LIC Samridhi Plus Plan 804
| Plan Launch Date: | 25th February 2011 |
| Plan Withdrawal Date: | 25th May 2011 |
| Policy Term: | 10 Years Fixed |
| Premium Payment Period: | 5 Years or Single Premium |
- Fixed Policy Term of 10 Years
- Guaranteed NAV Benefit at Maturity
- Single Premium or 5-Year Premium Option
- Partial Withdrawals Allowed After 5 Years
- Fund Management Charge: 0.90% p.a.
- Minimum Entry Age: 8 Years
- Maximum Entry Age: 65 Years
When planning for long-term financial goals, it is important to understand the features and potential returns of your insurance investments. LIC Samridhi Plus Plan 804 was one such offering that combined life insurance protection with market-linked investment opportunities through a Unit Linked Insurance Plan (ULIP) structure. The plan was designed to help policyholders build wealth over time while providing financial security for their families through life cover.
What is LIC Samridhi Plus Plan 804?
LIC Samridhi Plus Plan 804 was a close-ended Unit Linked Insurance Plan (ULIP) introduced by the Life Insurance Corporation of India (LIC). The plan was available for a limited subscription period and was designed to offer a combination of life insurance protection and market-linked investment growth. It aimed to help policyholders build long-term wealth while ensuring financial security through insurance coverage.
Key Features of LIC Samridhi Plus Plan 804
The plan offered a blend of market-linked growth and protection through a unique structure. At maturity, the policyholder received either the fund value based on the prevailing NAV (Net Asset Value) or the guaranteed NAV benefit, whichever was higher.
The policy came with a fixed term of 10 years. Premiums could be paid either as a single lump-sum amount or through a regular premium option spread over 5 years.
In addition to life insurance coverage throughout the policy term, the plan also allowed partial withdrawals after the completion of the prescribed lock-in period.
Launch and Withdrawal Dates
LIC Samridhi Plus Plan 804 was introduced on 25 February 2011.
The plan was offered for a limited subscription period of three months from the launch date.
New sales under the plan were discontinued on 25 May 2011, after which no fresh policies were accepted.
Although the plan is no longer available for purchase, existing policyholders continue to enjoy its benefits until the completion of their policy term.
Eligibility Criteria for LIC Samridhi Plus Plan 804
| Parameter | Criteria / Value |
|---|---|
| Plan Name | LIC Samridhi Plus (ULIP), Plan No. 804 |
| Entry Age | Minimum 8 years (last birthday), Maximum 65 years (nearer birthday) |
| Maturity Age | Minimum 18 years, Maximum 75 years |
| Policy Term | Fixed 10 years |
| Premium Payment Term | Regular Premium: 5 years, Single Premium: One-time payment |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly (ECS for monthly mode) |
| Minimum Premium (Regular) | ₹15,000 yearly, ₹8,000 half-yearly, ₹4,000 quarterly, ₹1,500 monthly (ECS) |
| Minimum Premium (Single) | ₹30,000 |
| Maximum Premium (Regular) | ₹1,00,000 per year |
| Maximum Premium (Single) | No upper limit (subject to underwriting) |
Key Features of LIC Samridhi Plus Plan 804
LIC Samridhi Plus Plan 804 gained popularity due to its combination of market-linked investment opportunities and life insurance protection. Some of its key features are:
- Fixed policy term of 10 years.
- Entry age ranging from 8 to 65 years, with maturity age up to 75 years.
- Choice between single premium and regular premium payment options.
- Sum Assured available in multiples of ₹5,000.
- Guaranteed NAV feature, where the higher of the highest NAV recorded during the first 100 months or the NAV at maturity is considered for maturity benefits.
- Partial withdrawal facility available after completion of five policy years.
- Life insurance protection throughout the policy term.
- Fund Management Charge of approximately 0.90% per annum.
- Policy Administration Charge of ₹30 per month, increasing by 3% every year.
- Additional charges applicable as per policy provisions.
- Surrender value available after five years without surrender charges thereafter.
- In case of premium discontinuance, benefits are payable based on the fund value after applicable deductions.
