LIC Jan Suraksha Plan 880 Calculator
Important Notes:
• Premium values shown are approximate estimates only.• Guaranteed additions are calculated at 4% yearly.
• Premium Paying Term (PPT) = Policy Term – 5 years.
• Death Benefit = Higher of 7× premium or Basic Sum Assured.
• Actual LIC values may vary from official illustrations.
The LIC Jan Suraksha Plan 880 is a newly introduced life insurance policy by Life Insurance Corporation of India that offers affordable financial security and protection for individuals and their families.
Introduction to LIC Jan Suraksha Plan 880
LIC Jan Suraksha Plan 880 is a non-linked, with-profits, limited premium payment endowment plan designed to provide both savings and insurance benefits. The plan helps policyholders build financial security by offering a lump-sum maturity benefit along with life coverage in case of unfortunate events such as death.
This plan is especially suitable for individuals seeking a balanced combination of savings, life protection, and affordable premium payments under a single insurance policy.
Key Features of LIC Jan Suraksha Plan 880
The LIC Jan Suraksha Plan 880 comes with several useful features that make it suitable for long-term savings and financial protection.
- Plan Type: Limited premium payment, with-profits endowment insurance plan
- Policy Term Options: Available from 10 years up to 25 years
- Premium Payment Term: Premiums are paid for a shorter duration than the policy term, with options such as 5, 7, 10, or 12 years depending on the selected plan term
- Minimum Sum Assured: ₹1.5 lakh
- Maximum Sum Assured: No fixed limit, subject to eligibility based on age and income
- Entry Age: Minimum 18 years and maximum 60 years
- Maximum Maturity Age: Up to 75 years, depending on the chosen policy term
- Bonus Eligibility: Eligible for LIC reversionary bonuses and possible final or liquidation bonuses
- Death Benefit: Higher of the Sum Assured on Death plus bonuses or at least 105% of total premiums paid
- Loan Facility: Policy loans available after completion of 3 policy years
- Surrender Benefit: Guaranteed surrender value available after paying premiums for at least 3 years
- Tax Benefits: Eligible for tax deductions under Section 80C and tax-free maturity benefits under Section 10(10D), as per applicable tax rules in India
Eligibility Criteria of LIC Jan Suraksha Plan 880
Before purchasing the LIC Jan Suraksha Plan 880, applicants should meet the following eligibility requirements.
| Eligibility Aspect | Details |
|---|---|
| Entry Age | 18 to 60 years |
| Maximum Maturity Age | Up to 75 years |
| Minimum Sum Assured | ₹1.5 lakh |
| Policy Term | 10 to 25 years |
| Premium Payment Term | Limited premium payment based on selected policy term |
Sample Illustration of LIC Jan Suraksha Policy
The table below gives a sample illustration along with important details of the LIC Jan Suraksha Policy (Plan No. 880).
| Parameter | Details |
|---|---|
| Minimum Basic Sum Assured | ₹1,00,000 |
| Maximum Basic Sum Assured | ₹2,00,000 per life |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years (53 years for offline purchase) |
| Maximum Maturity Age | 70 years (65 years for offline purchase) |
| Policy Term | 12 to 20 years |
| Premium Payment Term | Policy term minus 5 years |
| Basic Sum Assured Multiples | ₹5,000 |
Benefits Illustration
- Death Benefit: In case of death during the policy term with all premiums paid, the nominee receives the Sum Assured on Death along with accrued Guaranteed Additions. The death benefit is the higher of 7 times the annualized premium or the Basic Sum Assured. The minimum death benefit is 105% of the total premiums paid.
- Maturity Benefit: If the policyholder survives until the end of the policy term and all premiums are paid, the maturity benefit includes the Basic Sum Assured along with accrued guaranteed additions.
- Guaranteed Additions: Guaranteed additions accumulate at 4% of the total yearly premium at the end of each policy year. Additional incentives may further increase this benefit.
- Paid-Up Benefit: The policy can become paid-up after payment of at least one full year’s premium, with benefits reduced proportionately.
- Loan Facility: Policyholders can avail of a loan facility after paying one full year’s premium.
Sample Premiums (Per ₹1,00,000 Basic Sum Assured)
| Age | Policy Term 12 Years (Premium Term 7 Years) | Policy Term 15 Years (Premium Term 10 Years) | Policy Term 20 Years (Premium Term 15 Years) |
|---|---|---|---|
| 25 Years | ₹13,270 | ₹9,015 | ₹5,800 |
| 35 Years | ₹13,325 | ₹9,080 | ₹5,900 |
| 45 Years | ₹13,530 | ₹9,340 | ₹6,250 |
The LIC Jan Suraksha Plan 880 is a non-linked and non-participating endowment policy that offers guaranteed additions along with life insurance protection and long-term savings benefits. The plan also provides loan facilities to help policyholders manage financial needs during the policy term.
Benefits of LIC Jan Suraksha Plan 880
The LIC Jan Suraksha Plan 880 offers a combination of savings and financial protection benefits for policyholders and their families.
Death Benefit
If the policyholder passes away during the policy term, the nominee receives:
- Sum Assured on death (higher of the basic sum assured or 10 times the annualized premium)
- Accrued reversionary bonuses declared till the date of death
- Minimum 105% of the total premiums paid, whichever is higher
This benefit helps provide financial security to the family during difficult situations.
Maturity Benefit
If the policyholder survives until the end of the policy term:
- The maturity payout includes the basic sum assured
- Vested reversionary bonuses and applicable terminal bonuses are also added
This lump-sum amount can help fulfill long-term financial goals such as education, marriage, or retirement planning.
Bonuses
- Reversionary Bonus: Declared annually based on LIC’s performance and added to the policy value over time.
