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JEEVAN SANGAM LIFE INSURANCE POLICY BY LIC

(Plan No. 831)

Features of Jeevan Sangam

LIC’s Jeevan Sangam plan (Plan No:831) is a single premium life insurance plan which provides high life cover in case of death and good return on survival as maturity. This plan comes with a fixed 12 year term which can be planned for future financial requirement. This plan is available for sale up 04-06-2015 only.

Key Features

  • High Risk Cover in case of death
  • Option to select Maturity Sum Assured (MSA)
  • Guaranteed Return (MSA) + Loyalty addition on maturity
  • Any time surrender option & higher surrender value
  • Premium paid is eligible for rebate under 80(C)
  • Maturity amount will be tax free under 10(10D)

Plan Parameters

Age of Entry 6 to 50 Years
Premium Paying Mode Single
Policy Term 12 Years (fixed)
Maturity Sum Assured 75000 and above (in multiples of 10000)
High Sum assured Rebate
(per thousand)
Rs. 15 on 0 to 2,00,000 of Sum Assured
Rs. 15 on 2,00,000 to 3,90,000 of Sum Assured
Rs. 15 on 4,00,000 and above Sum Assured
Loan After 3 Months
Surrender Any time during the policy
Guaranteed Surrender Value 70% in after 3 years and 90% after 2nd year onwards

 


Death benefits

  • On death during first five policy years:
    • Before start of risk, only premium paid excluding taxes will be paid. This case will be applicable if, the policy holder’s age is less than 8 years at the time of death.
    • After start of risk, 10 times of premium paid (excluding service tax & rebate) will be paid as death benefit.
  • On death after 5 year of policy and before maturity:
    • 10 times of single premium paid (excluding service tax & rebate) + loyalty addition will be paid as death benefit.

Maturity benefit

  • On survival of policy holder i.e. completion of 12 year term, Maturity Sum Assured (MSA) + Loyalty Addition shall be paid.

Illustrations with Example

To understand Jeevan Sangam Plan, Lets take an example of a person who is purchasing Jeevan Sangam Plan with following details.

Maturity Sum Assured: Rs. 2,00,000
Policy Term: 12 Years
Policy Purchase Year: 2015
Age: 30 Years
Single Premium: Rs. 99492


At maturity, Jeevan Sangam provides Guaranteed Maturity Sum assured plus variable loyalty addiiton as maturity amount on survival of policy holder. Following table indicates the maturity details.

Year Maturity Sum Assured (Guaranteed) Loyalty Addition (Variable) Maturity Amount (Approx)
2027 2,00,000 24,000 2,24,000

In case of unfortunate death during policy term, 10 times of single premium paid (excluding taxes) will be paid, further to this after completion of 5 years of policy, loyaltiy addition will also be payable, following table shows year-wise life cover in case of death.


Policy Year Year 10 x ( Single Premium excluding tax) Loyalty Addition (Variable) Total Amount to be received in case of death
1 2016 965098 0 965098
2 2017 965098 0 965098
3 2018 965098 0 965098
4 2019 965098 0 965098
5 2020 965098 0 965098
6 2021 965098 12000 977098
7 2022 965098 14000 979098
8 2023 965098 16000 981098
9 2024 965098 18000 983098
10 2025 965098 20000 985098
11 2026 965098 22000 987098

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