Lic Jeevan Sangam plan no 831 Review
Lic Jeevan Sangam 831 is a close ended plan which would be open for a maximum period of 90 days. It was introduced on 3rd March 2015. Lic Jeevan Sangam Plan is a Non linked, with profit plan which provides high level of death cover during the policy term. It is a Single Premium Plan where the life assured is having the option to choose the Maturity Sum Assured. Under jeevan sangam 831, the Single Premium payable will depend on the chosen amount of Maturity Sum Assured and the Life Assured age.
Lic jeevan sangam policy details, conditions, benefits, premium table, etc are given below. Here you can also calculate the premiums and other benefits using lic jeevan sangam premium calculator which gives you brief idea about jeevan sangam lic policy.
Lic Jeevan Sangam 831 Conditions
Eligibility conditions for jeevan sangam lic plan are,
|Premium Payment Mode:||
|Maturity Sum Assured:||
Jeevan Sangam Lic Policy Rebates
High Maturity Sum Assured Rebate: Under Jeevan Sangam Lic Policy there is a rebate for High Maturity Sum Assured. It is a refund to the Life assured who has opted for High Maturity Sum Assured.
|Maturity Sum Assured (MSA) chosen under the policy||Reduction in Tabular Premium (per Rs. 1000/- MSA)|
|Below Rs. 2,00,000/-||Nil|
|Rs. 2,00,000/- to Rs. 3,90,000/-||Rs. 15.00/-|
|Rs. 4,00,000/- and above||Rs. 20.00/-|
Lic Jeevan Sangam Premium Calculator
You can calculate the premium and Maturity benefits using Lic Jeevan Sangam Premium Calculator and Maturity calculator. Policy period, Age and Sum assured are required to calculate the premium and maturity benefits.
Lic Jeevan Sangam Plan Maturity Benefit
Under Lic Jeevan Sangam Plan, Maturity Benefit is that, the amount payable to the life assured on surviving to the end of the policy term.
On survival of the Life Assured till the end of policy term, Maturity Benefit = Maturity Sum Assured + Loyalty Addition, if any
Under Lic Jeevan Sangam Plan, the policies are eligible for share in profits in the form of ‘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 death of policyholder or surrender, provided the policy has run for at least 5 policy years or on Policyholder surviving till the Maturity.
Lic Policy Jeevan Sangam Death Benefit
Under Lic Policy Jeevan Sangam, death benefit is that, the amount payable on death of the life assured during the first 5 policy years or after the completion of first 5 policy years.
On death of the life assured during the first 5 policy years,
- Before the Date of Commencement of Risk: Death Benefit = Refund of Single premium – Service Tax and Extra Premium, if any, without interest.
- After the Date of Commencement of Risk: Death Benefit = Basic Sum Assured (i.e., 10 times the tabular Single Premium)
On death of the life assured after the completion of 5 policy years but before the date of maturity, Death Benefit = Basic Sum Assured (i.e., 10 times the tabular Single Premium) + Loyalty Addition, if any.
Lic Jeevan Sangam Premium Chart
Given below is the lic jeevan sangam Premium table 831.
|Age||Single Premium For Rs. 1000/- Maturity Sum Assured|
Lic Jeevan Sangam Policy Buying Procedure
Documents required for buying Lic Jeevan Sangam Policy:
- Application form/Proposal form along with photo.
- Address proof
- Age proof
- Medical reports (if required)
Additional Information about Lic’s Jeevan Sangam (UIN: 512n295v01)
Date of Commencement of Risk:
In case the entry age of the Life assured is less than 8 years (nearer birthday), the risk under Lic’s Jeevan Sangam (UIN: 512n295v01) will commence from one day before the policy anniversary coinciding with or immediately following the age of 8 years (nearer birthday).
Lic Jeevan Sangam Surrender Value:
Lic Jeevan Sangam Policy can be surrendered at any time during the policy term, subject to the realization of premium cheque. If the Lic Jeevan Sangam Policy is surrendered after completion of 5 policy years, Loyalty Addition (if any), may also be payable based on 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).
Loan Facility is available under Lic Jeevan Sangam policy at any time during the policy term after three months of the policy issuance subject to the following conditions:
|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 month to 3rd||55%||40%|
|4th to 6th||70%||45%|
|7th to 9th||80%||65%|
|10th to 12th||90%||90%|
*3 month means loan can be availed after three months of the policy issuance.
If the life assured commits suicide before 12 months from the date of commencement of risk, he/she will be returned back with 90% of single premium paid excluding any taxes and extra premium, if any.
Taxes, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.
If Policyholder is not satisfied with the Terms and Conditions of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.
The policies can be dated back with in the same financial year.
Under Lic Jeevan Sangam policy, stamping charges will be 20 paise per thousand of basic sum assured.
Assignments and Nominations is possible under this Lic Jeevan Sangam Policy plan no 831.
FAQ’s of Lic Jeevan Sangam 831
What will be the Commission payable to intermediaries?
Commission to Agents, corporate agents and brokers is payable at the rate of 2% of the single premium received (net of taxes).
What will be the credit to Development Officer?
Credit to Development Officers will be at the rate of 5% of the single premium (net of taxes). No bonus commission will be payable.
Is Lic Jeevan Sangam Policy eligible for CEIS Rebate?
Lic Jeevan Sangam 831 completed under CEIS will be eligible for CEIS (Corporation Employees’ Insurance Scheme) rebate of 2% of the tabular premium provided policy is not taken through any intermediary.
For more details please refer the below official link,
Click here for LIC Jeevan Sangam Plan
Related Lic Endowment Plans
LIC Single premium Endowment Policy
LIC Limited Premium Endowment Policy