LIC Jeevan Shagun Plan 826 | Best for savings benefits with life insurance protection
LIC Jeevan Shagun Plan 826 was a single-premium, participating money-back insurance plan that combined savings benefits with life insurance protection. It was specially designed for individuals seeking guaranteed payouts during the policy term along
LIC Jeevan Shagun Plan 826 Calculator
LIC Jeevan Shagun Plan 826 was a single-premium, participating money-back insurance plan that combined savings benefits with life insurance protection. It was specially designed for individuals seeking guaranteed payouts during the policy term along with financial security for their family.
Overview of LIC Jeevan Shagun Plan 826
LIC Jeevan Shagun Plan 826 was introduced as a close-ended, non-linked, single-premium money-back policy by LIC. The plan allowed investors to make a one-time premium payment and receive periodic survival benefits along with life insurance coverage throughout the policy duration.
Since the policy was non-linked, its benefits were not influenced by stock market movements. Being a participating plan, eligible policyholders could also receive Loyalty Additions declared by LIC based on the corporation’s performance and experience.
Features of LIC Jeevan Shagun Plan 826
Policy Term: 12 Years (Fixed)
Premium Payment Mode: Single Premium Only
Minimum Entry Age: 8 Years
Maximum Entry Age: 45 Years
Minimum Maturity Sum Assured: ₹60,000
Maximum Maturity Sum Assured: No Limit
Survival Benefits: Payable at the end of the 10th and 11th policy years
Maturity Benefit: Payable at the completion of the 12th policy year
Death Benefit: Payable to the nominee if the life assured passes away during the policy term
Launch and Closure Details of LIC Jeevan Shagun Plan 826
Launch Date: 1 September 2014
Closure Date: 30 November 2014
Availability Period: The policy remained available for purchase for a limited period of 90 days from its launch date.
Understanding the LIC Jeevan Shagun Plan 826 Calculator
The LIC Jeevan Shagun Plan 826 Calculator is a planning tool that helps users estimate the single premium amount, survival benefits, maturity proceeds, and potential Loyalty Additions based on the selected Maturity Sum Assured and age of the life assured.
The calculator uses the following information:
Required Inputs
Maturity Sum Assured: The amount selected by the policyholder for maturity benefits.
Age of the Life Assured: The age at which the policy is purchased.
Policy Duration: Fixed at 12 years.
Benefits Calculated
Single Premium Amount: The lump-sum premium payable at policy commencement.
Survival Benefits: Amounts payable at the end of the 10th and 11th policy years.
Maturity Benefit: Amount payable on successful completion of the 12-year policy term.
Loyalty Addition: Additional benefit that may be declared by LIC and added to the final payout.
How to Use the LIC Jeevan Shagun Plan 826 Calculator
Step 1: Select the Maturity Sum Assured
Choose the desired Maturity Sum Assured. The minimum available amount is ₹60,000, while higher amounts can be selected without any upper limit.
Step 2: Enter the Age of the Life Assured
Provide the age of the person being insured. Entry is allowed from 8 years up to 45 years.
Step 3: Confirm the Policy Term
The policy duration is fixed at 12 years and cannot be modified.
Step 4: Calculate the Premium
After entering the required details, the calculator estimates the single premium payable for the selected coverage.
Step 5: Review Survival and Maturity Benefits
The calculator displays the expected survival benefits payable at the end of the 10th and 11th policy years, along with the maturity benefit due at the end of the policy term.
Step 6: Check Estimated Loyalty Addition
Any projected Loyalty Addition, if applicable, is shown separately and may enhance the overall maturity value of the policy.
Advantages of LIC Jeevan Shagun Plan 826
Comprehensive Life Insurance Protection
The plan offers substantial life cover throughout the policy duration, helping provide financial security to the nominee in case of the policyholder’s unfortunate demise.
Periodic Money-Back Benefits
Policyholders receive guaranteed survival benefits during the policy term, offering liquidity before maturity.
Attractive Maturity Proceeds
Upon successful completion of the 12-year policy term, the policyholder receives the maturity benefit along with any eligible Loyalty Addition declared by LIC.
