LIC Jeevan Shikhar Plan (837)

LIC Jeevan Shikhar is a non-linked ( Not dependent on share market) single premium life insurance plan which provides high life cover (10 times of single Premium) in case of death and good return on survival as maturity. This plan comes with a fixed 15 year term which can be planned for future financial requirement. This Plan has been explained with help of an example.This plan is not available for sale as it was closed on 09-05-2016.

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 at Entry6 Years (Completed)
Maximum Age at Entry 45 (Nearest Birthday)
Calculate your Age
Premium Paying ModeOne Time (Single Premium)
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Policy Term 15 Years
Maturity Sum Assured 1,00,000 and above (in multiple of 20,000)
Surrender After 3 month (70 of Single premium in 1st Year, 90% from 2nd Year Onwards)
Loan Can be Availed after 3 Months

Maturity benefit

  • On survival of policy holder i.e. completion of 15 year term, Maturity Sum Assured (MSA) + Loyalty Addition shall be paid.

Death benefits

  • On death during First Five Years of the policy:
    • If Death happens before 8 years of Age, then single premium paid less service tax will be returned.
    • If Death happens after 8 years of age, 10 times of premium paid (excluding service tax) will be paid as death benefit.
  • On death after 5 years of the policy and before maturity:
    • 10 times of single premium paid (excluding service tax) + loyalty addition will be paid as death benefit.

Note: 8 Years is minimum age of risk commencement under this policy and Loyalty Addition is applicable only after 5 years of successful policy term.

Jeevan Shikhar Plan (837) with an Example

Suppose a person who is purchasing Jeevan Shikhar Policy (837) with following details.
Maturity Sum Assured: Rs. 5,00,000
Policy Term: 15 Years
Policy Purchase Year: 2016
Age: 28 Years.

As per above details, Single Premium: will be Rs. 2,07,405 (with Service tax)

To calculate other than above details go to Premium & Maturity Calculator

After taking Jeevan Shikhar policy as per above details, two cases are possible, In first case policy holder survives 15 years and collects maturity or in second case, unfortunate death happens before 15 years and nominee gets death claim amounts. Both cases are explained below.

Case:1 (Maturity Details)

If Policy holder survives 15 years, then Maturity (Maturity Sum Assured + Loyalty Additions) will be as under.

Maturity Year Age at Maturity Maturity Sum Assured (Guaranteed) Loyalty Addition (Variable) Total Maturity
2031 43 500000 16000 516000

Case:2 (Death Before 15 Years)

In case of death of policy holder before 15 years or date of maturity, 10 times of single premium paid (excluding Service Tax) + Loyalty Addition will be death claim amount. Jeevan Shikhar Policy will be eligible for Loyalty Addition only after 5 year from date of purchase.

Understanding Following Table: Suppose if Death happend in Year 2022 then nominee will get death claim amount as 2017500.

Year of Death Age at Death 10 Times of Single Premium
(Excluding Service Tax)
Loyalty Addition (Variable) Total Death Claim
2016 28 2001500 0 2001500
2017 29 2001500 0 2001500
2018 30 2001500 0 2001500
2019 31 2001500 0 2001500
2020 32 2001500 0 2001500
2021 33 2001500 16000 2017500
2022 34 2001500 16000 2017500
2023 35 2001500 16000 2017500
2024 36 2001500 16000 2017500
2025 37 2001500 16000 2017500
2026 38 2001500 16000 2017500
2027 39 2001500 16000 2017500
2028 40 2001500 16000 2017500
2029 41 2001500 16000 2017500
2030 42 2001500 16000 2017500
Comments & Reviews

Wrote : 19-01-2017 18:31:54

last year i take policy jeevan shikar single primiam Rs 49670/.now i know death benifits of this policy details.pls refer to me. Thankingly.

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Wrote : 16-08-2016 13:03:30

Hello I want to by a new policy of Jeewan shikhar 837 Can it available now???

Replied : 16-08-2016 22:23:02
No, it is not available.

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Wrote : 14-08-2016 09:49:59

Hello Sir, I paid single time premium for Jovan shikhar policy around 42500 ( age of 28). Due to some circumstances I have to surrender policy. How much amount I will get. It will be full or partial , with the inclusion of interest or not. Please be so kind to provide detail information.

