Close Ended Plan –  Available for 90 Days only from 04-03-2015.

  1. Introduction:

It has been decided to introduce LIC’s JEEVAN SANGAM (Plan No.831), a close ended plan which would be open for sale from 4th March, 2015 for a maximum period of 90 days.

LIC’s Jeevan Sangam is a non-linked, with-profit, single premium plan which provides for high level of death cover during the policy term.

Under this plan, the Proposer/ Life Assured will have an option to choose the Maturity Sum Assured and the single premium payable will depend on the chosen amount of Maturity Sum Assured and age of the life assured.

The benefits and other details of this plan are given below.

Lic Jeevan Sangam Single Premium Payment Plan Table No 831 Premium Calculator

  1. Benefits:
  2. a) Death Benefit:

On death during first five policy years:

Before the date of commencement of risk: Refund of single premium excluding service tax and extra premium, if any, without interest.

 After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity:

Basic Sum assured i.e. 10 times the tabular single premiumalong with Loyalty Addition, if any, shall be payable.

The Tabular single premium mentioned above does not include any extra premium or taxes and is before applying any rebate.


  1. b) Maturity:

On the Life Assured surviving to the end of the policy term, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

  1. c) Loyalty Addition:

The policies under this plan shall be eligible for share in surplus (profits) in the form of Loyalty Addition, depending upon the experience of the Corporation. The Loyalty Addition, if any, shall be  payable at such rate and on such terms as may be declared by the Corporation, on death or surrender, provided the policy has run for at least  five policy years or on policyholder surviving to the maturity.

  1. Eligibility Conditions and Restrictions:
  2. a) Minimum Entry Age                     :         6 years (completed)
  3. b) Maximum Entry Age                       :      50 years (nearer birthday)
  4. c) Mode of premium payment             :      Single premium
  5. d) Minimum Maturity Sum Assured             :          Rs.75,000/-
  6. e) Maximum Maturity Sum Assured            :           No Limit
  7. f) Policy Term                                     :           12 years

Except for minimum Maturity Sum Assured of Rs.75000/-, higher Maturity Sum Assured than this amount shall be in multiple of Rs. 10000/- only.

Age at entry for the Life Assured is to be taken as age nearer birthday except for the minimum age at entry i.e. 6 years, where it is in completed years.

Date of commencement of risk: In case the age at entry of the Life assured is less than 8 years nearer birthday, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the age of 8 years (nearer birthday).

For those aged 8 years (nearer birthday) or more, risk will commence immediately.

  1. Rebates:

High Maturity Sum Assured Rebate:

Maturity Sum Assured (M.S.A) chosen under the policyReduction in Tabular premium (per Rs. 1000/- Maturity Sum Assured)
Below Rs.2,00,000Nil
Rs.2,00,000 to Rs. 3,90,000Rs. 15.00
Rs.4,00,000 and aboveRs. 20.00


  1. Surrender Value:

The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Guaranteed Surrender Value:

The Guaranteed Surrender Value shall be as under:

  • First year: 70% of the Single premium paid excluding extra premium and taxes, if any.
  • Thereafter: 90% of the Single premium paid excluding extra premiums paid and taxes, if any.
  1. Loans:

Loan facility shall be available under the plan at any time during the policy term after three months of the policy issuance subject to the following conditions:

  1. a) Depending on the age at entry, the maximum loan that can be granted as a percentage of Surrender Value (S.V.) for different policy years in which the loan is applied is as under:
 Policy year maximum Loan Amount as a % of surrender value for age at entry <=45maximum Loan Amount as a % of surrender value for age at entry >45
*3 month  to 3rd55%40%
4th  to 6th70%45%
7th  to 9th80%65%
10th  to 12th90%90%

*3 month means loan can be availed after three months of the policy issuance.

  1. b) The rate of interest to be charged on loans granted under this plan would be determined from time to time by the Corporation.
  1. c) In case the policy shall mature or becomes a claim by way of death, the Corporation shall become entitled to deduct the amount of the loan or any portion thereof which is outstanding, together with all outstanding interest from the policy moneys.
  1. d) No foreclosure action should be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding along with the interest shall be recovered from claims proceeds at the time of exit.
  1. Suicide Clause:

The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within 12 months from the Date of Commencement of Risk, an amount which is higher of 90% of the single premium paid (excluding taxes and extra premium, if any) or Surrender Value shall be payable. The Corporation will not entertain any other claim under this policy.

This clause shall not apply in case of Life Assured whose age at the time of entry is below 8 years.

  1. Taxes:

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