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.
- 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)
|Age at Entry||6 Years (Completed)|
|Maximum Age at Entry||45 (Nearest Birthday)
Calculate your Age
|Premium Paying Mode||One Time (Single Premium)
|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|
- On survival of policy holder i.e. completion of 15 year term, Maturity Sum Assured (MSA) + Loyalty Addition shall be paid.
- 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|
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|