Replied : 14-08-2016 13:31:23
Please use maturity calculator (available on this site) for this plan, it displays year-wise surrender value. Your maturity sum assured will be 100000. Kindly use it to know all benefits related to this plan.

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Wrote : 08-07-2016 19:57:34

Can I buy jeevan shikar policy now mean the last date is completed r its extended

Replied : 08-07-2016 20:04:15
No, it is not available for sale now.

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Wrote : 16-05-2016 19:54:14

I want ti know complete detail of jeevan shikar

Replied : 16-05-2016 23:14:28
Please use maturity calculator of this plan and generate benefits according to you sum assured and age.

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Wrote : 09-05-2016 14:12:29

my DOB is 18.11.1973 and i am buying a policy after giving Rs. 81000/- for 15 yrs . How much i will get after maturity & also conform the risk cover . it will start from beginning of the day or after five yrs ......

Replied : 09-05-2016 15:07:10
Risk cover will be 800000 and maturity will be 1.45 lakh.

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Wrote : 09-05-2016 10:28:04

Dear Sir , I'd like to know whether there is any possibility of extending the last date for purchase of this Policy - beyond 9th May 2016. Mr Nair

Replied : 09-05-2016 12:22:12
Cant say, but it is already extended period and today is last day to purchase.

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Wrote : 07-05-2016 21:15:44

sir meri date of birth 14 may 1965 hai. kya me ye jeevan shikhar policy le sakta hu?

Replied : 07-05-2016 22:59:14
No, maximum allowed age is 45.

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Wrote : 07-05-2016 14:32:49

In jeevan shikhar if I decide to pay premium of 2-lac for my son his age 12 year than what medical test come

Replied : 07-05-2016 18:16:41

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Wrote : 06-05-2016 17:09:04

how we purchase online.

Replied : 06-05-2016 17:56:01
It is not available for online purchase.

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Wrote : 06-05-2016 13:40:43

Hi Please provide the authentic information only. as risk cover start immediately in jeevan shikhar policy not after 5 years

Replied : 06-05-2016 14:07:31
Nowhere it is written like that, kindly read it correctly. Risk does not start immediately in all cases, for example, if policy holder is less than 8 years of age, then risk will start on completion of 8 years of age while risk will start immediately in case the policy holder is older than 8 years.
Five year is significant because loyalty addition will be applicable only 5 years after buying the policy.

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Wrote : 06-05-2016 11:56:46

Age is 28, If a pay single premium of 1,00,000 then what will be the maturity amount after 15 years? Please reply soon

Replied : 06-05-2016 18:09:55
Please user maturity calculator for this plan, it is available in maturity calculators.

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Wrote : 05-05-2016 16:35:03

I am 41 yrs, I need 20 L risk coverage, what would be the sigle premium -Jeevan shikar policy

Replied : 06-05-2016 18:03:26
It will be 107853 inclusive of service tax.

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Wrote : 05-05-2016 14:23:20

My DOB is 01/11/1980. Want cover of 1 crore Rs. # what will be the premium. # what will be the guaranteed return after 15 years.

Replied : 05-05-2016 19:32:26
Premium will be 10.83Lakh and guaranteed maturity will be 24 lakh.

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Wrote : 04-05-2016 22:54:27

Is it true that we will get 3 times after maturity if we pay premium for 1 lac sum assured for the age 31 of RS 44502

Replied : 06-05-2016 18:06:39
Please use maturity calculator to know all benefits related to this plan, use maturity sum assured as 100000. it will be nearly 2.5 times.

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Wrote : 04-05-2016 21:58:27

sir mamste iam 35 yr old and i want 5 lac jivan shikhar paln but i have alredy 35 lac insurance my agent tell me you are not increej yr insurance iam not satisfid my agent plz help me on line policy

Replied : 09-05-2016 14:41:03
You can take. There will be a medical requirements.

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Wrote : 03-05-2016 10:46:28

Dear Sir , My age is 43 - D O B - 08-01-1973 . I would like to take a Jeevan Shikar Policy , which will give me a Death Claim of Rs 1 Crore . Kindly let me know , what will be the premium amount . Regards Mr Nair

Replied : 03-05-2016 13:18:13
For 1 crore life cover, you need to have a single premium of around 10 Lakh. Yo

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Wrote : 02-05-2016 19:54:57

Sir is main 15 year k bad kitna balance milega ...agr kisi k nam s kiya jaye to ...or minimum kitne pese jma krne hoge

Replied : 03-05-2016 01:02:19
What is your age?

