LIC Jeevan Sangam Plan
LIC Jeevan Sangam Plan is a non-linked, with profit, a single premium plan which provides a high level of death cover during the policy term. This plan was introduced on 04/03/2015 as a close end plan for a maximum period of 90 days. The Unique Identification number of LIC Jeevan Sangam Policy is UIN: 512N295V01.
Under this LIC Jeevan Sangam 831 Policy, Life Assured has the option to choose Maturity Sum Assured. Based on the Maturity Sum Assured and age of the life Assured, the single premium payable will be decided. Which means if you have chosen high Maturity Sum Assured and your age is nearer to the maximum age at entry, then you should pay the high single premium.
LIC 831 Jeevan Sangam Features and Benefits
The features and benefits of LIC’s Jeevan Sangam Plan are provided here. These features help you to have a better understanding about the Endowment Plan No 831.
The Features of Jeevan Sangam Policy are
- Grace Period.
- Revival Period.
- Surrender Value.
- Cooling off Period.
Grace Period:
If the Policyholder doesn’t pay the premium within the time, the company will extend the time to pay the premium is a grace period. LIC Jeevan Sangam 831 Plan has the grace period of 30 days. Assured candidate can pay the premium within this Grace Period.
Revival Period:
If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be the lapse. A lapsed Term Plan will be revived within the two consecutive years from the date of first unpaid premium. This Term plan will be revived before the expiry period of Policy term.
Surrender Value:
The surrender value is available for the policyholder if he wants to return the policy with in the policy term.
Free Look Period:
If you are not satisfied with the Terms and Conditions of the Policy, you can return the LIC Jeevan Sangam 831 Plan within the 15 days from the Date of receipt of the Policy.
- Stamp Duty Charges.
- Actual cost of medical examination and special reports, if any;
- The proportionate risk premium for the period on covers as per C.O. Circular Ref: CO/PD/39 dated 31st December 2013.
LIC’s Jeevan Sangam Plan Benefits
As every policy has some benefits, LIC 833 Jeevan Sangam Plan also has some benefits. These benefits are applicable for the Policyholder only when they pay the premium completely. Some Benefits of LIC Endowment Plan are
- Death Benefit.
- Maturity Benefit.
1. Death Benefit:
If the death of the policyholder occurs during first five policy years
Before the date of Commencement of Risk:
Single Premium will be refunded excluding service tax and extra premium(if any), without any interest.
Basic Sum Assured will be payable, i.e., ten times the single tabular premium.
After the date of Commencement of Risk:
If the death of the policyholder occurs after the completion of five policy years but before the stipulated Date of Maturity, then the death benefit will be basic Sum Assured shall be payable along with the loyalty addition if any.
Basic Sum Assured is ten times the tabular single premium.
2. Maturity Benefit:
On the survival of the life assured to the end of the policy term, the Basic Sum Assured shall be payable along with the Loyalty Addition(if any).
3. Loyalty Addition:
The Loyalty Addition (if any) shall be payable on such terms as may be declared by the Corporation. Loyalty Addition is payable on the death of policyholder or surrender, provided the policy has run for at least five policy years or on Policyholder surviving till the Maturity.
LIC Jeevan Sangam Eligibility Criteria & Conditions
LIC’s Jeevan Sangam Plan has some eligibility conditions regarding the entry age, sum assured, policy term, etc. Check the Eligibility conditions for the Jeevan Sangam Insurance Plan.
| Sum Assured | Minimum | Rs. 75,000 |
| Maximum | No limit | |
| Age at Entry | Minimum | 6 years (completed) |
| Maximum | 50 years (nearest birthday) | |
|
Policy Term |
12 Years | |
|
Maximum Cover Ceasing Age |
70 Years(Nearest birth) | |
|
Premium Payment Mode |
Single Premium |
|
Sample Premium Rates for LIC Sangam Policy
Specimen tabular Single Premium rates for some of the ages per Rs.1000/- Maturity Sum Assured are as under:
| Age at entry (Nearest Birthday) |
Tabular Single Premium Rates (Rs.) |
| 10 | 472.70 |
| 20 | 485.30 |
| 30 | 497.55 |
| 40 | 567.35 |
Note: Tabular premiums do not include any extra premium or taxes and are before applying high Maturity Sum Assured rebate.
