LIC Jeevan Shagun plan 826 is a single-premium non-linked money-back policy that provides security and savings. In the event of an untimely death of the policyholder, the policy provides high life cover, with the single premium deposited figuring out depending on the maturity amount. Part of the Maturity Sum Assured is payable by LIC in case of survival till the end of a plan’s duration and on the maturity date.
Many factors decide the premium of single premium plans, such as sum assured, age of the policyholder, past medical record, etc. Tax benefits are also available for the plan after the purchase of the coverage. The LIC Jeevan Shagun plan 826 maturity amount can be easily calculated by the LIC Jeevan Shagun maturity calculator.
Eligibility for LIC Jeevan Shagun Plan 826
It is a one, high-end, non-market-associated, profit-making, money-back product. The Chosen Maturity Sum Assured (MSA) is used to calculate the single premium. Conditions of eligibility under this plan if anyone wants to apply for:
- Entry age- 8 years is the minimum entry age.
- Highest age- 45 is the highest entry age.
- Payment mode for premiums- single premium
- The lowest maturity sum, Rs. 60,000, is the lowest maturity sum assured.
- Maximum sum assured- No Limit on the Maximum Maturity Sum Assured.
- Regulation Time- 12 years
Benefits of the LIC Jeevan Shagun Plan 826
The benefits of this LIC Jeevan Shagun Plan 826 are as follows:
- Survival Benefit: A Refund will be given in installments at a specified time. 15% of the Maturity Sum Assured at the end of the 10th policy year. In addition to this, 20% of the MSA will be paid as survival benefits at the end of the 11th policy year.
- Death Benefit: 10 fold the single premium received (without taxes) shall be payable as a death benefit in case the policyholder dies within five policy years. 10 times the A Basic Sum Assured premium plus loyalty addition, if applicable, shall become payable on death after the elapse of the five policy years.
- Maturity Benefit: 65% of the MSA along with any loyalty addition that may be applicable will be paid as a maturity benefit to the life assured if he survives till the end of the policy term.
- Loyalty Addition: If the policy has been running for a period of not less than five policy years, LIC will also pay the loyalty addition in case of death or surrender of the policy. Loyalty addition is paid on the date of maturity of the policy.
- Guaranteed Surrender Value: In case of policy surrender in the first year only by the holder, 70% of the premium is paid as the surrender value. 90% of a single premium paid could be paid as surrender value after one year.
Features of LIC Jeevan Shagun Plan 826
The features of the LIC Jeevan Shagun Plan 826 are listed that will help you to make an informed decision if you wish to apply for this policy:
- Free Look Time: In case you’re not satisfied with this policy, you have the option of canceling the insurance within 30 days of free look time.
- Tax Benefits: A tax benefit of 1.5 lakhs of the total premium paid within the same fiscal year is acceptable under section 80C of the Income Tax Act 1961.
- Only One Premium: The life of the policyholder is insured for a fixed number of years after a single premium payment.
- Money-Back Guarantee: The policyholder is given annual returns from the insurance company. The plan is a money-back plan as it has payments made in the 10th and 11th years of the policy, subject to survival.
- Free Look Time: If you are not satisfied with this plan, you can cancel the insurance within the 30-day free look period.
How does LIC Jeevan Shagun Plan 826 work?
How the LIC Jeevan Shagun Plan 826 works: A step-by-step breakdown:
1. Beginning of the Policy: A one-time premium is made to start the policy. From the date the policy becomes effective, the plan also comes into effect.
2. Death Benefit in Early Years: If an individual dies between the beginning of the policy and the fourth policy year:
- Only Basic Sum Assured, that is, ten times the premium paid, is provided to the nominee.
- For the initial few years, this provides basic life insurance.
3: Benefit of Death (Between Fifth and Twelfth Year): When the policyholder dies between the 5th and 12th policy years, the nominee is provided with:
- Basic Sum Guaranteed
- Premium amount of ten times
- Loyalty Bonuses (if disclosed)
Step 4: Benefits of Survival (Returns on Investment): Periodic returns, colloquially referred to as survival benefits, are paid according to the following if the policyholder survives:
- Avail 15% of the Maximum Sum Assured (MSA) value.
- Avail 20% of MSA.
Step 5: Advantages of Maturity: When the twelfth policy year (policy maturity) is over:
- Get the remaining 65 percent of MSA.
- One-time loyalty bonus (if applicable)
LIC Jeevan Shagun Plan Details: Sample Return Example
| Policy Year | Age 20 (Premium Rs. 52,390) | Age 25 (Premium Rs. 52,803) | Age 30 (Premium Rs. 53,736) | Age 35 (Premium Rs. 56,019) |
| Year 1 | -52,390 (Initial investment) | -52,803 | -53,736 | -56,019 |
| Years 2–9 | 0 | 0 | 0 | 0 |
| Year 10 | Rs. 15,000 (Survival Benefit) | Rs. 15,000 | Rs. 15,000 | Rs. 15,000 |
| Year 11 | Rs. 20,000 (Survival Benefit) | Rs. 20,000 | Rs. 20,000 | Rs. 20,000 |
| Year 12 | Rs. 95,000 (Maturity + Loyalty) | Rs. 95,000 | Rs. 95,000 | Rs. 95,000 |
| Estimated Return | 8.15% p.a. | 8.08% p.a. | 7.92% p.a. | 7.53% p.a. |
Assumptions Used in Example:
- Loyalty Addition: Rs. 300 per Rs. 1,000 Sum Assured.
- Survival Benefits: Paid at the end of the 10th and 11th years.
- Total Benefit by Year 12: Rs. 1,30,000 (Rs. 15 thousand + Rs. 20 thousand + Rs. 95 thousand).
The complete maturity amount can be calculated precisely as per the exact numbers by the LIC plan 826 maturity calculator.
| Read more: LIC Kanyadan Policy 833 Maturity Calculator
Conclusion
A money-back, single-premium insurance policy, LIC Jeevan Shagun plan 826, is a mix of life insurance with guaranteed returns and periodic survival benefits. It is especially suitable for those who desire to invest once without any recurring premium payments while still enjoying long-term benefits such as tax exemption, maturity value, and death cover. It is a risk-free solution for conservative investors wanting safety as well as returns, free from the hazards of the market due to its fixed payment rate and fidelity provisions.
LIC Jeevan Shagun 826 – FAQs
Is LIC Jeevan shagun plan 826 a single premium plan?
Ans. Yes, this LIC plan is a single-premium plan. You need to pay a premium only once in the policy term.
What is the minimum and maximum guaranteed?
Ans. Rs. 60,000 is the minimum Maturity Sum Assured (MSA). No maximum limit has been set.
When are the money-back benefits payable?
Ans. 15% of the MSA is received in the tenth year and 20% in the eleventh subject to survival.
In case of policyholder death in the next five years then what will happen?
Ans. The nominee will receive ten times the premium paid if the policyholder dies within five years.
How do I calculate my LIC Jeevan Shagun plan 826 maturity value?
Ans. By using the online lic plan 826 maturity calculator, You can get an accurate maturity value, estimated survival benefits, and loyalty addition by entering your age, premium amount, and sum assured.
