Lic Jeevan Sangam Policy no 831

Lic Jeevan Sangam plan no 831 Introduction

Lic Jeevan Sangam Plan 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 Lic Jeevan Sangam Policy, the Single Premium payable will depend on the chosen amount of Maturity Sum Assured and the Life Assured age.

Lic Jeevan Sangam Policy no 831 Conditions

Eligibility conditions for Lic Jeevan Sangam Policy are,

Entry Age:	Minimum: 6 years (completed) Maximum: 5o years (nearest birthday)
Policy Term:	12 Years
Premium Payment Mode:	Single Premium
Maturity Sum Assured:	Minimum: Rs. 75,000/- Maximum: No limit Maturity Sum Assured shall be in multiple of Rs. 10,000/-

Lic Jeevan Sangam plan no 831 Rebates

High Maturity Sum Assured Rebate: Under Lic Jeevan Sangam Plan 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 Policy no 831 Premium and Maturity Calculator

You can calculate the premium and Maturity benefits using Lic Jeevan Sangam Premium and Maturity calculator. Policy period, Age and Sum assured are required to calculate the premium and maturity benefits.

Lic Jeevan Sangam Policy no 831 Video

Lic Jeevan Sangam Policy no 831 Maturity Benefit

Under Lic Jeevan Sangam Policy, 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

Loyalty Addition: 

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 Jeevan Sangam plan no 831 Death Benefit

Under Lic Jeevan Sangam Plan, 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. For more information regarding Tax Benefits, visit www.taxqueries.in.
• 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 Plan no 831 Presentation

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Lic Jeevan Sangam plan no 831 Premium Table 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

Buying Procedure for Lic Jeevan Sangam plan no 831

Documents required for buying Lic Jeevan Sangam Plan:

• Application form/Proposal form along with photo.
• Address proof
• Age proof
• Medical reports (if required)

Additional Information about Lic Jeevan Sangam plan no 831

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 Jeevan Sangam Plan 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:

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.

Suicide clause:

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:

Taxes, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.

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 with in 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 is possible under this Lic Jeevan Sangam Policy plan no 831.

FAQ’s of Lic Jeevan Sangam plan no 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 Policy 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.

Lic Jeevan Sangam Policy Circular

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Lic Jeevan Sangam Policy Documents and Forms download

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