LIC Jeevan Sugam Plan 813 Calculator
Single Premium Endowment Plan
Eligibility Criteria
| Parameter | Details |
|---|---|
| Minimum Entry Age | 8 Years |
| Maximum Entry Age | 45 Years |
| Policy Term | 10 Years (Fixed) |
| Premium Mode | Single Premium Only |
| Minimum Maturity Sum Assured | ₹60,000 |
| Maximum Maturity Sum Assured | No Limit |
| Maturity Sum Assured Multiples | ₹5,000 |
Plan Benefits
- Single Premium Plan: Pay premium only once at policy inception.
- Maturity Benefit: Maturity Sum Assured plus Loyalty Addition (if declared by LIC).
- Death Benefit (First 5 Years): 10 Times Single Premium Paid.
- Death Benefit (After 5 Years): Basic Sum Assured plus Loyalty Addition.
- Loyalty Addition: Payable on maturity, surrender during last policy year, or death after completion of 5 years.
- Loan Facility: Available anytime during policy term.
- Tax Benefits: Available under prevailing Income Tax Rules.
High Maturity Sum Assured Incentive
| Maturity Sum Assured | Increase in Maturity SA |
|---|---|
| Below ₹1,50,000 | Nil |
| ₹1,50,000 to ₹3,99,999 | 3.5% |
| ₹4,00,000 & Above | 4.5% |
Surrender Value Rules
- First Policy Year: 70% of Single Premium.
- Second Policy Year Onwards: 90% of Single Premium.
- Special Surrender Value may be paid if higher.
- Last Policy Year surrender may qualify for Loyalty Addition.
- Loan eligibility is 60% of surrender value.
Frequently Asked Questions
What is LIC Jeevan Sugam Plan 813?
LIC Jeevan Sugam is a non-linked single premium endowment plan launched in February 2013 with a fixed policy term of 10 years.
When was the plan withdrawn?
The plan was withdrawn on 11 April 2013 after being available for sale for only 45 days.
What is the premium payment mode?
Only a single premium payment is allowed.
What happens on maturity?
The policyholder receives the Maturity Sum Assured plus Loyalty Addition, if declared.
Can a loan be taken?
Yes. Loan facility is available during the policy term.
Is loyalty addition guaranteed?
No. Loyalty Addition depends upon LIC’s experience and may vary.
Important Notes
- This calculator is based on LIC Jeevan Sugam Plan 813 brochure data.
- Policy term is fixed at 10 years.
- Loyalty Addition is not guaranteed and depends on LIC declarations.
- Death benefit calculations follow official plan rules.
- Maturity incentive slabs of 3.5% and 4.5% are applied as per brochure.
- Results are illustrative and for educational purposes only.
- Actual claim settlement shall be governed by LIC policy conditions.
Disclaimer
This calculator provides estimated premium, death benefit, maturity benefit, surrender value and loan eligibility calculations based on publicly available LIC Jeevan Sugam Plan 813 brochure data. Actual values may vary based on LIC underwriting decisions, policy servicing rules, loyalty additions declared by LIC, tax regulations and policy conditions.
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Introduction to LIC Jeevan Sugam Plan 813
LIC Jeevan Sugam Plan 813 was a unique life insurance product introduced by the Life Insurance Corporation of India in 2013. This non-linked, single-premium endowment plan was designed to offer both insurance protection and maturity benefits within a fixed policy duration.
What is LIC Jeevan Sugam Plan 813?
LIC Jeevan Sugam Plan 813 is a close-ended, non-linked endowment insurance policy that requires only a one-time premium payment at the beginning of the policy. In return, the policyholder receives life insurance coverage throughout the policy term along with maturity benefits on survival.
The policy provided substantial risk protection for a period of 10 years and offered a maturity payout consisting of the Maturity Sum Assured along with applicable Loyalty Additions.
Introduced on 25 February 2013, the plan remained available for purchase for only 45 days and was withdrawn on 11 April 2013. Due to its short availability period and attractive benefits, the plan gained significant attention among investors seeking guaranteed returns along with insurance protection.
Key Features of LIC Jeevan Sugam Plan 813
Some of the notable features of this policy include:
Single Premium Structure
The entire premium amount is paid only once at the start of the policy. No further premium payments are required during the policy term.
