LIC Jeevan Shikhar Plan 837 Calculator
INFO: Policy Term 15 Years, Single Premium Only, Death Benefit = 10× Tabular Single Premium, Loyalty Addition after 5 years.
LIC Jeevan Shikhar Plan 837 Calculator
LIC Jeevan Shikhar Plan 837 was a single-premium endowment insurance plan offered by the Life Insurance Corporation of India (LIC). The plan combined life insurance protection with long-term savings and loyalty additions, making it suitable for individuals looking for a one-time investment with insurance benefits.
Introduction to LIC Jeevan Shikhar Plan 837
LIC Jeevan Shikhar Plan 837 was a non-linked, participating endowment assurance plan that required only a single premium payment at policy inception. Along with life cover, the policy also offered loyalty additions based on LIC’s performance, subject to applicable conditions.
Launch and Withdrawal Details
- Launch Date: 11 January 2016
- Withdrawal Date: 31 March 2016
The plan was offered for a limited period and is no longer available for new purchases. However, existing policyholders continue to enjoy benefits according to their policy terms and conditions.
Who Could Purchase LIC Jeevan Shikhar Plan 837?
The plan was suitable for individuals seeking life insurance protection along with long-term savings through a one-time premium payment.
Eligibility Criteria
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 6 Years (Completed) | 45 Years (Nearest Birthday) |
| Maturity Sum Assured | ₹1,00,000 | No Upper Limit |
| Policy Term | 15 Years | 15 Years |
| Premium Payment Mode | Single Premium | Single Premium |
| Sum Assured on Death | 10 Times Tabular Single Premium | 10 Times Tabular Single Premium |
The maturity sum assured was available in multiples specified by LIC and could be selected according to individual financial goals.
Key Features of LIC Jeevan Shikhar Plan 837
Single Premium Payment
The policy required only one premium payment at the beginning of the policy term. No further premiums were payable throughout the duration of the policy.
Life Insurance Protection
The plan provided life cover during the policy term, helping safeguard the financial interests of the policyholder’s family.
Loyalty Additions
Being a participating plan, LIC could declare loyalty additions based on its experience and surplus, which were payable according to the policy conditions.
Savings-Oriented Structure
Apart from insurance protection, the plan aimed to help policyholders build a corpus through guaranteed benefits and loyalty additions.
Death Benefit
Death Before Commencement of Risk
If death occurred before the commencement of risk, the nominee received the single premium paid, subject to policy provisions.
Death After Commencement of Risk
If the life assured died during the policy term after risk commencement, the nominee received the Sum Assured on Death, which was generally equal to 10 times the tabular single premium.
Death After Five Policy Years
Where applicable, death benefits could also include loyalty additions declared by LIC, subject to the policy remaining eligible for such benefits.
LIC Jeevan Shikhar Plan 837 Calculator
The LIC Jeevan Shikhar Plan 837 Calculator helps estimate:
- Single premium payable
- Sum Assured on Death
- Maturity benefits
- Loyalty addition projections
- Overall policy value
Information Required
To calculate policy benefits, users typically need to enter:
- Age at entry
- Desired maturity sum assured
- Policy term
- Applicable policy details
The calculator then generates estimated premiums and projected benefits based on the selected inputs.
Benefits of Using the Calculator
Premium Estimation
Provides an estimate of the one-time premium required for the chosen coverage.
Benefit Projection
Helps policyholders understand potential maturity and death benefits.
Financial Planning
Allows users to evaluate whether the policy aligns with their long-term financial goals.
Easy Comparison
Makes it easier to compare different sum assured options before selecting a suitable plan.
Frequently Asked Questions
What is LIC Jeevan Shikhar Plan 837?
LIC Jeevan Shikhar Plan 837 was a single-premium participating endowment plan that combined insurance protection with savings benefits.
When was the plan launched?
The plan was launched on 11 January 2016.
Is LIC Jeevan Shikhar Plan 837 available for purchase today?
No. The plan was withdrawn on 31 March 2016 and is no longer available for new sales.
What was the premium payment mode?
The policy required a one-time single premium payment at inception.
