Important Points to Know
• This calculator is intended for estimation purposes only. The actual premium may vary as per LIC’s official premium tables.
• The policy requires a one-time premium payment at the beginning of the policy term.
• In the event of death before the commencement of risk coverage (for children below 8 years of age), only the premium paid will be refunded.
• If death occurs after risk coverage begins, the death benefit payable is 10 times the tabular single premium.
• For death claims arising after completion of five policy years, Loyalty Addition is also included in the benefit.
• The maturity payout consists of the Maturity Sum Assured along with applicable Loyalty Addition.
• The Guaranteed Surrender Value is 70% during the first policy year and increases to 90% from the second year onwards.
• Eligible tax deductions and exemptions are available under Sections 80C and 10(10D) of the Income Tax Act.
• LIC Jeevan Sangam Plan 831 is no longer available for purchase and was discontinued from 1 June 2015.
About LIC Jeevan Sangam Plan 831
LIC Jeevan Sangam Plan 831 was a single-premium endowment insurance policy offered by LIC that combined life insurance protection with savings benefits. The plan provided a substantial life cover throughout the policy term and rewarded policyholders with guaranteed maturity proceeds and Loyalty Addition upon survival till maturity.
Key Features of LIC Jeevan Sangam Plan 831
This policy came with a fixed tenure of 12 years and was designed to deliver both protection and long-term savings through a single premium payment. It offered financial security to the insured’s family during the policy term while ensuring a maturity benefit at the end of the policy period. The plan was introduced on 4 March 2015 and was initially launched for a limited duration before receiving extensions and eventually being withdrawn.
Understanding LIC Jeevan Sangam Plan 831
LIC Jeevan Sangam was a participating, non-linked life insurance plan requiring only one premium payment at policy inception. Once purchased, the policy remained active for the entire 12-year term without any further premium obligations. Along with providing a high death benefit during the policy period, it also offered a guaranteed maturity amount enhanced by Loyalty Addition for surviving policyholders.
Plan Specifications
Plan Type: Single Premium Endowment Insurance Plan
Policy Term: 12 Years (Fixed)
Premium Payment Mode: One-Time Premium
Entry Age Range: 6 Years to 50 Years
Minimum Maturity Sum Assured: ₹75,000 (thereafter in multiples of ₹10,000)
Plan Availability: Withdrawn from new business after multiple extensions following its launch period
UIN: 512N295V01
Eligibility Requirements for LIC Jeevan Sangam Plan 831
| Eligibility Parameter | Information |
|---|---|
| Plan Name | LIC Jeevan Sangam (Plan 831) |
| Minimum Entry Age | 6 years completed |
| Maximum Entry Age | 50 years (nearest birthday) |
| Policy Duration | Fixed term of 12 years |
| Premium Payment Option | Single premium payment only |
| Minimum Maturity Sum Assured | ₹75,000 |
| Maximum Maturity Sum Assured | No upper limit |
| Maturity Sum Assured Multiples | Above ₹75,000 in multiples of ₹10,000 |
| Commencement of Risk | Immediate for individuals aged 8 years and above. For children below 8 years, risk cover begins one day before the policy anniversary that coincides with or immediately follows attainment of 8 years of age. |
Major Highlights of LIC Jeevan Sangam Plan 831
One-Time Premium Payment: The entire premium is paid at the beginning of the policy, eliminating the need for future premium payments.
Enhanced Life Protection: The death benefit is equal to 10 times the tabular single premium, ensuring strong financial support for beneficiaries.
Guaranteed Maturity Benefit: If the policyholder survives the full policy term, LIC pays the Maturity Sum Assured along with applicable Loyalty Addition.
Loyalty Addition Benefit: As a participating plan, it may earn Loyalty Addition, which increases the final payout beyond the guaranteed benefits.
Loan Availability: A policy loan facility becomes available after completion of three months from the policy commencement date.
Surrender Benefit: The policy can be surrendered subject to applicable conditions, offering either Guaranteed Surrender Value or other eligible surrender benefits.
Income Tax Advantages: Premium payments qualify for tax deductions under Section 80C, while eligible maturity proceeds enjoy tax exemption under Section 10(10D) of the Income Tax Act.
