LIC Jeevan Shikhar Plan 837 | Review, Maturity, Death Benefits
Contents [hide]
- 1 LIC Jeevan Shikhar Plan 837 Review
- 2 Lic New Jeevan Shikhar Plan 837 Eligibility Conditions
- 3 Lic Jeevan Shikhar Endowment Plan 837 Benefits
- 4 Jeevan Shikhar Lic Plan 837 Policy Rebates
- 5 LIC New Plan – Jeevan Shikhar 837 Policy Buying Procedure
- 6 Claim Procedure of LIC Jeevan Shikar Plan
- 7 LIC Jeevan Shikhar Plan 837 Premium Calculator
- 8 Jeevan Shikhar Plan Lic Maturity Calculator
- 9 Additional Information of LIC Jeevan Shikhar 837 Plan
LIC Jeevan Shikhar Plan 837 Review
LIC Jeevan Shikhar Plan 837 is
a new Endowment Plan introduced by Life Insurance Corporation of India.
This Jeevan Shikhar Plan will start working from 11th January 2016. A
Unique Identification Number is given for LIC’s Jeevan Shikhar Plan that
is 512N305V01. The policyholder has to quote the UIN no. in all
relevant documents that are required to buy the policy. LIC Jeevan
Shikhar 837 plan is a Non-Linked, with Profit, Saving cum Protection
Single Premium Endowment Assurance plan. The Insured can avail a Death
Benefit of ‘Sum Assured equal to 10 times‘ the Tabular Single Premium, which is payable after the commencement of the risk. LIC Endowment plan
is a close ended Plan, which will be open for 120 days from the date of
launch. So, those who are Interested in LIC Jeevan Shikhar Policy may
hurry up to buy this plan as it will be opened for Limited Period of 120
days.
Lic New Jeevan Shikhar Plan 837 provides Death Benefit by the payment of additional premium. Under LIC Jeevan Shikhar Plan 837 the insured can avail Maturity Sum Assured along with Loyalty Addition if any shall be payable. New Jeevan Shikhar Plan also
takes care of Liquidity needs through its loan facility. This plan
offers a combination of protection and saving features. You can use LIC Jeevan Shikhar Plan 837 Calculator to calculate Premiums and Benefits. We provide Lic Jeevan Shikhar Plan Maturity Calculator and Premium Calculator to calculate Maturity benefits and Death benefits. Refer Lic Jeevan Shikhar plan 837 premium chart and Lic Jeevan Shikhar Premium calculator before buying this plan.
Lic New Jeevan Shikhar Plan 837 Eligibility Conditions
Eligibility Conditions for basic plan are,
| Entry Age: |
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| Minimum Maturity Sum Assured: |
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| Maximum Maturity Sum Assured: |
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| Policy term: |
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| Premium Payment Mode: |
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| Maturity Sum Assured: |
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| Documents required for a new policy: |
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Lic Jeevan Shikhar Endowment Plan 837 Benefits
Maturity Benefits:
On survival of the Life Assured to the end of policy term,
Maturity benefit (Benefits payable on maturity) = Maturity Sum Assured + Loyalty Additions if any.
Death Benefits:
Two types of Death Benefits are covered in this New Jeevan Shikhar 837 Plan.
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On Death during the first 5 years of the policy
- Before the date of Commencement of Risk: Single Premium without interest will be refunded to the nominee in the case of Life Assured dies before the date of commencement of the risk.
- After the date of Commencement of Risk: A Death Benefit of Sum Assured equal to 10 times the Tabular Single Premium is payable in a case of Life Assured dies after the date of commencement of the risk.
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On Death After first 5 years of the Policy but before the Maturity Date
Sum Assured equal to 10 times the
Tabular Single Premium along with Loyalty Additions, if any, is payable
in a to the nominee in a case of the Life assured dies after first five
years of the policy.
Loyalty Addition:
Under this plan, the policyholder will
be eligible for a share in surplus (profits) in the form of Loyalty
Addition. The Loyalty Addition, if any, will be payable on death or
surrender. It is provided the policy has run for at least five policy
years or on policyholder surviving to the maturity.
Jeevan Shikhar Lic Plan 837 Policy Rebates
The rebates for the basic Lic Jeevan Shikhar Plan are given below.
- High Maturity Sum Assured Rebate.
- Corporate Employee’s Insurance Scheme (CEIS) Rebate.