Fixed Policy Duration
The policy comes with a fixed tenure of 10 years from the commencement date.
Death Benefit Protection
If the life assured dies within the first five policy years, the nominee receives ten times the single premium paid, excluding any extra premium.
If death occurs after completion of five years, the nominee becomes eligible for the Sum Assured along with Loyalty Additions, if declared.
Maturity Benefit
On successful completion of the policy term, the policyholder receives the Maturity Sum Assured together with applicable Loyalty Additions.
Loyalty Addition Benefit
LIC may declare Loyalty Additions based on the overall experience of the plan. These additions are payable on:
- Death after completion of five policy years.
- Surrender during the final policy year.
- Policy maturity.
Entry Age Requirements
- Minimum Entry Age: 8 years.
- Maximum Entry Age: 45 years.
Sum Assured Limits
- Minimum Maturity Sum Assured: ₹60,000.
- Maximum Maturity Sum Assured: No upper limit.
Loan Facility
Policyholders can avail loans against the policy during the policy term, subject to LIC rules.
Tax Advantages
The premium paid under the policy qualified for deductions under Section 80C of the Income Tax Act, subject to prevailing tax regulations.
Eligibility Criteria
To purchase LIC Jeevan Sugam Plan 813, the applicant had to satisfy the following conditions:
- Entry age between 8 years and 45 years.
- Fixed policy term of 10 years.
- Single premium payment only.
- Minimum Maturity Sum Assured of ₹60,000.
The plan was available for subscription only between 25 February 2013 and 11 April 2013. Since it was a limited-period offering, new purchases are no longer possible. However, understanding the plan remains useful for existing policyholders and for comparing similar single-premium insurance products.
Eligibility Details
| Criterion | Details |
|---|---|
| Minimum Entry Age | 8 years (completed birthday) |
| Maximum Entry Age | 45 years (nearest birthday) |
| Policy Term | 10 Years (Fixed) |
| Maximum Maturity Age | 55–60 Years (nearest birthday) |
| Minimum Maturity Sum Assured | ₹60,000 |
| Maximum Maturity Sum Assured | No Limit |
| Maturity Sum Assured Multiples | ₹5,000 |
| Premium Payment Mode | Single Premium Only |
Benefits of LIC Jeevan Sugam Plan 813
LIC Jeevan Sugam Plan 813 was designed to provide both financial protection and wealth accumulation through a simple single-premium structure.
Death Benefit
In the unfortunate event of the policyholder’s death during the policy term, the nominee receives benefits based on the duration completed under the policy:
- Death within the first five years: 10 times the Single Premium paid.
- Death after five years: Sum Assured along with applicable Loyalty Additions.
This ensured strong financial protection for the family throughout the policy tenure.
Maturity Benefit
If the policyholder survives the entire 10-year policy term, LIC pays:
- Maturity Sum Assured.
- Loyalty Additions, if declared.
The maturity proceeds can be used to meet future financial goals and commitments.
Loyalty Addition
Loyalty Additions act as an additional reward declared by LIC based on the overall performance and experience of the plan.
These additions become payable under the following situations:
- Death after completion of five policy years.
- Surrender during the last policy year.
- Maturity of the policy.
The inclusion of Loyalty Additions enhances the overall returns generated by the policy.
Tax Benefits
The policy offered tax-saving advantages under prevailing income tax provisions.
Premiums paid towards LIC Jeevan Sugam Plan 813 qualified for deductions under Section 80C of the Income Tax Act, subject to applicable limits and conditions. This helped policyholders reduce their taxable income while simultaneously building insurance protection and savings.
Loan Facility
LIC Jeevan Sugam Plan 813 also provided a loan facility, allowing policyholders to access funds during emergencies without surrendering the policy.
The loan amount and applicable interest rates were determined according to LIC’s rules and guidelines prevailing at the time of availing the loan.
How LIC Jeevan Sugam Plan 813 Calculator Works
The LIC Jeevan Sugam Plan 813 Calculator is a useful tool designed to estimate premiums and benefits associated with the policy.
Since this is a single-premium policy with fixed benefits, the calculator helps users understand the amount required to be invested and the returns they may expect over the policy term.