Policy Backdating Facility: The plan allows backdating within permissible limits, helping policyholders align the policy with their financial planning objectives.
LIC Jeevan Sangam Plan 831 Launch and Discontinuation Details
Launch Date: 4 March 2015
Initial Availability Period: Introduced for a limited period of 90 days and initially available until 1 May 2015.
Extended Sale Period: The availability of the plan was extended multiple times after its launch.
Discontinuation Status: The plan was officially withdrawn from fresh sales around June 2015, although certain extensions reportedly kept it available in specific circumstances for a limited period thereafter.
While the policy is no longer open for new purchases, existing policyholders continue to enjoy all benefits and guarantees according to the original policy conditions.
Comprehensive Benefits of LIC Jeevan Sangam Plan 831
Death Benefit Provisions
During the First Five Policy Years
Before Risk Cover Begins: The nominee receives a refund of the single premium paid, excluding service tax, rider charges, and any extra premium, without interest.
After Risk Cover Begins: The death benefit payable is equal to 10 times the tabular single premium.
After Completion of Five Policy Years Until Maturity
In the event of the policyholder’s death after five policy years and before maturity, the nominee receives 10 times the tabular single premium along with the applicable Loyalty Addition accumulated under the policy.
The plan offers significant financial protection throughout the policy term, helping provide long-term security for the insured’s family in the event of an unfortunate occurrence.
Maturity Benefits Under LIC Jeevan Sangam Plan 831
If the policyholder survives until the completion of the 12-year policy term, LIC pays the following benefits:
- Guaranteed Maturity Sum Assured (MSA)
- Applicable Loyalty Addition declared by LIC
The entire maturity amount received under the policy is generally exempt from income tax as per prevailing tax laws.
Illustration of Maturity Benefit
For example, if a policyholder opts for a Maturity Sum Assured of ₹2,00,000 and the applicable Loyalty Addition is ₹24,000, the estimated maturity payout would be approximately ₹2,24,000.
Surrender Benefit Provisions
Policyholders who wish to discontinue the policy before maturity may surrender it and receive the applicable surrender value.
Guaranteed Surrender Value
- After completion of 2 policy years: Approximately 70% of the single premium paid.
- After completion of 3 policy years: Approximately 90% of the single premium paid.
These surrender provisions provide financial flexibility and access to funds during unforeseen circumstances.
How the LIC Jeevan Sangam Plan 831 Calculator Works
The LIC Jeevan Sangam Calculator is a useful online planning tool that enables individuals to estimate the single premium required for a selected Maturity Sum Assured based on the insured person’s age. It also helps calculate expected maturity proceeds, surrender value, loan value, and other policy benefits.
Steps to Use the Calculator
Enter the Age of the Life Assured
Provide the age of the individual to be insured. The eligible entry age ranges from 6 years to 50 years.
Choose the Maturity Sum Assured
Select the desired Maturity Sum Assured. The minimum amount available is ₹75,000, with higher values allowed in multiples of ₹10,000.
Calculate the Single Premium
Based on the entered details, the calculator estimates the one-time premium required for the policy.
Review Estimated Benefits
The calculator displays projected maturity benefits, death benefits, surrender value, loan eligibility, and other important policy details.
Confirm the Policy Term
The plan comes with a fixed duration of 12 years, which remains unchanged throughout the policy.
Using the calculator helps policyholders understand the financial commitment involved and evaluate the expected benefits before making an investment decision.
Several LIC-related and financial planning websites offer this calculator to simplify policy analysis and assist users in making informed decisions.
Reasons to Consider LIC Jeevan Sangam Plan 831
One-Time Premium Convenience
A single premium payment at policy inception provides lifelong convenience without the need for recurring premium payments.
Enhanced Life Insurance Protection
The death benefit of up to 10 times the tabular single premium ensures substantial financial security for family members.
Guaranteed Benefits with Additional Rewards
The plan combines guaranteed maturity benefits with Loyalty Addition, potentially increasing the overall payout.
Tax-Saving Opportunities
Both the premium paid and eligible maturity proceeds may qualify for tax benefits under applicable income tax provisions.
Financial Flexibility
Features such as policy loans and surrender options can provide liquidity during financial emergencies.
