LIC Jeevan Shikhar Plan 837 – Review, Features, Benefits, Additional Benefits

LIC Jeevan Shikhar Plan Review

LIC Jeevan Shikhar Plan 837 is a new endowment plan is going to be launched on January 11th, 2016 by Life Insurance Corporation of India. This Jeevan Shikhar 837 Plan is available for 120 days only from the date of launching. LIC Jeevan Shikhar Endowment Plan is available to the customers on January 11^_th, 2016 to March 31^st, 2016.  The LIC New Jeevan Shikhar Endowment Plan Unique identification number (UIN) is 512N305V01. LIC Jeevan Shikhar 837 Plan is a non-linked, with profits, saving cum protection, single premium, and Close ended Plan. LIC New Jeevan Shikhar Plan is a single premium plan that it provides the risk coverage of 10 times of the single premium. The policy term of this Jeevan Shikhar New LIC Plan is 15 years. This LIC Jeevan Shikhar Plan is taken from the age of 6 to 45 years.

LIC New Plan – Jeevan Shikhar 837 offers the unique feature to the proposed on maturity benefit. The policyholder has an option to choose the sum assured of maturity benefit. New Jeevan Shikhar 837 Plan single premium payment depends on the sum assured of maturity and on the age of life assured.

LIC New Endowment Jeevan Shikhar Plan also provides the loan facility that take cares of your liquidity need.

LIC New Plan – Jeevan Shikhar 837 Eligibility Conditions

Before launching this LIC New Endowment Jeevan Shikhar Plan, LIC launched the LIC Jeevan Labh Endowment Plan. This plan is successfully running in the public. With that Jeevan Labh Plan 836 inspiration, they are starting this Jeevan Shikhar Plan 837 in January with mandatory eligibility conditions.

Therefore, while buying the LIC Jeevan Shikhar Plan, the customer has to know the eligibility levels and which conditions are applicable. Following are the Jeevan Shikhar New LIC Plan eligibility conditions.

Jeevan Shikhar 837 Plan Eligibility Conditions

LIC Jeevan Shikhar Plan 837 Benefits

LIC Jeevan Shikhar Plan 837 has a unique features and benefits that are different to other LIC Plans. The following are the LIC New Plan Jeevan Shikhar (Plan No. 837) benefits.

Death Benefit

The death benefit is different for before and after the first five policy years.

On death during the first five policy years

• Before the date of commencement of the Risk: The company refunds your single premium amount without adding any interest. Under this policy, it does not include any taxes as an extra amount.
• After the date of commencement of Risk: The “Sum Assured on Death” is equal to 10 times of tabular single premium which is paid by the policyholder. It also includes the loyalty addition in sum assured.

On Death after completion of 5 policy years but before the stipulated date of Maturity

• The “Sum Assured on Death” is equal to 10 times of tabular single premium which is paid by the policyholder. It also includes the loyalty addition in sum assured.
• On sum assured, it does not include any taxes as an extra amount.

Maturity Benefit

The insured surviving till the end of the policy term, and then the Maturity Sum Assured (MSA) along with loyalty addition (LA)  shall be paid.

Loyalty Addition

The loyalty addition will be paid in case of death or surrender of your policy for atleast five years. This addition is also applicable on maturity sum assured of the insurer.

LIC New Endowment Jeevan Shikhar Plan 837 Rebates

High Maturity Sum Assured Rebate

CESI Rebate: Corporation Employees Insurance Scheme Rebate

For corporation employees, the CESI Rebate is 2% of the Tabular single Premium.

Jeevan Shikhar New LIC Plan 837 Premium Calculator

You can calculate the Premium rate of this plan using LIC Jeevan Shikhar 837 Premium Calculator. Following are the required details to calculate the premium.

• NAME.
• E-MAIL ID.
• MOBILE NUMBER.
• AGE.
• TERM.
• SUM ASSURED.

LIC Jeevan Shikhar 837 Plan Maturity Calculator

LIC Jeevan Shikhar Plan 837 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. Maturity value is calculated based on previous year Bonus Rates. Along with Bonus rates LIC Jeevan Shikhar New Endowment Plan Premium and Maturity Calculator uses some other parameters like Sum Assured (SA), Final Additional Bonus (FAB), etc. These are not exact amounts you will receive. But you will receive approximate or nearby maturity amount in this LIC Jeevan Shikhar 837 Plan Maturity Amount Calculator. Following are the required details to calculate maturity.

• NAME.
• E-MAIL ID.
• MOBILE NUMBER.
• AGE.
• TERM.
• SUM ASSURED.

LIC New Jeevan Shikhar Plan 837 Buying Procedure

The U & R Department issued this proposal form for LIC Jeevan Shikhar Plan. Following are the required documents to buy the fresh / new policy of LIC Jeevan Shikhar Plan.

• Application form/Proposal form.
  • The Revised Proposal Form Numbers are 300, 340 and 360.
• Address proof.
• Age proof.
• Medical reports(if required).

For proposal form visit the nearest branch of LIC or from any LIC Agent. LIC Jeevan Shikhar Plan 837 Proposal Form is available on January 11^th, 2016.

LIC Jeevan Shikhar Endowment Plan Claim Procedure 

The documents required for claim procedure under Jeevan Shikhar LIC Plan are given below

• Original Policy Document.
• NEFT form.
• Discharge form.
• Cancel check or Bank Passbook xerox.
• Death certificate.
• Proof of Accident/Disability (For rider circular).
• Employer/ College/School certificate for proof.
• Medical Treatment before the death.

Additional Information about New Jeevan Shikhar LIC Endowment Plan

Following is the additional information about the LIC New Jeevan Shikhar Endowment Plan.

• Loan: Loan facility is available under this LIC New Jeevan Shikhar 837 Plan at any time of the policy period after completion of 3 months.
• Suicide clause: If the policyholder commits suicide for any of the reason within 12 months of the date of commencement of risk or from the time of revival, then 90% of the premium for what he had paid will be returned to his assignees or nominees.
• Policy Revival: If you do not pay the premium within the grace period then the policy will lapse. If you are interested in continuing this policy then you can revive your policy on or before 2 years from the date of first Unpaid premium.
• Proposal Forms: Proposal Form no. 300 or 340 or 360 will be used under this LIC Jeevan Shikhar Plan 837.
• Tax: Service Tax payable by the policyholder on premium. For information about Tax on Insurance Polices refer www.taxqueries.in.
• Free Look (Cooling Off )Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the plan.
• Backdating interest: The policy can be backdated within the same financial year.
• Assignments/Nominations: Assignees and nominees are possible under this LIC New Jeevan Shikhar 837 plan. It is applicable under the Section 38 of Insurance Act, 1938.
• Paid up value: Basic Sum Assured x (number of premiums paid / number of premiums payable during the premium paying term).
• Surrender Value: This policy can be surrendered at any time, subject to Reliazation of the Premium Cheque.  The guaranteed surrender value is the percentage of single premium paid.
  • For the 1st year: 70% of the Single Premium.
  • After Completion of 1st year and above: 90% of the Single Premium.
• Policy Stamping: Under, LIC New Endowment Plan – Jeevan Shikhar 837 stamping charges will be 20 paise per thousand Sum Assured.
• Reinsurance: Normal procedure is applicable for reinsurance.