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Wrote : 02-05-2016 18:00:35

is it totally single premium or it can be EMI option?

Replied : 02-05-2016 19:49:34
Single premium.

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Wrote : 02-05-2016 14:01:20

Dear Sir , My age is 43 - D O B - 08-01-1973 I would like to take a Jeevan Shikar Policy , which will give me 5000000 ( Fifty Lakhs on maturity ) Kindly let me know , what will be the premium amount . Regards Mr Nair

Replied : 02-05-2016 16:10:20
You need to deposit Rs. 2869874 as single premium.

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Wrote : 02-05-2016 10:35:43

what is the minimum amount to be invested in jeevan shikar plan

Replied : 02-05-2016 11:08:09
It will depend upon age of policy holder, minimum premium will be around 40,000 (single premium).

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Wrote : 01-05-2016 22:15:09

Sir, refer your LIC Jeevan Shikhar Plan (837),i am bit confused about 8 years age.pls explan age of policy holder is 8 years /age of the policy is 8 years. which one is applicable

Replied : 01-05-2016 22:25:36
We are talking about 8 year age.

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Wrote : 01-05-2016 21:39:02

Sir m 1000000 Ki jeevan lakshya policy lena chahta hu bt mera 12 Year pehle appendix ka operation hua tha, kya ye mujhe show karna jruri h

Replied : 02-05-2016 11:52:28
Yes, it will be better to disclose it. I do not think there will be any issue.

Wrote : 02-05-2016 13:19:41

Bt sir now i dont hv any paper or medical report of my operation , what i hv to do

Replied : 02-05-2016 15:18:38
That will not be required, in case lic feels it will take medical test.

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Wrote : 30-04-2016 15:11:56

Please kind the move my premum of the next year.

Replied : 30-04-2016 15:50:05
I did not understand your question.

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Wrote : 27-04-2016 14:47:19

Can a person having heart by pass surgery or diabetic or cancer patient can buy this policy.

Replied : 27-04-2016 23:35:50
Little chance of acceptance in these case. But you may try at nearest branch.

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Wrote : 27-04-2016 09:44:24

My father want to take this policy ( plan 837) for his granddaughter and grandson. Will he will be get any rebate in tax under 80c. Please reply soon.

Replied : 27-04-2016 12:38:41
No, he cannot claim tax exemption in this case.

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Wrote : 26-04-2016 22:21:44

Sir, My father wants to gift this policy to my daughter who is 7 years old with msa of Rs 10 laks. Can he gift this policy to his grand daughter.

Replied : 27-04-2016 12:36:21
He can take this policy in her name. But tax exemption under 80c benefit will notbe available for him.

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Wrote : 25-04-2016 17:53:34

can i take policy under this scheme in the name of my son in law ? if yes, will i get tax relief under 80 c ? i also want to take policy in my daughter's name .in that case can i get tax benefit ? will the full amount received by my son in law & daughter completely tax-free ?

Replied : 25-04-2016 18:01:56
No, you cannot avail benefit of 80c if you buy this in the name of your son-in-law. You can take this plan in your daughters name. The maturity will be tax free.

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Wrote : 23-04-2016 15:27:55

Someone told me that jeevan shikhar plan is extended upto May 2016. Is it so

Replied : 23-04-2016 16:26:04
Yes, up to 09-05-2016.

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Wrote : 18-04-2016 16:18:10

How long it would take to get the policy number and policy bond after purchasing the policy.

Replied : 18-04-2016 16:49:17
Policy number will be generated within a day or two in non medical cases and 4-5 days in case of medical cases and it takes 20 to 25 days for bond generation.

Wrote : 18-04-2016 19:00:46

Thanks for responding. My two sons viz.Uresh Bhaskar Rai and Rohit Kumar Rai have purchased the policy on 30th March. Money has also been realized through bank cheque. But uptill now policy number has not been generated. How can I get the reason. Their policies have been initiated from Howrah branch , fazir bazar.

Replied : 18-04-2016 19:48:47
Ask your agent or visit lic branch, policy numbers must have been generated.

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