High Basic Sum Assured Rebate
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Maturity Sum assured
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Reduction in Tabular Premium as per
Rs.1000 M.S.A
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| Below Rs. 2,00,000/- | NIL. |
| Rs. 2,00,000/- to Rs. 4,80,000/- | Rs. 15.00/- |
| Rs. 5,00,000/- to Rs. 9,80,000/- | Rs. 20.00/- |
| Rs. 10,00,000/- and above | Rs. 25.00/- |
Corporate Employee’s Insurance Scheme (CEIS) Rebate
The Assured will be eligible for Corporate Employee’s Insurance Scheme (CEIS) Rebate of 2% of the Tabular Single Premium.
LIC New Plan – Jeevan Shikhar 837 Policy Buying Procedure
These are the Required documents to buy LIC Jeevan Shikhar Policy.
- Application form/ Proposal form No. 300, 340 and 360 issued bu U & R Department along with a photo.
- Address proof.
- Age proof.
- Medical reports(if required).
Claim Procedure of LIC Jeevan Shikar Plan
The documents that are needed for claim procedure under Lic Jeevan Shikhar 837 Policy are given below.
- Original Policy Document
- NEFT Mandate Form.
- Proof of Title.
- Death Certificate.
- Accident/ Disability Proof (as mentioned in the rider circular).
- School/ College/ employer’s certificate.
- If age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.
LIC Jeevan Shikhar Plan 837 Premium Calculator
Here we are providing the required data for calculating the premium rates in LIC Jeevan Shikhar Policy using LIC Jeevan Shikhar 837 premium and maturity calculator. To calculate Premium Online, the Insured have to enter the following details mentioned below.
- Name.
- Email Id.
- Mobile.
- Age.
- Term.
- Sum Assured.
After entering all the above details, you can easily calculate the premium for LIC Jeevan Shikhar Plan 837.
Jeevan Shikhar Plan Lic Maturity Calculator
Lic Jeevan Shikhar 837 Plan Maturity Calculator
helps you to calculate the maturity value or maturity amount. Maturity
amount is the amount that is payable to the policyholder during the
maturity time. You can calculate the Maturity benefits using LIC Jeevan Shikhar Plan Maturity calculator. Maturity value is calculated based on the Sum Assured plus Loyalty benefits. Jeevan Shikhar LIC Plan Maturity
Calculator provides maturity amount based on Policy term, Age of the
LIC Policyholder, Sum Assured, Policy name, etc. You need to provide
these details along with Mobile number, Name, Email ID to calculate the
maturity value. But you will receive approximate or nearby maturity
amount in this LIC Jeevan Shikhar Plan Maturity Calculator.
Additional Information of LIC Jeevan Shikhar 837 Plan
Loan facility
Loan
facility is available under this plan, after payment of premiums for at
least 3 full years subject to the policy conditions.
Surrender Value
LIC Jeevan Shikhar 837 policy can be surrendered at any time during the policy term. The surrender options are given below.
- Guaranteed surrender value.
- Special surrender value.
Date of Vesting
It is applicable only if the age of the Assured is below 18 years on the date of commencement of the policy.Free Look Period
If the Insured is not satisfied with the terms and conditions in the policy, he will be provided with a free look period of 15 days. The Policyholder have to state the reasons and should submit the policy to the Life Insurance Corporation of India with the given free look period.Suicide clause
If the life assured commits suicide
before 12 months from the date of commencement of risk, he/she would be
returned with 90% of premiums paid excluding any taxes and extra
premium, if any.
Taxes
Taxes, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.LIC Jeevan Labh Plan (Table No.836) – Features, Review & Returns Calculation
LIC (Life Insurance Corporation of India) has launched a new Limited Premium, non-linked, with profit Endowment Plan called LIC Jeevan Labh. This plan is available for purchase from 4th January, 2016.
Key Features of LIC Jeevan Labh Plan
The main feature of this new plan is, the payment of premiums is limited to a term shorter than the policy (limited premium payment – LPP). The maturity amount is payable at the end of the policy term, or on the death of the policy holder whichever is earlier.- LIC’s new plan Jeevan Labh is a traditional plan. It is a non-linked with profit Endowment Plan.
- Minimum Age at entry: 8 years
- Maximum maturity age : 75 years
- Policy Term options : 16 years / 21 years / 25 years
- Premium Paying Term options : 10 years / 15 years / 16 years respectively.
- Minimum Sum Assured : Rs 2 Lakh
- Death Benefit under Jeevan Labh : The policyholder’s nominee will receive; Sum Assured + Bonus + Final Additional Bonus (if any).
- Maturity Benefit under Jeevan Labh : Sum Assured + Bonus + Final Additional Bonus (if any).
