LIC Whole Life Policy (Single Payment) Plan 08 Calculator
Whole Life Assurance Plan (Single Premium)
Important Notes
- Single Premium is payable only once at policy commencement.
- Death Benefit = Sum Assured + Accrued Bonuses.
- Simple Reversionary Bonus is declared every year by LIC (if applicable).
- Guaranteed Surrender Value becomes available after completion of 3 policy years.
- Maturity option is available after 40 years provided the Life Assured has attained 80 years of age.
- Figures shown by this calculator are illustrative.
Eligibility Criteria
| Parameter | Details |
|---|---|
| Minimum Entry Age | 12 Years |
| Maximum Entry Age | 60 Years |
| Policy Type | Whole Life With Profit |
| Premium Mode | Single Premium |
| Minimum Sum Assured | ₹30,000 |
| Maximum Sum Assured | No Limit |
| Maturity Option | After 40 Policy Years and Minimum Age 80 |
Policy Benefits
| Benefit | Description |
|---|---|
| Death Benefit | Sum Assured + Accrued Simple Reversionary Bonuses + Final Additional Bonus (if declared). |
| Maturity Benefit | Available after 40 policy years provided the Life Assured has attained age 80. |
| Bonus | Participates in LIC profits through Simple Reversionary Bonus and Final Additional Bonus, if declared. |
| Loan Facility | Available against policy as per LIC rules after acquiring surrender value. |
| Guaranteed Surrender Value | Normally available after completion of 3 policy years. |
| Tax Benefits | Available under prevailing Income Tax laws. |
How This Calculator Works
This calculator estimates the financial values of LIC Whole Life Policy (Single Payment) Plan 08 using the information entered by the user.
- Calculates an estimated single premium based on age and Sum Assured.
- Calculates accumulated Simple Reversionary Bonus.
- Displays estimated Death Benefit.
- Shows Total Policy Value (Sum Assured + Bonus).
- Calculates Guaranteed Surrender Value after eligibility.
- Displays estimated Loan Eligibility against surrender value.
Frequently Asked Questions
What is LIC Whole Life Policy – Single Payment Plan 08?
It is a traditional whole life insurance policy where only one premium is paid at the beginning of the policy. The policy then provides lifelong insurance protection and participates in LIC’s profits through bonuses.
How many premiums are payable?
Only one premium is payable during the entire policy term.
Does this policy receive bonus?
Yes. It participates in LIC profits and may receive Simple Reversionary Bonus and Final Additional Bonus depending upon LIC declarations.
Can I take a loan?
Yes. Loan facility is available after the policy acquires surrender value, subject to LIC rules.
When is the maturity benefit payable?
The maturity option is available after completion of 40 policy years provided the Life Assured has attained 80 years of age.
What is The LIC Whole Life Policy Single Payment Plan 08 ?
LIC Whole Life Policy Single Payment Plan 08 is a traditional whole life insurance policy offered by LIC that requires only a one-time premium payment at the beginning of the policy. Once the premium is paid, the policy provides lifelong insurance protection without any future premium obligations.
The plan offers financial security to the nominee in the event of the policyholder’s death and also provides maturity benefits along with bonuses, as per the policy terms.
Introduction to The Whole Life Policy – Single Payment Plan 08
LIC Whole Life Policy Single Payment Plan 08 is designed for individuals who prefer making a single investment while enjoying lifetime insurance coverage. Unlike conventional whole life policies that require periodic premium payments, this plan requires only one lump-sum payment, after which the policy remains in force throughout the insured’s lifetime.
By combining long-term protection with savings benefits, the plan serves as an effective financial planning tool for individuals seeking convenience and lifelong security.
Key Features of The Whole Life Policy – Single Payment Plan 08
One-Time Premium Payment
Only a single lump-sum premium is payable at the time of policy purchase, eliminating the need for recurring premium payments.
Lifetime Insurance Cover
After the one-time premium is paid, the policy continues to provide life insurance protection for the entire lifetime of the insured.
Death Benefit
In case of the policyholder’s death, the nominee receives the guaranteed Sum Assured along with any vested bonuses declared under the policy.
Maturity Benefit
If the life assured survives until the maturity age (generally 100 years or the specified maturity age), LIC pays the Sum Assured together with applicable bonuses.
Participation in Profits
Being a participating policy, the plan qualifies for bonuses declared by LIC from time to time, increasing the overall policy benefits.
Safe and Stable Returns
As a traditional LIC policy backed by the Government of India, the plan offers guaranteed benefits with relatively low investment risk.
Tax Benefits
Premiums paid and benefits received under the policy are eligible for tax benefits under the applicable provisions of the Income Tax Act.
