LIC’s new plan 2015-Jeevan Sangam (No.831) Single Premium Plan

It is last month of Financial Year 2014-15. LIC is launching new plan from 4th March 2015 called Jeevan Sangam (No.831). This plan is mainly meant to garner the business from those taxpayers who run to invest at year-end.

This is single premium, non linked, with profit, single premium and limit period plan. This plan will be available for public from 4th March 2015 to a maximum period of 90 days. Below are plan features.

Jeevan Sangam Table No.831

In this plan, an agent will earn the commission of 2%.

When you can surrender this plan?

In this plan, you have two options to surrender it.

  1. Guaranteed Surrender Value-If surrender in first year then 70% of single premium paid. Thereafter, it will be 90% of premium paid. (Note-payout will exclude taxes you paid).
  2. Special Surrender Value-It will be calculated based on some calculation of LIC.

Whether you go ahead to buy?

This plan is mainly meant to catch the business from those taxpayers who usually sleep for whole year and try to invest at year-end to save tax. Usually LIC does such trick to garner business from these buyers. So I do not think it fulfil your dream of having neither insurance nor the return (I expect around 5% to 6% return). However, exactly review will be once we will get the premium chart. Let us wait for that.

40 Responses

  1. Hi , Would like to know which is the best single premium (or something near to that) Policy available in LIC; Ijust want to make a Policy to some agent i know , to avoid yearly premiums.
    You can reply me through mail also

  2. I have taken a Hdfc sap policy in year 2011 with annual premium of rupee one LAKH. I have paid 5 premiums till date. I have to pay 5 more premiums. Though I don’t want to surrender policy but the online reviews are very bad. I just want to know how much I will be getting approx on maturity.

  3. Hi I have got return from.lic jeevan surabhi policy return 1 lack.. I want to invest again some 60 to 70 k I’m any better investment… Which should b single premium… And good returns and minimum locking period… I am 33 years old… Can u suggest better plans.. It may b lic or any other bank.. If premium is bit high also np…but need good returns… Please suggest…. Looking forward for ur reply… Thanks in advance

    1. Kavita-First of all define yourself or share with me what is meant by “Good Returns”, “Minimum Locking Period” or “Better Plans”. Never run behind plans. First understand what you need then go for choosing a product.

  4. Hi Basu,

    My father came across Jeevan Sangam and really wants me to take this as their is no money loss in this apart from other Term insurance which charge some amount but do offer good amount in case of death for any unseen reasons.

    I am 29 years old and have annual salary of around 10 Lacs per annum. I am single but might get married by end of this year and planning to buy a flat next year.

    I have kept most of the amount as FDs and have also started a monthly SIP of 10k recently.

    Is it fine if I take Jeevan Sangam for 10 years without buying any other term insurance? If yes, what should be the minimum amount that I should invest in it?

    Appreciate an early response as I got to know the last day to buy this policy is 4th June. Thanks in anticipation.

    – Nitin

  5. Hi, My name is Beenesh age is 27 yrs. I am thinking of investing in LIC’s Jeevan Sangam policy they are offering single premium around 147000 with a sum assured of 300000 and at 12 yr. will pay 600000 along with a risk cover of 10 times of the premium is it a good saving option ?
    I am also thinking in investing in NSC or NSS they are offering 8-9 % interest will this also be a good investment option?
    Please advise it will be a great help.

  6. If Rs.39000 approx. is invested for a term of 10 years. How much amount will be recieved when maturity comes off. ?

  7. I have opened LIC’s jeevan aanand policy and i am surprised to see that is not at all beneficial with what i have researched. I regret not doing it before however i make have already made 2 quarterly payments of 10,000 can you suggest the best thing i can do best in my situation? Your advise will be vital as i am a beginner in investing. Thanks in advance

  8. Hi my name is Umesh.
    I am residing in Adelaide from last 8 years and Carry Australian citizenship.
    I m 30 years old married and having 1 kid age 4 years.
    I drink occasionally but fit and healthy.
    I am interested in some plan which gives more risk cover for next 10-12 years as it is the main time where my family heavily dependent on me and if something goes wrong with me it will be very hard to pay house loan ($335000) for my wife as my parents retired.
    I am wondering if this plans (Jivan Sangam) suit to me?

  9. Both my daughter in law invested their hardly saving in Jeevan Saral policy during the year 2012 on paying 15000/ quarterly, now they came to know the policy is not beneficial for their future thought, then they told me and I became astonished and in other sense I perplexed for their thought as each of the already invested 180000/ each and now the LIC is giving only 101000/. I am not ready to invest more but in this situation no alternate to continue the policy for more two years to get their fund back in full or they should to continue the policy up to 10 years.
    What is prudent advise please let me know.
    Thanks with regards.
    Prem Chand Murarka

  10. Hi , i am planning to surrender my jeevan saral & jeevan Aanand policy of 5lac & invest in jeevan sangam .I read in newspaper that if I invest one’s 2lac at maturity I will get 5lac& on death get 20lac .is it good decision to do this .Please guide me. Thank you.

    1. Jyoti-You are coming out of one mistake and committing another. Do you feel it is possible? Have you done on what basis this maturity amount arrived? Never ever invest in any product with closing your eyes or believing others (including me too). Do your own homework if you want to protect your asset.

  11. Hi! I am intrigued about your calculation of premium. How do you arrive at 5% to 6%? For ages of 35 this plan doubles in 12 years, which should be 7%. For younger ages higher.

  12. Hi,there, My name is Heman Artist , I am 36 year married with 1 kid and non smoker and non alcoholic person ,I had by-Pass surgery in the year 2011 because of my family history i would like to know whether i am eligible for any term plan as right now i am perfectly ok and my medical test shows everything is fine. I did applied in HDFC and LIC for term plan but they rejected the proposal so can i get a term plan with some extra premium in any of the good company where claim settlement ratio is good.or you can suggest me any other plan where risk covered is comparatively good.Please reply on my mentioned email-id.


    Heman Artist

      1. Thanks for the reply but have you came across any similar case where any company has issued policy to anyone after bypass surgery? .

  13. Pl. have a ins out reviewof the Lic newly released plan. particularly the plan Jeevan Sangam.

  14. In jeevan sangam policy what is the single premium with service tax for one lac sum insured. Age 25 &23

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