What was the minimum maturity sum assured?
The minimum maturity sum assured under the plan was ₹1,00,000.
Did the plan provide loyalty additions?
Yes. Eligible policies could receive loyalty additions as declared by LIC, subject to policy conditions.
Conclusion
LIC Jeevan Shikhar Plan 837 was a limited-period single-premium insurance plan that offered a blend of life cover and savings benefits. Its simple premium structure, death protection, and potential loyalty additions made it an attractive option during its availability period. Existing policyholders can continue using LIC Jeevan Shikhar Plan 837 calculators to estimate premiums, maturity proceeds, and policy benefits for better financial planning.
Maturity Benefit
If the policyholder survives the entire policy term, LIC pays the Maturity Sum Assured along with any eligible Loyalty Addition declared under the plan. This helps enhance the overall return received at the end of the policy tenure.
Loyalty Addition
LIC Jeevan Shikhar Plan 837 was a participating plan, allowing policyholders to benefit from Loyalty Additions declared by LIC based on the plan’s performance and surplus experience.
Loyalty Addition could become payable under eligible circumstances such as:
- Policy maturity
- Death claim
- Policy surrender after completing the required period
These additions increased the overall benefit payable under the policy.
Loan Facility
The plan offered a loan facility, enabling policyholders to borrow against the policy value without discontinuing coverage. This feature provided financial flexibility during emergencies or temporary cash requirements.
Surrender Value
Policyholders had the option to surrender the policy during the policy term and receive the applicable surrender value.
Guaranteed Surrender Value
- During the first policy year: 70% of the Single Premium paid (excluding taxes and extra premiums, if any).
- After completion of the first policy year: 90% of the Single Premium paid (excluding taxes and extra premiums, if any).
Where applicable, eligible Loyalty Addition could also be payable on surrender after the required policy duration.
LIC Jeevan Shikhar Plan 837 Benefits Summary
| Benefit Type | Details |
|---|---|
| Premium Payment | One-time Single Premium |
| Death Benefit | 10 times the Tabular Single Premium, subject to policy conditions |
| Maturity Benefit | Maturity Sum Assured plus eligible Loyalty Addition |
| Loyalty Addition | Payable on eligible death, surrender, or maturity claims |
| Loan Facility | Available against the policy value |
| Surrender Benefit | Guaranteed surrender value as per policy duration |
Understanding the LIC Jeevan Shikhar Plan 837 Calculator
The LIC Jeevan Shikhar Plan 837 Calculator is a useful planning tool that helps estimate policy benefits based on the selected maturity sum assured and other policy details.
The calculator can help users determine:
- Estimated single premium payable
- Projected maturity benefit
- Expected surrender value
- Death benefit payable under different scenarios
- Overall policy value throughout the term
Using the calculator enables policyholders and advisors to evaluate the plan more effectively and understand the financial benefits associated with the policy.
What Does the LIC Jeevan Shikhar Plan 837 Calculator Do?
The LIC Jeevan Shikhar Plan 837 Calculator is designed to help policyholders and financial planners estimate the key benefits of the policy based on selected inputs.
The calculator can:
- Calculate the single premium payable based on the chosen maturity sum assured and age at entry.
- Estimate the maturity benefit, including any projected Loyalty Addition.
- Display the death benefit payable under different policy scenarios.
- Provide an indication of the surrender value available during the policy term.
- Show important plan information, including launch and withdrawal details.
By providing quick estimates, the calculator makes policy evaluation and financial planning much simpler.
How to Use the LIC Jeevan Shikhar Plan 837 Calculator
Step 1: Enter Your Age
Provide your age at the time of purchasing the policy.
Step 2: Select the Maturity Sum Assured
Choose the maturity sum assured according to your financial objectives.
Step 3: Choose the Policy Term
Select the policy duration available under the plan.
Step 4: Calculate the Premium
The calculator will determine the approximate single premium payable for the selected coverage.
Step 5: Review Policy Benefits
The results typically include:
- Single premium amount
- Estimated maturity benefit
- Death benefit projection
- Potential surrender value
- Applicable policy details
This helps users understand the financial commitments and expected benefits before making a decision.