Eligibility Criteria of The Whole Life Policy – Single Payment Plan 08
LIC Whole Life Policy – Single Payment Plan 08 is intended for individuals looking for lifelong insurance protection through a one-time premium payment while also enjoying bonus participation.
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 12 Years | 60 Years |
| Sum Assured | ₹30,000 | No Limit |
| Policy Term | Whole Life | Whole Life |
| Maturity Age | 80 Years | Not Applicable |
Launch Date and Withdrawal Details
The Whole Life Policy – Single Payment Plan 08 was introduced by LIC in January 2024. Later, LIC discontinued the plan for new sales in September 2025.
Although fresh purchases are no longer permitted, existing policyholders continue to receive all benefits according to the original policy conditions. All valid policies remain effective until maturity or claim settlement.
How the Single Payment Plan 08 Calculator Works
The Whole Life Policy – Single Payment Plan 08 Calculator enables users to estimate premiums and policy benefits before purchasing the plan.
The calculator generally works as follows:
Enter Age and Sum Assured
The user enters the age of the life assured and the desired Sum Assured.
Calculate Single Premium
Based on the entered details, the calculator estimates the one-time premium payable at policy inception.
Estimate Policy Benefits
The calculator projects important values such as:
- Estimated Maturity Benefit
- Death Benefit
- Bonus Projections
View Tax Advantages
Some calculators also display estimated tax savings available under the policy.
Using the calculator helps users understand their financial commitment and expected policy benefits before making an investment decision.
Advantages of The Whole Life Policy – Single Payment Plan 08
No Recurring Premiums
Since the entire premium is paid once, policyholders do not have to worry about future premium payments.
Lifelong Financial Protection
The policy provides continuous insurance coverage, ensuring financial security for the insured’s family.
Insurance with Savings
Along with life cover, the policy accumulates bonuses over time, increasing the overall value of the benefits.
Loan Facility
Eligible policyholders can obtain loans against the surrender value of the policy during its tenure.
Tax Savings
Premiums qualify for deductions under Section 80C, while maturity proceeds are generally exempt under Section 10(10D), subject to prevailing tax regulations.
Simple Policy Structure
The plan offers straightforward features, fixed benefits, and transparent terms without complex investment components.
Who Should Consider This Plan?
The Whole Life Policy – Single Payment Plan 08 is suitable for:
- Individuals preferring a one-time premium instead of regular payments.
- People seeking lifelong financial protection for their families.
- Conservative investors looking for stable and low-risk returns.
- Senior citizens interested in estate and legacy planning.
- Taxpayers looking for insurance-based tax-saving opportunities.
Important Considerations
Higher Initial Investment
Since the premium is payable in a single installment, the initial investment requirement may be significant.
Surrender Restrictions
Surrendering the policy before maturity may reduce the overall benefits and could attract applicable deductions.
No Additional Premiums
Once the single premium is paid, no further contributions can be made under the policy.
Tax Implications
Loans or withdrawals against the policy may have tax consequences. Consulting a qualified tax advisor is recommended.
Withdrawn from Sale
The plan is no longer available for new customers, although all existing policies continue according to LIC’s original terms.
Frequently Asked Questions
What is The Whole Life Policy – Single Payment Plan 08?
It is a traditional LIC whole life insurance policy that requires a one-time premium payment while providing lifelong insurance coverage along with maturity benefits.
When was the plan launched and discontinued?
The policy was launched in January 2024 and withdrawn from new sales in September 2025. Existing policyholders continue to receive all contractual benefits.
How does this single premium policy work?
The policyholder pays a single lump-sum premium at the beginning of the policy. After that, no additional premiums are required, and the insurance cover continues throughout the insured’s lifetime.
What benefits are available under the policy?
The policy offers:
- Guaranteed Death Benefit.
- Sum Assured along with bonuses at maturity.
- Participation in LIC’s bonus declarations.
- Loan facility.
- Tax benefits under applicable laws.
Are tax benefits available?
Yes. Premiums paid generally qualify for deductions under Section 80C, while maturity proceeds are usually exempt under Section 10(10D), subject to prevailing tax laws.
Conclusion
The Whole Life Policy – Single Payment Plan 08 is a traditional LIC insurance solution that offers lifelong protection through a single premium payment. By combining insurance coverage with savings and bonus benefits, it provides a convenient option for individuals seeking long-term financial security without recurring premium obligations.
Although the plan has been withdrawn for new sales, existing policyholders continue to enjoy its benefits under the original policy terms. Using the Whole Life Policy – Single Payment Plan 08 Calculator helps policyholders estimate premiums, benefits, and long-term returns, enabling better financial planning and informed decision-making.
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