LIC Jeevan Vaibhav Plan 809 Calculator
Single Premium Endowment Plan | Fixed Policy Term: 10 Years
LIC Jeevan Vaibhav Plan 809
LIC Jeevan Vaibhav Plan 809 was a single-premium endowment insurance plan that combined life insurance protection with guaranteed maturity benefits. Designed for individuals who preferred a one-time investment, the plan provided insurance coverage throughout the policy term along with the possibility of loyalty additions at maturity or on death.
Overview of LIC Jeevan Vaibhav Plan 809
LIC Jeevan Vaibhav Plan 809 was a non-linked, non-participating, close-ended endowment assurance plan. Under this policy, the premium was paid only once at the beginning of the term, and no further premium payments were required.
The plan offered a combination of life cover and assured returns, making it suitable for conservative investors looking for long-term financial security through a single investment.
Launch and Withdrawal Details
LIC introduced Jeevan Vaibhav Plan 809 on 21 May 2012. Since it was a close-ended product, it remained open for subscription only for a limited period of 120 days. The plan was subsequently withdrawn from sale in July 2012.
Although no longer available for new purchases, existing policyholders continue to receive benefits according to the original policy conditions.
Eligibility Criteria
| Parameter | Details |
|---|---|
| Minimum Entry Age | 8 Years (Completed) |
| Maximum Entry Age | 65 Years (Nearest Birthday) |
| Policy Term | 10 Years (Fixed) |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No Limit |
| Minimum Single Premium | ₹95,210 |
| Premium Payment Mode | Single Premium Only |
Key Features and Benefits
Single Premium Payment
The policy required only one premium payment at inception. Once the premium was paid, no additional contributions were necessary throughout the policy term.
Death Benefit
If the life assured died during the policy term, the nominee received the Basic Sum Assured.
If death occurred during the final policy year, the nominee became eligible for the Basic Sum Assured along with applicable Loyalty Additions, subject to policy provisions.
Maturity Benefit
On successful completion of the 10-year policy term, the policyholder received:
- Basic Sum Assured
- Applicable Loyalty Additions, if declared by LIC
These additions enhanced the overall maturity value of the policy.
Loan Facility
Policy loans were available after completion of one policy year, allowing policyholders to access funds without surrendering the policy.
Assured Returns
The plan provided guaranteed benefits at maturity, making it suitable for investors seeking predictable outcomes with limited risk exposure.
LIC Jeevan Vaibhav Plan 809 Calculator
The LIC Jeevan Vaibhav Plan 809 Calculator is a planning tool designed to estimate policy benefits based on selected inputs.
What the Calculator Helps Estimate
The calculator can be used to determine:
- Single premium payable
- Expected maturity value
- Estimated loyalty additions
- Death benefit amount
- Loan eligibility
- Approximate Internal Rate of Return (IRR)
Benefits of Using the Calculator
Better Financial Planning
It helps policyholders understand the potential returns and benefits before making investment decisions.
Quick Estimates
The calculator provides instant projections without the need for manual calculations.
Improved Decision-Making
Users can evaluate whether the policy aligns with their investment objectives and financial requirements.
Greater Transparency
Projected values help policyholders understand the expected outcomes of the plan more clearly.
How to Use the LIC Jeevan Vaibhav Plan 809 Calculator
Using the calculator is straightforward:
- Enter the age of the life assured.
- Specify the desired Sum Assured (minimum ₹2,00,000).
- Confirm the fixed policy term of 10 years.
- Generate results to view:
- Single premium payable
- Estimated maturity benefit
- Expected loyalty additions
- Death benefit projections
- Loan eligibility details
- Approximate IRR calculations
Many online calculators also allow users to save, print, or download the generated illustrations for future reference.
Sample Calculation Example
To understand the plan better, consider the following illustration:
- Age at Entry: 30 years
- Single Premium: ₹95,000
- Sum Assured: ₹2,00,000
- Policy Term: 10 years
Based on these details, the calculator may estimate:
- Maturity Benefit: Approximately ₹2,25,000 (including Loyalty Addition)
- Estimated IRR: Around 8.6%
- Death Benefit: ₹2,00,000 during the policy term and approximately ₹2,25,000 if death occurs in the final policy year
- Loan Eligibility: Available after completion of one policy year, subject to LIC’s prevailing interest rates
These figures are only illustrative and may vary according to LIC’s declared Loyalty Additions and policy conditions.
