LIC Jeevan Sangam plan no 831 Review

LIC Jeevan Sangam Policy no 831 Review

LIC Jeevan Sangam is a close ended plan which will be open for 90 days. LIC Jeevan Sangam Plan is a non-linked, with profit, Single Premium plan which provides a high level of death cover during the policy term. LIC Jeevan Sangam Policy 831 is a special combination which provides investment opportunity with high-risk coverage feature and regular income for life time. Premiums are payable for selected term after which regular income starts. If desired, In Jeevan Sangam Lic policy user also have the option to get lump sum amount at the beginning of regular income. LIC Jeevan Sangam plan 831 is a combination of investment with risk coverage and regular income for life time.

Lic Jeevan Sangam Plan Calculator helps you to calculate the premium and maturity amount for LIC Jeevan Sangam Policy 831. Before buying the Lic Jeevan, Sangam plan checks the premium rates for your desired sum assured using this Lic Jeevan Sangam Premium Calculator or Lic Jeevan Sangam Maturity Calculator.

LIC Jeevan Sangam Plan Benefits and Features

Benefits of Jeevan Sangam Plan

1. Death Benefit

Death during	Death benefit
If the policyholder dies before one year from the date of commencement of Risk.	Single premium excluding all service tax and extra premium will be paid without interest.
If the policyholder dies After the date of commencement of Risk.	Basic Sum Assured in the sense, Ten times of single tabular premium will be payable as a death benefit.
If the policy holder dies after the completion of five years of policy but before the maturity date	Basic sum assured, i.e. 10 times of tabular single premium with loyalty addition shall payable if any.

2. Maturity Benefit

If the life insured is surviving until the end of the policy term, the maturity sum assured along with loyalty benefit will be payable as Maturity Benefit.

Loyalty Addition: LIC Jeevan Sangam 831 is eligible for a share of profits in the form of loyalty addition.

3. Surrender Value 

• First Year –  70% of single premium paid excluding service tax and extra premium paid.
• Thereafter – 90% of single premium paid excluding service tax and extra premium paid.

LIC Jeevan Sangam Eligibility Conditions

Eligibility criteria	Details
Entry Age	Minimum: 6 Years (NBD). Maximum: 50 Years (Completed).
Sum Assured	Minimum: Rs 75000/-. Maximum: No Limit.
Mode of Payment	Single Premium.
Policy Term	12 years.

Note: Maturity Sum Assured will be in multiples of Rs 10000/-.

Date of commencement of Risk: In case the age at entry of the life Insured is less than 8 years, the risk under LIC Jeevan Sangam will commence from one day before the policy anniversary.

Jeevan Sangam LIC Plan no 831 Rebates

High maturity sum assured rebate is available under LIC Jeevan Sangam Policy.

Maturity Sum Assured (MSA)	Reduction in Tabular form
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

Corporation Employees Insurance Scheme(CEIS) Rebate:

Policy completed under Corporation Employees Insurance Scheme (CEIS) will be eligible for CEIS rebate of 2% of the tabular premium. If the policy is not taken through ant agent/ corporate agent/ broker/ Direct sales executive.

Jeevan Sangam LIC Policy no 831 Surrender Value

The policy can be surrendered any time during the policy term.

Guaranteed Surrender Value

• First Year –  70% of single premium paid excluding service tax and extra premium paid.
• Thereafter – 90% of single premium paid excluding service tax and extra premium paid.

Special Surrender Value

The insurance corporation provides special surrender value as applicable on the date of surrender; the same is higher than Guaranteed surrender value.

The special surrender value will be the discounted value of maturity sum assured.

The special surrender value factors per Rs 100 of maturity sum assured

Duration	Maturity sum assured value
For 0.5 year	Rs. 20.31
For 1 year	Rs. 40.64
For 1.5 year	Rs. 42.23

Lic Jeevan Sangam Plan no 831 Additional Information

Loan

Loan Facility is available under Lic’s Jeevan Sangam (uin: 512n295v01) 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 months  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.

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 single premium 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. For information about Tax on Life Insurance Policies www.taxqueries.in

Free-Look Period

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.

Backdating Interest

The policies can be dated back within the same financial year.

Policy Stamping

Under Lic Jeevan Sangam policy, stamping charges will be 20 paise per thousand of basic sum assured.

Assignments/Nominations

Assignments and Nominations are possible under this Lic Jeevan Sangam Policy plan no 831.

Documents Required for taking LIC Jeevan Sangam policy 831

1. Proposal Form
2. Age Proof
3. Identification proof
4. Medical Certificates(If Required)

Documents Required for Claim under LIC Jeevan Sangam plan 831

1. Duly filled claim form.
2. Original Policy Document.
3. Identification Proof.
4. Death Proof. (In case of insured death)
5. Medical treatment document prior to death. (If required)
6. Age proof.

Lic Jeevan Sangam policy 831 Premium table

Lic Jeevan Sangam Chart:

Age	Single Premium For Rs. 1000/- Maturity Sum Assured
6	466.10
7	468.60
8	471.35
9	471.75
10	472.70
11	474.05
12	475.55
13	477.20
14	478.80
15	480.25
16	481.60
17	482.75
18	483.75
19	484.60
20	485.35
21	486.00
22	486.65
23	487.35
24	488.15
25	489.05
26	490.15
27	491.55
28	493.20
29	495.15
30	497.55
31	500.45
32	503.85
33	507.90
34	512.70
35	518.35
36	525.10
37	533.15
38	542.65
39	553.95
40	567.35
41	583.30
42	602.25
43	624.80
44	651.70
45	683.95
46	722.70
47	769.80
48	827.60
49	899.85
50	992.10

LIC Jeevan Sangam Plan 831 Premium Calculator

Through LIC Jeevan Sangam premium calculator we can calculate the premium amount to be received yearly. Based upon the date given Jeevan Sangam premium table helps in calculating the premium amount.

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LIC Jeevan Sangam Policy Plan no 831 FAQs

What will be the credit to Development Officer?

Credit to Development Officers will be at the rate of 5% of the single premium ( an act of taxes). No bonus commission will be payable.

Is LIC Jeevan Sangam Policy eligible for CEIS Rebate?

LIC Jeevan Sangam policy completed under Corporation Employees’ Insurance Scheme (CEIS) will be eligible for a rebate of 2% of the tabular premium provided policy is not taken through any intermediary.

What is payable if the policy is surrendered after 5 years from the date of commencement of Risk?

If the policy is surrendered after completion of  5 years the loyalty addition if any, based on surrender value may also be payable.

For more details, please refer the below official link,

Click here for LIC Jeevan Sangam Plan

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LIC Limited Premium Endowment Policy

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