The calculator generally uses the following inputs:
- Age of the life assured.
- Desired Maturity Sum Assured.
- Single Premium amount.
- Fixed Policy Term of 10 years.
Based on these details, the calculator generates estimated policy values and benefits.
Information Provided by the Calculator
After entering the required details, the calculator typically displays:
- Estimated Single Premium required.
- Maturity Sum Assured.
- Expected Loyalty Additions.
- Death Benefit payable during the policy term.
- Benefit illustrations and projections.
These estimates help policyholders understand the financial value of the policy before making investment decisions.
Why Use LIC Jeevan Sugam Plan 813 Calculator?
The calculator serves multiple purposes for policyholders and financial planners.
Understand Premium Requirements
It helps determine the one-time premium needed to achieve a specific maturity value.
Estimate Future Returns
Users can assess the likely maturity proceeds, including possible Loyalty Additions.
Evaluate Insurance Protection
The calculator displays the death benefit available during different stages of the policy term.
Compare Similar Plans
It allows easy comparison with other single-premium endowment plans offered by LIC and other insurers.
Better Financial Planning
Understanding projected benefits helps individuals make informed decisions aligned with their financial objectives.
Sample Calculation Illustration
Consider a policyholder aged 30 years who wishes to secure a Maturity Sum Assured of ₹6,00,000.
Based on LIC’s official illustration:
- Desired Maturity Sum Assured: ₹6,00,000
- Approximate Single Premium Payable: ₹3,37,590
Benefits under this example may include:
Death During First Five Years
The nominee would receive:
- 10 times the Single Premium Paid
Approximate Death Benefit:
₹33,75,900
Death After Five Years
The nominee would receive:
- Sum Assured
- Applicable Loyalty Additions
Survival Till Maturity
The policyholder would receive:
- Maturity Sum Assured
- Loyalty Additions declared by LIC
Please note that actual values depend on LIC’s official benefit structure and Loyalty Addition declarations.
Additional Important Points
Market Risk Free
LIC Jeevan Sugam Plan 813 was a non-linked insurance policy. Therefore, returns were not affected by stock market fluctuations or investment market risks.
Limited Period Availability
The policy was offered only for a short subscription window of 45 days, making it a unique close-ended insurance product.
Guaranteed Maturity Benefits
The plan provided a guaranteed Maturity Sum Assured along with the possibility of additional Loyalty Additions.
No Recurring Premiums
Since it was a single-premium policy, policyholders did not have to worry about future premium payments after purchasing the policy.
Frequently Asked Questions
What is LIC Jeevan Sugam Plan 813?
LIC Jeevan Sugam Plan 813 is a non-linked, single-premium endowment insurance policy introduced by LIC in 2013 with a fixed policy term of 10 years.
When was LIC Jeevan Sugam Plan 813 launched and withdrawn?
The policy was launched on 25 February 2013 and withdrawn from sale on 11 April 2013 after remaining available for only 45 days.
What is the premium payment option under this policy?
The plan follows a single-premium structure, meaning the entire premium is paid once at policy inception.
What are the death benefits available under the plan?
If death occurs within the first five policy years, the nominee receives ten times the Single Premium paid.
If death occurs after completion of five years, the nominee receives the Sum Assured along with applicable Loyalty Additions.
What is the maturity benefit under LIC Jeevan Sugam Plan 813?
On successful completion of the 10-year policy term, the policyholder receives the Maturity Sum Assured together with Loyalty Additions declared by LIC.
Who was eligible to purchase this plan?
Individuals between 8 years and 45 years of age were eligible to buy the policy during its availability period.
Conclusion
LIC Jeevan Sugam Plan 813 was a simple yet effective single-premium endowment policy that combined insurance protection with guaranteed maturity benefits. The one-time premium payment structure made it particularly attractive for investors seeking convenience, security, and long-term financial planning.
Although the policy was available only for a brief period in 2013, its features such as substantial death benefits, Loyalty Additions, tax advantages, and guaranteed maturity proceeds continue to make it an important reference point when evaluating LIC’s single-premium insurance offerings. The LIC Jeevan Sugam Plan 813 Calculator remains a useful tool for understanding premium requirements, projected returns, and policy benefits.
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