- Optional riders like Term insurance rider (TR) & DAB (Double Accident Rider) are available.
Mr. Paswan aged 35 years, plans to take LIC Jeevan Labh for the term of 16 years and the premium payment term (PPT) of 10 years. He chooses the sum assured of Rs 3 Lakh.
In this case, he is required to pay premium for 10 years only. After the PPT of 10 years, he will stop paying premium but the policy will continue till the policy term of 16 years.
The possible events that can happen are :
- On Death of Policy holder – If Mr Paswan dies during the policy term, his nominee will receive the Sum Assured + Accrued Bonuses + FAB (if any). After this, the policy will cease to exist.
- On Survival till maturity – If Mr. Paswan survives till the end of policy term, he will get the Sum Assured + Accrued Bonuses+FAB (if any). The policy will terminate thereafter.
LIC’s New Plan Jeevan Labh– Returns Calculation
Let us consider an example, Mr. Paswan (35 years) wants to invest in LIC’s new plan Jeevan Labh policy. He is not clear as to which is the best combination (policy term and PPT). He wants to calculate return on investment under various combinations of Policy and Premium Paying Terms.If Mr Paswan opts for Policy term of 16 years and PPT as 10 years, premium is Rs 17,892. Under this option he has to pay the premiums for 10 years. In the beginning of 17th year he may receive the maturity benefit of Rs 3.38 Lakh (inclusive of Sum Assured, accrued bonuses and final additional bonus). The expected return on his investment is around 5.6%.
Like wise, Mr Paswan will get returns in the range of 6% to 7% under different options of LIC’s Jeevan Labh plan.
(Click on the above image to open it in a new browser window)
Should you invest in LIC Jeevan Labh Scheme?
We are at the fag end of the Financial Year 2015/2016. People generally rush to buy tax-saving plans at the fag end of a financial year. If
I have to do my tax planning and investment planning now, I will surely
ignore this plan. The premiums paid on LIC Jeevan Labh policy may give
you income tax benefit under section 80c, but may not generate decent
inflation adjusted returns for you.- If you are looking for an investment avenue to save some taxes, you may consider buying ELSS Funds for long-term. (Kindly read : Best Equity Linked Tax Saving Funds for 2016)
- If your requirement is to save taxes plus would like to have life cover, you can consider buying a pure Term Insurance Plan. (Kindly read : Top 7 Best Term Insurance Plans)
- Kindly note that the returns on traditional policies like Jeevan Labh are very much dependent on the bonus rates that LIC declares every year. Also, the bonuses are just accrued and paid out at the end of the policy term. (Kindly read : LIC bonus rates 2015-16 & LIC bonus rates 2014-15)
- Kindly think beyond taxes when investing in Financial Products.
LIC's JEEVAN LABH(UIN: 512N304V01)
LIC's Jeevan Labh
is a limited premium paying, non-linked, with-profits endowment plan which
offers a combination of protection and savings. This plan provides financial
support for the family in case of unfortunate death of the policyholder any
time before maturity and a lump sum amount at the time of maturity for the
surviving policyholder. This plan also takes care of liquidity needs through
its loan facility.
1. Benefits:
Death benefit:
In
case of death during the policy term, provided all due premiums have been paid,
Death benefit, defined as sum of "Sum
Assured on Death", vested Simple Reversionary Bonuses and Final
Additional bonus, if any, shall be payable. Where, "Sum Assured on Death" is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on
death i.e. Basic Sum Assured . This death benefit shall not be less than
105% of all the premiums paid as on date of death.
Premiums referred above shall not include any
taxes, extra amount chargeable under the policy due to underwriting decision and rider
premium(s), if any.
Maturity Benefit:
"Sum Assured on
Maturity" equal to Basic Sum Assured, along with vested Simple
Reversionary bonuses and Final Additional bonus, if any, shall be payable in
lump sum on survival to the end of the policy term provided all due premiums
have been paid.
Participation in Profits:
The policy shall participate in profits of
the Corporation and shall be entitled to receive Simple Reversionary Bonuses
declared as per the experience of the Corporation, provided the policy is in
full force.
Final (Additional) Bonus
may also be declared under the policy in
the year when the policy results into a claim either by death or maturity.
2. Optional Benefit:
The policyholder has an option of availing the
following Rider benefit(s):
i)
LIC's
Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
ii)
LIC's
New Term Assurance Rider (UIN: 512B210V01)
Rider sum assured cannot
exceed the basic sum assured.
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As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
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