Jeevan Sangam LIC Premium Rebates
A rebate is the portion of interest earned by the owner (lender) of securities that are paid to a short seller (borrower) of the Securities. The Rebate provided under LIC Jeevan Sangam Policy is High Sum Assured Rebate.
High Sum Assured Rebate:
| Maturity Sum Assured | Reduction in Tabular premium per 1000/- Maturity SA |
| Below Rs.200,000 | Nil |
| Rs.200,000 to Rs. 390,000 | Rs. 15 |
| Rs.4,00,000 and above | Rs. 20 |
CEIS Rebate:
CEIS Rebate of 2% of the tabular premium will be provided.
LIC India Jeevan Sangam Premium Calculator
To calculate the premium and Maturity Benefit for the Jeevan Sangam Plan, there is need of some data. The general data required for the LIC 831 Plan Premium Calculator is
- Name of the Policyholder.
- Email Id.
- Mobile Number.
- Age Proof.
- Policy Term.
- Sum Assured.
Buying procedure for LIC Jeevan Sangam Policy No 831
The policyholder can visit the nearest LIC Branch Office to buy the Proposal form. Or you can go through the online to purchase the Policy. You can also get the LIC Jeevan Sangam 831 Plan through the Agent.
Documents needed for LIC India Jeevan Sangam
- Application form/ Proposal form along with a photo.
- Address Proof.
- Age Proof.
- Medical reports (If required).
Note: Proposal form No. 300 and 340 will be applicable under this plan.
How to Claim for LIC 831 Jeevan Sangam Plan?
Nominees can claim for the Jeevan Sangam Plan after the death of the policyholder or after the successful completion of the premium.
The documents required to claim for the LIC Sangam Plan are
- Original Policy Document.
- Proof of title.
- Death Proof.
- Medical treatment documents before death.
- Age proof.
Exclusion of LIC 831 Plan:
There are some exclusions under this plan. Nominees of the Life assured cannot have the death benefit under these conditions. Some Exclusion under this Plan are
Suicide:
If the policyholder committed suicide for any reason within the 12 months of the date of commencement of risk or from the date of revival. The nominees will get the 90% of the premium paid till the date.
Additional Information on LIC’s Jeevan Sangam Policy
Loan: There is a loan facility under this LIC Jeevan Sangam Plan. The loan is available is after three months of the policy insurance.
| Policy year | Maximum Loan Amount as a % of surrender value for age at entry <=45 | Maximum Loan Amount as a % of surrender value for age at entry >45 |
| *3 months to 3rd | 55% | 40% |
| 4th to 6th | 70% | 45% |
| 7th to 9th | 80% | 65% |
| 10th to 12th | 90% | 90% |
Taxes: Taxes are applicable (if any) based on the Taxes law, and Rate of Taxes will be applicable time to time.
Surrender Value:
If the insured candidate wants to return the policy within the Minimum Policy Term, the surrender value will be paid to the policyholder. There are two types of Surrender Values.
- Guaranteed Surrender Value.
- Special Surrender Value.
Guaranteed Surrender Value: The Guaranteed Surrender Value shall be,
- First Year – 70% of single premium paid excluding service tax and extra premiums paid, if any.
- Thereafter – 90% of single premium paid excluding service tax and extra premiums paid if any.
Special Surrender Value:
The special Surrender Value will be the discounted value of the Maturity Sum Assured (MSA).
Back Dating Interest:
The Policy can be backdated within the same financial year.
Policy Stamping:
Policy Stamping Charges will be applicable for 20 paise for 1000 of total sum assured value.
Assignments & Nominations:
Assignments and Nominations are available under this LIC 831 Jeevan Sangam plan.
Reinsurance: Normal procedure for Reinsurance shall apply as per applicable Reinsurance Treaty
FAQ’s on LIC’s Jeevan Sangam Policy
1. Can I surrender my policy within the Policy Term?
A. Yes, you can surrender the policy before the Policy term. If the insured candidate wants to return the policy within the Minimum Policy Term, the surrender value will be paid to the policyholder.
2. Is there any loan benefits in this Jeevan Sangam 831 Plan?
A: There is a loan facility under this LIC Jeevan Sangam Plan. The loan is available is after three months of the policy insurance.