heading death claim .. the policy will give loyalty benifit also in case of death after 5 year completion of policy along with the 10 times cover

Wrote :

11-03-2015 16:57:34

Thanks for your feed back.

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