What is a ULIP?
A Unit Linked Insurance Plan (ULIP) combines insurance coverage with investment opportunities. A portion of the premium provides life insurance protection, while the remaining amount is invested in equity, debt, or balanced funds. As a result, policyholders can benefit from potential market-linked growth while maintaining insurance coverage.
LIC Samridhi Plus Plan 804 Calculator: How It Works
The LIC Samridhi Plus Plan 804 Calculator helps policyholders estimate the potential maturity value of their policy based on premium payments and expected fund performance.
Inputs Required
The calculator generally requires the following details:
- Premium amount (single or regular premium).
- Premium payment mode.
- Fixed policy term of 10 years.
- Expected fund growth or assumed NAV performance.
- Applicable charges such as fund management and policy administration charges.
- Details of any partial withdrawals made during the policy term.
Outputs Provided
After entering the required details, the calculator typically displays:
- Estimated maturity value at the end of the policy term.
- Sum Assured under the policy.
- Projected growth of the fund value.
- Estimated death benefit payable during the policy term.
This allows policyholders to understand their expected returns and insurance benefits more clearly.
Benefits of Using LIC Samridhi Plus Plan 804 Calculator
Using the calculator offers several advantages:
- Helps estimate future maturity proceeds for better financial planning.
- Provides insights into the growth of the investment fund.
- Demonstrates the impact of policy charges on overall returns.
- Assists in selecting the most suitable premium amount and payment mode according to financial goals.
Example Calculation
Assume a policyholder chooses a single premium of ₹30,000 under LIC Samridhi Plus Plan 804 for the fixed 10-year term.
By entering the premium amount and an assumed rate of fund growth, the calculator estimates the maturity value after adjusting for applicable charges. If the NAV at maturity exceeds the guaranteed NAV benchmark, the higher value is considered for the final payout, helping maximize the maturity benefit.
Important Considerations
- The plan was offered only for a limited period and is no longer available for new purchases.
- Returns are market-linked and depend on the performance of the selected fund.
- Policy charges reduce the overall investment value and affect final returns.
- Partial withdrawals can be made only after the completion of five policy years.
- Life insurance coverage remains active throughout the policy term, subject to policy conditions.
Where to Find LIC Samridhi Plus Plan 804 Calculator Online?
Although LIC Samridhi Plus Plan 804 is no longer available for purchase, existing policyholders can still find calculator tools on various insurance and financial websites to estimate benefits and track policy performance. Common sources include:
- LIC’s official website for policy-related information and updates.
- Insurance comparison portals that provide LIC policy calculators.
- Financial planning and advisory websites offering insurance calculation tools.
Frequently Asked Questions
What is LIC Samridhi Plus Plan 804?
LIC Samridhi Plus Plan 804 was a Unit Linked Insurance Plan (ULIP) introduced by LIC in 2011. It combined life insurance protection with market-linked investment opportunities and had a fixed policy term of 10 years.
When was LIC Samridhi Plus Plan 804 launched?
The plan was launched on 25 February 2011 and remained available for a limited subscription period of approximately three months.
Is LIC Samridhi Plus Plan 804 still available?
No, LIC discontinued the plan after 25 May 2011, and it is no longer open for new purchases.
What were the premium payment options under this plan?
Policyholders could choose either a single premium payment or regular premium payments spread over five years.
What was the policy term of LIC Samridhi Plus Plan 804?
The policy had a fixed term of 10 years.
Were partial withdrawals allowed?
Yes, policyholders could make partial withdrawals after completing five policy years, subject to the plan’s terms and conditions.
Conclusion
LIC Samridhi Plus Plan 804 was a close-ended ULIP that offered a blend of life insurance protection and market-linked investment growth over a fixed 10-year period. Key features included a guaranteed NAV benefit, flexible premium payment options, and the ability to make partial withdrawals after five years.
Even though the plan has been withdrawn, the LIC Samridhi Plus Plan 804 Calculator remains a useful tool for existing policyholders to estimate maturity benefits, evaluate fund performance, and understand the impact of policy charges on overall returns.
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