| Age | |
|---|---|
| Policy Term | |
| Basic Sum Assured | |
| Payment Mode | |
| Brochure Premium Rate | |
| Premium Calculation | |
| Premium Payable |
| Guaranteed Addition | ₹20 per ₹1,000 Basic Sum Assured per year |
|---|---|
| Guaranteed Addition Per Year | |
| Policy-Term Guaranteed Additions | |
| Basic Sum Assured | |
| Guaranteed Maturity Benefit Excluding Loyalty Addition | |
| Loyalty Addition | Not included — depends on LIC’s experience and declaration. |
| Death during policy term excluding last policy year | |
|---|---|
| Death during last policy year |
View brochure premium-rate tables
| Age | 5 Years | 10 Years | 15 Years |
|---|---|---|---|
| 20 | ₹210.60 | ₹107.30 | ₹70.25 |
| 30 | ₹210.70 | ₹107.45 | ₹70.55 |
| 40 | ₹211.30 | ₹108.45 | ₹71.95 |
| 50 | ₹213.45 | ₹111.75 | ₹76.30 |
| Age | 5 Years | 10 Years | 15 Years |
|---|---|---|---|
| 20 | ₹923.65 | ₹789.45 | ₹679.85 |
| 30 | ₹923.70 | ₹789.75 | ₹680.85 |
| 40 | ₹924.10 | ₹791.80 | ₹686.15 |
| 50 | ₹925.50 | ₹798.35 | ₹701.50 |
Life Insurance Corporation of India (LIC) has introduced a wide range of insurance products over the years to meet the varying financial and protection needs of customers. One such product was the LIC Jeevan Deep Plan 810, a micro-insurance plan that combined life protection with savings benefits.
LIC Jeevan Deep Plan 810: Overview
LIC Jeevan Deep Plan 810 was a simple savings-oriented life insurance plan that provided guaranteed additions to the Basic Sum Assured along with the possibility of loyalty additions, depending on LIC’s experience. Policyholders could choose between a single premium and regular premium payment options, including monthly, quarterly, half-yearly, and yearly modes.
The plan was primarily aimed at providing affordable insurance protection to economically weaker sections while also helping them build savings. It offered a death benefit during the policy period and a maturity benefit when the insured survived the entire policy term.
Launch and Withdrawal Details
LIC introduced Jeevan Deep Plan 810 to address specific insurance and savings requirements. The plan was subsequently withdrawn from sale on January 1, 2014. Although new policies can no longer be purchased, understanding its structure can be useful for existing policyholders and for those researching LIC’s older micro-insurance products.
- Launch Date: The exact launch date is not clearly specified in the available sources.
- Withdrawal Date: January 1, 2014
Eligibility Criteria
| Criteria | Details |
|---|---|
| Plan Name | LIC Jeevan Deep Plan 810 |
| UIN | 512N270V01 |
| Minimum Entry Age | 18 years completed |
| Maximum Entry Age | 60 years, nearest birthday |
| Maximum Maturity Age | 65 years, nearest birthday |
| Policy Term | 5 to 15 years |
| Minimum Sum Assured | ₹5,000 |
| Maximum Sum Assured | ₹30,000 |
| Sum Assured Multiple | ₹1,000 |
| Plan Status | Withdrawn from January 1, 2014 |
Main Features and Benefits of LIC Jeevan Deep Plan 810
Guaranteed Additions
A major feature of Jeevan Deep Plan 810 was its guaranteed addition of ₹20 for every ₹1,000 of Basic Sum Assured per year throughout the policy term. These additions increased the guaranteed value associated with the policy.
Loyalty Additions
In addition to the guaranteed additions, the policy could also qualify for loyalty additions based on LIC’s experience. These additional amounts were applicable at maturity or in certain death-benefit situations during the final policy year.
Death Benefit
If the insured died during the policy term, the nominee was entitled to the applicable death benefit.
- Death before the final policy year: Basic Sum Assured plus accumulated guaranteed additions.
- Death during the final policy year: Basic Sum Assured, guaranteed additions, and applicable loyalty additions, if declared.
This feature was intended to provide financial assistance to the policyholder’s family.
Maturity Benefit
If the insured survived until the end of the policy term, the maturity payout consisted of the Basic Sum Assured plus accumulated guaranteed additions and applicable loyalty additions.
Premium Payment Flexibility
The plan provided different premium payment choices. Depending on the policy terms, premiums could be paid through:
- Single premium
- Yearly payments
- Half-yearly payments
- Quarterly payments
- Monthly payments
Accident Benefit Rider
An additional accident benefit rider could be selected by paying an extra premium. It provided additional financial protection in the event of accidental death and benefits in case of accidental disability, subject to the applicable terms and conditions.
Policy Term and Sum Assured
The plan allowed policyholders to select a policy period between 5 and 15 years. The Basic Sum Assured ranged from ₹5,000 to ₹30,000, making it a relatively small-ticket insurance product aimed at affordable coverage.