Income Tax Benefits
The policy provides tax advantages under applicable provisions of the Income Tax Act, including deductions on premium payments and exemptions on eligible maturity proceeds.
Policy Loan Facility
A loan can be availed against the policy subject to LIC’s prevailing terms and conditions, providing financial flexibility when required.
How to Purchase LIC Jeevan Shagun Plan 826
Online Purchase Method
During its availability period, the policy could be purchased through LIC’s official website and various authorized insurance marketplaces offering online application facilities.
Offline Purchase Method
Interested buyers could also visit their nearest LIC branch office or consult an authorized LIC agent to complete the purchase process.
Documents Required for Policy Purchase
Identity Proof
Any valid government-issued photo identification such as Aadhaar Card, Passport, PAN Card, or Driving Licence.
Age Verification Document
Documents such as a Birth Certificate, School Leaving Certificate, Passport, or other accepted age-proof documents.
Address Proof
Valid residence proof including Aadhaar Card, Passport, Utility Bills, or any other document accepted by LIC.
Important Facts About LIC Jeevan Shagun Plan 826
Limited-Time Availability
LIC Jeevan Shagun Plan 826 was introduced as a close-ended offering and remained available for purchase only for a limited period.
One-Time Premium Payment
The policy required a single lump-sum premium payment at the beginning of the policy term.
Survival Benefit Schedule
Guaranteed survival benefits were payable at the end of the 10th and 11th policy years.
Maturity Benefit Payout
The final maturity benefit became payable at the completion of the 12-year policy term.
Loyalty Addition Benefit
Eligible policyholders could receive Loyalty Addition based on LIC’s performance and declarations, increasing the overall maturity value.
Comparison of LIC Jeevan Shagun Plan 826 with Similar LIC Plans
| Plan Name | Premium Payment Mode | Policy Term | Survival Benefits | Maturity Benefit | Loyalty Addition |
|---|---|---|---|---|---|
| LIC Jeevan Shagun 826 | Single Premium | 12 Years | Available | 65% of Sum Assured + Loyalty Addition | Yes |
| LIC Jeevan Anand 815 | Regular Premium | 15–20 Years | Not Available | Sum Assured + Bonus | Yes |
| LIC Jeevan Labh 936 | Limited Premium | 10–15 Years | Not Available | Sum Assured + Bonus | Yes |
Frequently Asked Questions About LIC Jeevan Shagun Plan 826
What is LIC Jeevan Shagun Plan 826?
LIC Jeevan Shagun Plan 826 was a non-linked, participating, single-premium money-back life insurance policy that combined insurance protection with guaranteed payouts over a fixed policy duration.
When was LIC Jeevan Shagun Plan 826 introduced and discontinued?
The plan was launched on 1 September 2014 and was withdrawn from sale on 30 November 2014 after its limited availability period ended.
What were the minimum and maximum entry ages under the plan?
The minimum entry age was 8 years, while the maximum entry age allowed was 45 years, based on the nearest birthday.
What was the policy term and premium payment structure?
The policy had a fixed tenure of 12 years and required only a one-time premium payment at the commencement of the policy.
What survival benefits were available under the policy?
The plan provided survival benefits equal to 15% of the Sum Assured at the end of the 10th policy year and 20% of the Sum Assured at the end of the 11th policy year.
What benefits were payable on maturity?
Upon maturity, the policyholder received 65% of the Maturity Sum Assured together with any applicable Loyalty Addition declared by LIC.
Conclusion
LIC Jeevan Shagun Plan 826 was a unique single-premium money-back insurance plan designed for individuals seeking guaranteed periodic returns along with life insurance protection. As a participating and non-linked plan, it combined financial security, tax benefits, survival payouts, and maturity benefits within a fixed 12-year term.
The LIC Jeevan Shagun Plan 826 Calculator serves as a useful planning tool for estimating premium requirements, survival benefits, maturity proceeds, and potential Loyalty Additions. Although the plan was available only between 1 September 2014 and 30 November 2014, it continues to be of interest to existing policyholders and those researching LIC’s discontinued insurance products.
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