- Terminal Bonus: An additional one-time bonus that may be paid at maturity depending on LIC’s overall profits.
Loan Facility
Policyholders can avail loans against the policy’s surrender value after paying premiums for at least 3 full years. This helps meet emergency financial needs without closing the policy.
Surrender Value
If the policy is discontinued after the minimum premium payment period, the policyholder becomes eligible for a guaranteed surrender value along with applicable vested bonuses.
LIC Jan Suraksha Plan 880 Calculator
The LIC Jan Suraksha Plan 880 Calculator is an online tool that helps users estimate premium amounts, maturity benefits, and expected returns based on different policy terms, sum assured values, and premium payment options.
How the LIC Jan Suraksha Plan 880 Calculator Works
Input Details
To use the calculator, you need to enter basic policy information such as:
- Your age
- Desired sum assured
- Policy term
- Premium-paying term
- Premium payment frequency (yearly, half-yearly, or monthly)
Calculation Process
The calculator uses LIC premium rates and bonus estimates to calculate:
- The premium amount required for the policy
- Estimated maturity value after the policy term
- Expected bonuses and possible surrender value
Final Output
After entering the details, the calculator instantly displays your estimated premiums and returns. This helps you understand whether the policy matches your financial goals and budget.
Why Use the LIC Jan Suraksha Plan 880 Calculator?
- Better Budget Planning: Helps estimate the premium amount you can comfortably afford.
- Financial Goal Planning: Allows you to check whether the maturity amount meets your future needs.
- Easy Comparison: Compare different policy terms and premium payment options.
- Smarter Decision-Making: Helps you understand policy benefits before purchasing.
Step-by-Step Guide to Using the Calculator
- Visit a trusted LIC insurance website or official LIC portal.
- Open the LIC Jan Suraksha Plan 880 Calculator.
- Enter your current age.
- Select the policy term (10 to 25 years).
- Choose the premium-paying term.
- Enter the desired sum assured amount.
- Select the premium payment mode.
- Click on “Calculate” or “Get Premium Quote.”
- Review the premium amount and estimated maturity value shown on the screen.
Example Calculation
Suppose a 30-year-old individual selects the following details:
- Policy Term: 15 years
- Sum Assured: ₹5,00,000
- Premium Paying Term: 10 years
- Premium Mode: Yearly
The LIC Jan Suraksha Plan 880 Calculator will estimate:
- The yearly premium payable
- Expected maturity amount including bonuses
- Possible death benefit during the policy term
These estimates help policyholders plan their finances more effectively and understand the policy benefits clearly.
Advantages of LIC Jan Suraksha Plan 880 Compared to Other LIC Plans
| Aspect | LIC Jan Suraksha Plan 880 | Other LIC With-Profits Plans |
|---|---|---|
| Affordable Premiums | Limited premium payment option available | Often require longer premium payment periods |
| Flexible Policy Term | Available from 10 to 25 years | Similar or longer policy terms |
| Public-Focused Coverage | Designed for wider public affordability and inclusion | Many plans target specific customer groups |
| Loan and Surrender Benefits | Available after 3 policy years | Commonly available in similar plans |
| Bonus Benefits | Includes reversionary and terminal bonuses | Similar bonus structures |
Important Points to Remember
- Always provide accurate age and health information while purchasing the policy.
- Timely premium payment is necessary to keep the policy active.
- Use the online calculator before purchasing to understand premiums and maturity benefits clearly.
- This plan is suitable for individuals seeking stable and low-risk insurance savings benefits.
- Check the latest LIC updates or consult advisors for any policy changes or announcements.
Additional Tips for LIC Jan Suraksha Plan Buyers
- Select the sum assured and policy term according to your financial goals.
- Choose a premium-paying term that fits your income and cash flow.
- Safely store policy documents and premium payment receipts.
- Use the loan facility only when necessary to avoid affecting policy benefits.
- Monitor LIC bonus declarations regularly, as they influence maturity returns.
Frequently Asked Questions
What is LIC Jan Suraksha Plan 880?
LIC Jan Suraksha Plan 880 is a limited premium payment endowment insurance policy that offers both savings and financial protection. It provides maturity benefits at the end of the policy term along with death benefits during the policy period.
When Was LIC Jan Suraksha Plan 880 Launched?
LIC Jan Suraksha Plan 880 was introduced by Life Insurance Corporation of India as a savings-oriented life insurance plan designed to provide affordable financial protection and long-term benefits.
What is the Minimum and Maximum Entry Age?
The minimum age to purchase this plan is 18 years, while the maximum entry age is 60 years. Depending on the selected policy term, the maturity age can go up to 75 years.
What is the Policy Term?
The plan offers flexible policy terms ranging from 10 years to 25 years.
What is the Minimum Sum Assured?
The minimum sum assured under this policy is ₹1.5 lakh. The maximum limit depends on the policyholder’s age, income, and eligibility criteria.
Are Multiple Premium Payment Options Available?
Yes, policyholders can choose from yearly, half-yearly, quarterly, or monthly premium payment modes according to their convenience.
Is Loan Facility Available Under LIC Jan Suraksha Plan 880?
Yes, policy loans can be availed against the surrender value after paying premiums continuously for at least 3 years.
Conclusion
The LIC Jan Suraksha Plan 880 is a suitable option for individuals looking for affordable life insurance coverage along with long-term savings benefits through limited premium payments. The online calculator helps users estimate premium amounts, maturity benefits, and expected returns in a simple and convenient way.
Before purchasing the plan, it is advisable to use the calculator and consult LIC representatives or trusted insurance advisors to select the most suitable option based on your financial goals and requirements.
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