LIC Jeevan Deep Plan 810 Premium Rates
The premium under this plan depended on factors such as the insured person’s age, selected policy term, and Basic Sum Assured. The historical premium rates were expressed per ₹1,000 of Sum Assured.
| Age | 5-Year Term | 10-Year Term | 15-Year Term |
|---|---|---|---|
| 20 | ₹210.60 | ₹107.30 | ₹70.25 |
| 30 | ₹210.70 | ₹107.45 | ₹70.55 |
| 40 | ₹211.30 | ₹108.45 | ₹71.95 |
| 50 | ₹213.45 | ₹111.75 | ₹76.30 |
To estimate the annual premium, the applicable rate can be multiplied by the number of ₹1,000 units in the selected Sum Assured.
For example, for a 30-year-old choosing a ₹10,000 Sum Assured for a 10-year term, using the stated rate of ₹107.45 per ₹1,000:
Annual Premium = 10 × ₹107.45 = ₹1,074.50
LIC Jeevan Deep Plan 810 Calculator
Because Plan 810 was withdrawn from sale, LIC no longer provides an active dedicated calculator for new purchases of this plan. However, its historical calculation method can still be understood using the available premium rates and policy details.
A calculator for this plan would generally require information such as:
- Age of the insured
- Basic Sum Assured
- Policy term
- Premium payment mode
It could then be used to estimate the applicable premium and potential policy benefits.
How to Calculate Premium and Maturity Benefits
A basic calculation can be performed using these steps:
- Enter the insured person’s age.
- Select the required Basic Sum Assured.
- Choose a policy term between 5 and 15 years.
- Select the desired premium payment mode.
- Apply the historical premium rate applicable to the age and term.
- Calculate the guaranteed additions at ₹20 per ₹1,000 Sum Assured for every policy year.
- Add any applicable loyalty additions, which were dependent on LIC’s declaration.
- Calculate the overall maturity amount by combining the Basic Sum Assured, guaranteed additions, and applicable loyalty additions.
Example of LIC Jeevan Deep Plan 810 Calculation
Consider a hypothetical example of a 35-year-old policyholder selecting a 15-year policy term with a Basic Sum Assured of ₹20,000.
Using the stated example rate of ₹70.55 per ₹1,000:
- Annual premium = 20 × ₹70.55 = ₹1,411 approximately
- Guaranteed addition per year = 20 × ₹20 = ₹400
- Guaranteed additions over 15 years = ₹400 × 15 = ₹6,000
- Basic Sum Assured = ₹20,000
- Maturity amount excluding loyalty additions = ₹26,000
Any applicable loyalty addition would be added separately, subject to LIC’s declaration and the policy terms.
Advantages of LIC Jeevan Deep Plan 810
Affordable Insurance
The plan was structured as a micro-insurance product, with a relatively low Sum Assured range of ₹5,000 to ₹30,000.
Combination of Savings and Protection
Jeevan Deep combined life insurance coverage with savings through guaranteed additions and potential loyalty additions.
Multiple Premium Modes
Policyholders had flexibility to select single, yearly, half-yearly, quarterly, or monthly premium payment options.
Additional Accident Protection
The accident benefit rider provided an opportunity to enhance protection against accidental death and disability.
Simple Structure
The plan had a straightforward design, making it relatively easy for customers to understand the basic relationship between premiums, insurance protection, and savings benefits.
Important Points to Know
- LIC Jeevan Deep Plan 810 was withdrawn from sale on January 1, 2014.
- New customers cannot purchase this plan today.
- Existing policyholders may continue to receive benefits according to their original policy terms.
- The guaranteed addition was ₹20 per ₹1,000 of Basic Sum Assured per year.
- Loyalty additions, where applicable, were not fixed in advance and depended on LIC’s declaration.
- Premium requirements depended on the selected age, Sum Assured, policy term, and payment mode.
- Customers researching similar products should check LIC’s currently available plans rather than relying on the withdrawn Plan 810.
Frequently Asked Questions
What is LIC Jeevan Deep Plan 810?
LIC Jeevan Deep Plan 810 was a micro-insurance savings-related life insurance plan that combined life protection with guaranteed additions and possible loyalty additions.
Is LIC Jeevan Deep Plan 810 still available?
No. LIC withdrew Plan 810 from sale on January 1, 2014. Existing policyholders may continue their policies according to the applicable terms.
What was the policy term under Plan 810?
The policy term could range from 5 years to 15 years.
What was the Sum Assured range?
The Basic Sum Assured started at ₹5,000 and went up to ₹30,000, in multiples of ₹1,000.
How much were the guaranteed additions?
The plan provided guaranteed additions of ₹20 per ₹1,000 of Basic Sum Assured for each policy year.
Could premiums be paid monthly?
Yes. The available payment modes included single, yearly, half-yearly, quarterly, and monthly payments, subject to the policy terms.
How was the premium calculated?
The premium depended mainly on the insured’s age, selected Sum Assured, and policy term. Historical premium rates were specified per ₹1,000 of Sum Assured.
Conclusion
LIC Jeevan Deep Plan 810 was a micro-insurance savings plan developed to provide affordable life protection along with a savings component. Its key attractions included guaranteed additions, potential loyalty additions, flexible premium payment options, and an optional accident benefit rider.
Although the plan was withdrawn on January 1, 2014, its structure remains useful for understanding LIC’s earlier micro-insurance offerings. For existing policyholders, the original policy document remains the most important reference for determining applicable benefits. Those looking for a new LIC policy should compare the latest available products, premium rates, and benefits before making a decision.
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