LIC Jeevan Rakshak Plan 827 Calculator
What is LIC Jeevan Rakshak Plan 827?
LIC Jeevan Rakshak Plan 827 was a traditional endowment insurance plan introduced by the Life Insurance Corporation of India (LIC). The plan combined life insurance protection with savings benefits, helping policyholders build a financial corpus while ensuring security for their families.
In case of the policyholder’s death during the policy term, the nominee received the policy benefits. If the policyholder survived until maturity, a lump-sum maturity amount along with applicable bonuses was paid.
LIC Jeevan Rakshak Plan 827 was a non-linked, with-profits insurance plan, which meant it was eligible for bonuses declared by LIC from time to time.
LIC Jeevan Rakshak Plan 827
To assist policyholders in estimating premiums and future benefits, LIC offered a dedicated calculator for this plan. The calculator helped users estimate premium amounts, maturity proceeds, and other policy benefits based on factors such as age, policy term, and Sum Assured.
Important Dates
- Launch Date: 19 August 2014
- Withdrawal Date: 1 November 2019
Although the plan is no longer available for new purchases, existing policyholders continue to receive benefits according to the policy conditions.
LIC Jeevan Rakshak Plan 827 – Key Information
Plan Type
- Traditional Endowment Assurance Plan
- Non-Linked Insurance Policy
- With-Profit Plan Eligible for LIC Bonuses
Eligibility Conditions
- Minimum Entry Age: 8 years
- Maximum Entry Age: 55 years
- Maximum Maturity Age: 70 years
- Available Policy Terms: 10, 15, and 20 years
- Sum Assured Range: ₹75,000 to ₹2,00,000
Eligibility Criteria of LIC Jeevan Rakshak Plan 827
| Criteria | Details |
|---|---|
| Plan Name | LIC Jeevan Rakshak Plan 827 |
| Entry Age | 8 Years to 55 Years |
| Maximum Maturity Age | 70 Years |
| Policy Term | 10 to 20 Years |
| Premium Paying Term | Equal to Policy Term |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly |
| Basic Sum Assured | ₹75,000 to ₹2,00,000 |
| Medical Requirement | Generally available for standard healthy lives without medical examination |
| Plan Status | Withdrawn from 01 November 2019 |
Premium Payment Modes
Premiums under LIC Jeevan Rakshak Plan 827 could be paid through the following modes:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Policyholders choosing yearly or half-yearly premium modes were eligible for premium rebates as per LIC’s applicable rules.
Maximum Sum Assured
The maximum Basic Sum Assured available under LIC Jeevan Rakshak Plan 827 was ₹2,00,000 per life assured.
Key Features of LIC Jeevan Rakshak Plan 827
Death Benefit
The plan provided financial protection to the nominee if the policyholder passed away during the policy term. The death benefit payable was the highest of the following:
- Basic Sum Assured
- 10 times the Annualized Premium
- 105% of the Total Premiums Paid up to the date of death
If death occurred after completion of five policy years, any applicable Loyalty Additions declared by LIC were also payable along with the death benefit.
Maturity Benefit
If the policyholder survived until the end of the policy term, LIC paid:
- Basic Sum Assured
- Loyalty Additions (if declared)
The maturity proceeds were paid as a lump-sum amount upon policy completion.
Loyalty Additions
LIC Jeevan Rakshak Plan 827 was eligible for Loyalty Additions based on LIC’s performance and surplus declaration. These additions enhanced both maturity and death benefits, provided the policy remained in force for more than five years.
Loan Facility
Policyholders could avail themselves of a loan against the policy after paying premiums for at least three complete years, subject to LIC’s terms and conditions.
Surrender Benefit
The policy could be surrendered before maturity after acquiring surrender value. The surrender amount was generally calculated as a percentage of the premiums paid, subject to policy conditions. Loyalty Additions were not payable on surrender.
Benefits of LIC Jeevan Rakshak Plan 827
Financial Protection
The plan provided life insurance coverage, ensuring financial support for the family in case of the policyholder’s death.
Savings and Wealth Creation
Along with insurance protection, the policy helped create long-term savings through maturity benefits and Loyalty Additions.
No Medical Examination for Eligible Lives
The plan was generally available under non-medical limits for standard healthy individuals, making the purchase process simpler.
Premium Rebates
Policyholders could enjoy discounts on premiums by opting for yearly or half-yearly payment modes.
Loan Availability
The loan facility offered additional flexibility by allowing policyholders to access funds during financial emergencies without discontinuing the policy.
Important Points to Remember
- LIC Dhan Varsha Plan 866 was available only for a limited period and was withdrawn from sale on 31 March 2023. Existing policyholders continue to receive benefits according to the policy terms.
- Under Option 1, maturity proceeds are taxable, so policyholders should consider the tax implications before investing.
- The plan offered guaranteed benefits that were completely independent of stock market performance.
- A loan facility was available, providing liquidity support during financial emergencies.
- It is always advisable to confirm premium and maturity calculations using official LIC resources or by consulting authorised LIC advisors.
Where to Get More Information
For complete and official details regarding LIC Dhan Varsha Plan 866, users can refer to LIC India’s official resources:
- LIC Dhan Varsha Official Product Page
- LIC Brochure and Premium Illustration Documents
- LIC Premium Calculator Tools available on the official website
These sources provide updated information regarding policy features, premium rates, eligibility conditions, and benefit illustrations.
Frequently Asked Questions
What is LIC Dhan Varsha Plan 866?
LIC Dhan Varsha Plan 866 was a non-linked, non-participating single premium life insurance plan that offered guaranteed maturity benefits along with life insurance protection.
When was LIC Dhan Varsha Plan 866 launched and withdrawn?
The policy was launched on 17 October 2022 and later withdrawn from sale on 31 March 2023.
What policy term options were available under LIC Dhan Varsha Plan 866?
The plan offered two policy term options:
- 10 Years
- 15 Years
How did the risk cover work under this plan?
Policyholders could select either:
- 1.25 times the single premium as life cover, or
- 10 times the single premium as life cover
depending on their insurance and tax planning requirements.
What was the eligible age range for this policy?
- Minimum Entry Age:
- 3 years for 15-year term
- 8 years for 10-year term
- Maximum Entry Age:
- Up to 60 years depending on the selected option
Were tax benefits available under LIC Dhan Varsha Plan 866?
Yes, premiums qualified for tax deductions under Section 80C. Under Option 2, maturity proceeds also qualified for tax exemption subject to prevailing tax laws.
Conclusion
LIC Dhan Varsha Plan 866 was a simple and secure insurance-cum-savings product that provided guaranteed returns along with life insurance protection through a single premium payment structure. Its transparent benefits, fixed returns, and flexible risk cover options made it attractive for conservative investors seeking stability and financial security.
Although the policy is no longer available for new purchases, understanding its features, benefits, and calculator-based projections can still help policyholders and investors evaluate similar guaranteed return insurance plans offered by LIC in the future.
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