Loyalty Additions
Loyalty Additions are additional amounts declared by LIC based on the corporation’s financial performance and surplus experience. These additions become payable on maturity or in the event of death during the final policy year.
Since Loyalty Additions are not guaranteed, the actual amount depends on LIC’s declaration at the relevant time.
Advantages of LIC Jeevan Vaibhav Plan 809
- One-time premium payment with no future premium obligations.
- Combination of life insurance protection and maturity benefits.
- Eligibility for policy loans after one year.
- Available to individuals across a wide age range.
- Straightforward structure with easy-to-understand benefits.
Limitations of the Plan
- Available only for a limited period and no longer open for new purchases.
- Fixed policy term of 10 years with no flexibility.
- Returns depended partly on Loyalty Additions, which were not guaranteed.
- No option to modify premium amounts after purchase.
- Additional rider benefits were not available under the plan.
Important Considerations
Before investing in a single-premium policy, individuals should evaluate:
- Their ability to invest a lump-sum amount upfront.
- Liquidity requirements during the 10-year policy period.
- Alternative investment options such as fixed deposits, PPF, or mutual funds.
- Whether guaranteed returns and insurance protection align with their financial objectives.
Current Status and Alternatives
LIC Jeevan Vaibhav Plan 809 is no longer available for sale because it was a close-ended product launched for a limited subscription period in 2012.
Policyholders who purchased the plan continue to receive benefits as per the original policy terms. Individuals looking for similar options may explore other LIC savings and single-premium plans that were introduced later, such as Jeevan Vriddhi (Plan 808) and Jeevan Sugam (Plan 813).
Accessing the LIC Jeevan Vaibhav Plan 809 Calculator
Policyholders and insurance advisors can use online calculator tools to estimate benefits under the plan. These calculators generally provide projections for:
- Single premium amount
- Maturity value
- Loyalty Additions
- Death benefits
- Loan eligibility
- Estimated returns
For accurate estimates, it is advisable to use calculators that follow LIC’s official plan structure and historical benefit assumptions.
Comparison with LIC Jeevan Vriddhi Plan 808
| Feature | LIC Jeevan Vriddhi 808 | LIC Jeevan Vaibhav 809 |
|---|---|---|
| Entry Age | 8 to 50 years | 8 to 65 years |
| Minimum Sum Assured | ₹1,50,000 | ₹2,00,000 |
| Maximum Sum Assured | No Limit | No Limit |
| Policy Term | 10 Years | 10 Years |
| Premium Payment | Single Premium | Single Premium |
| Loan Facility | Available After 1 Year | Available After 1 Year |
| Maturity Benefit | Guaranteed Benefit | Sum Assured + Loyalty Addition |
Frequently Asked Questions
What is LIC Jeevan Vaibhav Plan 809?
LIC Jeevan Vaibhav Plan 809 was a single-premium, non-linked endowment assurance plan that provided life insurance protection along with maturity benefits and potential Loyalty Additions.
Who was eligible to purchase this plan?
Individuals between 8 years and 65 years of age were eligible to purchase the policy during its availability period.
What was the minimum sum assured?
The minimum sum assured under the plan was ₹2,00,000, with higher amounts available in multiples of ₹10,000.
Is the plan still available?
No. LIC Jeevan Vaibhav Plan 809 was offered only for a limited subscription period in 2012 and is no longer available for new purchases.
What benefits were payable on maturity?
On completion of the 10-year term, the policyholder received the Basic Sum Assured along with any applicable Loyalty Additions declared by LIC.
What was the death benefit?
If death occurred during the policy term, the nominee received the Basic Sum Assured. In case of death during the final policy year, the nominee became eligible for the Basic Sum Assured together with any applicable Loyalty Additions.
Conclusion
LIC Jeevan Vaibhav Plan 809 was a single-premium endowment assurance plan from LIC that combined life insurance protection with maturity benefits and loyalty additions. Designed for individuals seeking a one-time investment with insurance coverage, the plan offered guaranteed benefits along with the possibility of additional returns through Loyalty Additions.
Although the plan was available only for a limited period in 2012 and is no longer open for new purchases, it remains relevant for existing policyholders and those researching LIC’s historical single-premium offerings. A LIC Jeevan Vaibhav Plan 809 Calculator helps estimate key values such as premium amount, maturity proceeds, death benefits, loyalty additions, and projected returns, making it easier to understand the policy’s overall benefits and performance.
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