LIC Jeevan Sangam Policy no 831 Review

By | April 25, 2016

lic-jeevan-sangam-single-premiumLIC Jeevan Sangam plan no 831

Introduction to the LIC Jeevan Sangam plan no 831 :

LIC Jeevan Sangam 831 is a majorly a close ended plan that will be open for a maximum duration of a period of 90 days. It was initiated on the 3rd of March 2015.

LIC Jeevan Sangam Plan is a Non – linked, with – profit plan which offers huge level of demise cover during the policy tenure. It is a Single Premium Plan where the life assured has the option to select the Maturity Sum Assured. Under jeevan sangam 831, the Single Premium payable will depend upon the selected amount of Maturity Sum Assured & the Life Assured’s age.

LIC jeevan sangam policy has been elaborated in the form of features, conditions, advantages, premium table, etc in the mentioned below section.

Also, now you can very easily calculate the premiums & other added advantages by making use of the LIC jeevan sangam premium calculator which provides you a brief idea about the jeevan sangam LIC policy.


The conditions pertaining to the LIC Jeevan Sangam 831 :

Eligibility conditions for jeevan sangam lic plan are mentioned in the below given table :

Entry Age : ·         Minimum: 6 years (completed)

·         Maximum: 5o years (nearest birthday)

Policy Tenure : ·         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 /-

The Rebates under the Jeevan Sangam LIC Policy :

Huge Maturity Sum Assured Rebate : Under Jeevan Sangam LIC Policy, there is a rebate for High Maturity Sum Assured. It is a refund to the Life assured who has chosen huge Maturity Sum Assured.

Maturity Sum Assured (MSA) chosen under the policy Decrease 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 /- & above Rs. 20.00 /-

Premium Calculator of the LIC Jeevan Sangam Policy :

Now, you can very easily calculate the premium & Maturity advantages by making the optimum utilization of the LIC Jeevan Sangam Premium Calculator & Maturity calculator. Policy period, Age & Sum assured are needed to calculate the premium & maturity advantages.

LIC Jeevan Sangam Plan Maturity Advantage

Beneath the LIC Jeevan Sangam Plan, Maturity Advantage is that, the amount is payable to the life assured on in existence up till the conclusion of the policy tenure.

On continued existence of the Life Assured till the conclusion of policy tenure,

Maturity Advantage = Maturity Sum Assured + Loyalty Addition, if any

Loyalty Addition: 

Under the LIC Jeevan Sangam Plan, the policies are entitled for a share in profits in the form of ‘ Loyalty Addition ’. The Loyalty Addition (if any) shall be payable on such terms as may be affirmed by the Corporation. Loyalty Addition is payable on the demise of the policy holder or surrender, given that the policy has been going on for at least 5 policy years or on Policy holder surviving till the Maturity.

The Advantages of the LIC Policy Jeevan Sangam on Demise :

Below the LIC Policy Jeevan Sangam, demise advantage is that, the amount payable on the demise of the life assured during the 1st 5 policy years or after the conclusion of first 5 policy years.

On the demise of the life assured at some point in the first 5 policy years,

  • Prior to the Date of beginning of Risk :

Demise Advantage = Refund of Single premium – Service Tax & Extra Premium, if any, without interest.

  • Post the Date of beginning of Risk :

Demise Advantage = Basic Sum Assured (i.e., 10 times the tabular Single Premium)

On demise of the life assured post the completion of 5 policy years but prior to the date of maturity,

Demise Advantage = Basic Sum Assured (i.e., 10 times the tabular Single Premium) + Loyalty Addition, if any.

LIC Jeevan Sangam Premium Chart :

Mentioned below is the Lic jeevan sangam Premium table 831 :

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


The Buying Procedurefor the LIC Jeevan Sangam Policy :

The necessary Documents needed to purchase the Lic Jeevan Sangam Policy are mentioned below :

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

Other relevant details regarding the LIC’s Jeevan Sangam (UIN: 512n295v01)

Date of beginning of Risk :

In the case of the entry age of the Life assured being less than 8 years (nearer birthday), the risk in Lic’s Jeevan Sangam (UIN: 512n295v01) will begin from 1 day before the policy anniversary coinciding with or straight away following the age of 8 years (nearer birthday).

LIC Jeevan Sangam Surrender Value :

LIC Jeevan Sangam Policy can be surrendered at any time all through the policy tenure, subject to the understanding of premium cheque. In case the LIC Jeevan Sangam Policy is surrendered post the 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 percent of single premium paid excluding service tax & extra premiums paid, if any.
    • Thereafter – 90 percent of single premium paid excluding service tax & 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 obtainable under Lic Jeevan Sangam policy at whatever time during the policy tenure after 3 months of the policy issued, subject to the given below conditions :

Policy year Maximum Loan Amount as a  percent of surrender value for age at entry < = 45 Maximum Loan Amount as a  percent of surrender value for age at entry > 45
* 3 month  to 3rd 55 percent 40 percent
4th  to 6th 70 percent 45 percent
7th  to 9th 80 percent 65 percent
10th  to 12th 90 percent 90 percent


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


Suicide clause :

In case the life assured commits suicide before 12 months from the date of beginning of risk, then in such a scenario he / she will be returned back with 90 percent of single premium paid exclusive of any taxes & extra premium, if any.

Taxes :

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

Free – Look Period :

If Policy holder is not satisfied with the Terms & Conditions of the policy, then in such a case he / she may return the policy within 15 days from the date of receiving of the policy.

Backdating Interest :

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

Policy Stamping :

In the LIC Jeevan Sangam policy, stamping charges will be 20 paise per thousand of basic sum assured.

Assignments / Nominations :

Assignments & Nominations are attainable under this Lic Jeevan Sangam Policy plan no 831.

Frequently asked questions under the LIC Jeevan Sangam 831 :

Q1. What will be the Commission payable to intermediaries?

A1. Commission to Agents, corporate agents & brokers is payable at the rate of 2 percent of the single premium inward bound (net of taxes).

Q2. What will be the credit to Development Officer?

A2. Credit to Development Officers will be at the rate of 5 percent of the single premium (net of taxes). No bonus commission will be allocated.

Q3. Is Lic Jeevan Sangam Policy entitled for CEIS Rebate?

A3. Lic Jeevan Sangam 831 concluded under CEIS will be entitled for CEIS (Corporation Employees’ Insurance Scheme) rebate of 2 percent of the tabular premium given that the policy is not taken through any intermediary.

For further details please refer to the below mentioned official link,

Click here for LIC Jeevan Sangam Plan

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