Sample Calculation
Consider the following illustration:
| Particulars | Value |
|---|---|
| Age at Entry | 28 Years |
| Maturity Sum Assured | ₹5,00,000 |
| Policy Term | 15 Years |
| Single Premium | ₹2,07,405 (Approx.) |
Maturity Scenario
If the policyholder survives until maturity, the benefit payable may consist of:
- Maturity Sum Assured: ₹5,00,000
- Loyalty Addition (Illustrative): ₹16,000
Estimated Maturity Benefit: ₹5,16,000
Death Scenario
If the life assured passes away after commencement of risk but before maturity, the nominee receives the applicable Sum Assured on Death along with any eligible Loyalty Addition as per the policy conditions.
This example demonstrates how the plan provides both long-term savings and financial protection, while the calculator helps estimate potential policy benefits based on individual requirements.
Advantages of LIC Jeevan Shikhar Plan 837
Single Premium Convenience
The policy required only a one-time premium payment at the beginning of the term, eliminating the need for future premium commitments.
Higher Death Cover
The death benefit was structured as 10 times the tabular single premium, providing substantial financial protection for the nominee.
Assured Maturity Benefits
Policyholders received the Maturity Sum Assured at the end of the policy term, along with any eligible Loyalty Addition declared by LIC.
Loan Facility
The plan offered a loan facility against the policy value, helping policyholders meet temporary financial requirements without surrendering the policy.
Surrender Flexibility
Policyholders had the option to surrender the policy and receive the applicable surrender value if their financial needs changed during the policy term.
Limitations of LIC Jeevan Shikhar Plan 837
Limited Availability
The plan was offered only for a short period and is no longer available for new purchases.
Single Premium Requirement
Since the entire premium had to be paid upfront, the plan may not have been suitable for individuals preferring regular or periodic premium payments.
Fixed Policy Structure
Once issued, the policy terms and benefits remained fixed, offering limited flexibility for future modifications.
Closed for New Business
The plan is now discontinued, making it relevant only for existing policyholders and educational reference purposes.
How to Use the LIC Jeevan Shikhar Plan 837 Calculator Effectively
Even though the plan is withdrawn, the calculator remains useful for:
- Understanding the relationship between single premium and maturity benefits.
- Evaluating historical returns under the plan.
- Comparing single-premium insurance products.
- Studying LIC’s traditional endowment plan structures.
- Estimating policy benefits for existing policyholders.
Frequently Asked Questions
What is LIC Jeevan Shikhar Plan 837?
LIC Jeevan Shikhar Plan 837 was a single-premium, participating endowment assurance plan that combined life insurance protection with savings benefits and potential Loyalty Additions.
Who was eligible to purchase the plan?
Individuals aged between 6 years (completed) and 45 years (nearest birthday) could purchase the plan during its availability period.
What was the death benefit under the policy?
The death benefit was generally equal to 10 times the tabular single premium after commencement of risk, subject to policy conditions and applicable benefits.
What happens if death occurs within the first five policy years?
Depending on the timing of death and commencement of risk, benefits were payable according to the policy provisions. After risk commencement, the applicable death benefit became payable as specified under the plan.
What is the maturity benefit under LIC Jeevan Shikhar Plan 837?
On survival until maturity, the policyholder receives the Maturity Sum Assured along with any eligible Loyalty Addition declared by LIC.
Does the plan provide any bonus or additional benefit?
Instead of regular bonuses, the plan offered Loyalty Additions that could become payable on eligible death, surrender, or maturity claims, subject to policy conditions.
Conclusion
LIC Jeevan Shikhar Plan 837 was a distinctive single-premium insurance plan that successfully combined long-term savings with life insurance protection. Its simple payment structure, guaranteed policy benefits, and eligibility for Loyalty Additions made it an attractive option during its limited availability period.
Although the plan is no longer available for new purchases, existing policyholders can continue to use the LIC Jeevan Shikhar Plan 837 Calculator to estimate premiums, maturity values, surrender benefits, and death claims. Understanding the plan’s structure and benefits also provides useful insights into LIC’s traditional participating insurance products.
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