Backdating Facility
The backdating option allows policyholders to align policy dates with specific financial objectives, subject to LIC rules.
Due to these features, the plan was particularly attractive to conservative investors seeking a combination of savings, protection, and guaranteed returns through a one-time investment.
Important Factors to Keep in Mind
- LIC Jeevan Sangam Plan 831 was offered for a limited period and is no longer available for new purchases.
- Loyalty Addition is not guaranteed and depends on LIC’s performance and declarations.
- The policy has a fixed tenure of 12 years, making it unsuitable for those seeking shorter or significantly longer investment horizons.
- Since it is a single premium plan, a lump-sum investment is required at the time of purchase.
- The plan was available only for individuals between 6 and 50 years of age at entry.
Sources for Additional Information and Calculation Tools
Official LIC Resources
The official LIC platform remains the most reliable source for policy-related information, historical plan details, and updates regarding discontinued products.
Online LIC Calculation Tools
Various LIC-authorized and independent financial platforms provide calculators that help estimate premiums, maturity values, surrender benefits, and other policy-related figures.
LIC Offices and Authorized Advisors
Policyholders can consult LIC branch offices or licensed agents for personalized assistance, policy servicing, and guidance regarding existing policies.
Financial Planning Portals
Several insurance and financial planning websites offer comprehensive reviews, policy analyses, and calculator tools to help users understand the features and benefits of LIC Jeevan Sangam Plan 831.
Quick Overview of LIC Jeevan Sangam Plan 831
| Feature | Description |
|---|---|
| Plan Category | Single Premium Endowment Plan |
| Policy Duration | 12 Years (Fixed) |
| Entry Age Range | 6 to 50 Years |
| Premium Payment Mode | One-Time Premium Payment |
| Minimum Maturity Sum Assured | ₹75,000 (thereafter in multiples of ₹10,000) |
| Death Benefit | 10 Times the Tabular Single Premium |
| Maturity Benefit | Maturity Sum Assured Plus Loyalty Addition |
| Loan Availability | Available After 3 Months |
| Surrender Benefit | Applicable Guaranteed Surrender Value as per policy conditions |
| Tax Advantages | Eligible under Sections 80C and 10(10D) |
| Introduction Date | 4 March 2015 |
| Discontinuation Status | Withdrawn from new sales, with limited extensions thereafter |
Frequently Asked Questions About LIC Jeevan Sangam Plan 831
What kind of policy is LIC Jeevan Sangam Plan 831?
LIC Jeevan Sangam Plan 831 is a single-premium endowment insurance policy that combines life insurance protection with savings benefits over a fixed policy term of 12 years.
When was LIC Jeevan Sangam Plan 831 introduced, and can it still be purchased?
The plan was launched on 4 March 2015. Although its sale period was extended on certain occasions, it has been discontinued for new business and is no longer available for purchase.
How is the premium paid under this policy?
The policy requires only one premium payment at the time of purchase. The premium amount depends on the age of the life assured and the selected Maturity Sum Assured.
What are the major advantages of the plan?
Key benefits include substantial life cover, guaranteed maturity proceeds, Loyalty Addition, tax benefits, surrender options, and loan facilities.
Is it possible to take a loan against the policy?
Yes. Policyholders become eligible for a loan facility after completing three months from the policy commencement date, subject to LIC’s prevailing rules and conditions.
Are maturity proceeds taxable?
Eligible maturity benefits are generally exempt from income tax under Section 10(10D) of the Income Tax Act. Additionally, the premium paid may qualify for tax deductions under Section 80C.
Final Thoughts on LIC Jeevan Sangam Plan 831
LIC Jeevan Sangam Plan 831 was designed for individuals seeking a combination of guaranteed savings and substantial life insurance protection through a single premium investment. As a non-linked participating endowment plan, it offered financial security along with the opportunity to receive Loyalty Additions at maturity. While the plan is no longer available for new customers, it continues to remain relevant for existing policyholders and serves as a notable example of LIC’s single-premium savings and protection solutions.
Note: All images and videos used on this website are sourced from Google or YouTube. If you have any issues regarding any image or video, please contact us via email through our official website.
If you find any problem with this post or wish to request its removal, please contact us through:
https://licpolicycalculator.in/contact-us
