LIC Jan Suraksha Plan 880 Calculator

The LIC Jan Suraksha Plan 880 is a newly launched life insurance plan by Life Insurance Corporation of India (LIC) to provide affordable and reliable financial protection for individuals and their families.

Introduction to LIC Jan Suraksha Plan 880

The LIC Jan Suraksha Plan 880 is designed as a non-linked, with-profits, limited premium paying endowment plan. It aims to secure the future of policyholders by providing lump-sum returns on maturity and financial protection in case of unfortunate events like death.

It appeals particularly to those looking for a combination of savings, protection, and benefits that are affordable in premium payments.

Launch and Withdrawal Dates

• Launch Date: October 15, 2025
• Withdrawal Date: Withdrawals and acceptance of new proposals for this plan will continue until further notification by LIC, typically after several years of sales, or until the plan is archived. As of now, no official withdrawal date has been announced. Buyers are encouraged to check LIC’s official site or trusted platforms for updates.

Key Features of LIC Jan Suraksha Plan 880

This plan includes several benefits and features that make it attractive for long-term financial planning:

• Plan Type: Limited premium paying, with-profits endowment plan
• Policy Term Options: Minimum 10 years to maximum 25 years
• Premium Paying Term: Less than policy term (usually with an option to pay for 5, 7, 10, or 12 years depending on overall policy term)
• Minimum Sum Assured: ₹1.5 lakh
• Maximum Sum Assured: No fixed upper limit, based on income and age
• Entry Age: Minimum 18 years to maximum 60 years (age last birthday)
• Maturity Age: Up to 75 years (depending on term selected)
• Bonuses: Eligible for reversionary bonuses declared by LIC and liquidation bonuses on maturity
• Death Benefit: Sum Assured on Death plus accrued bonuses or minimum 105% of all premiums paid (whichever is higher)
• Loan Facility: Available after 3 policy years to help policyholders in financial emergencies
• Surrender Value: Guaranteed surrender value available after payment of minimum premium for 3 years
• Tax Benefits: Eligible for exemptions under Section 80C and tax-free maturity proceeds under Section 10(10D) as per applicable Indian laws

Eligibility Criteria

Before buying this plan, ensure you meet the following eligibility conditions:

This makes LIC Jan Suraksha suitable for young working individuals as well as older policy buyers who want to secure their family’s financial future.

Benefits of LIC Jan Suraksha Plan 880

This policy offers a variety of benefits that address both savings and protection:

Death Benefit

If the policyholder unfortunately dies anytime during the policy term, the nominee receives:

• Sum Assured on death (higher of basic sum assured or 10 times the annualized premium)
• Plus accrued reversionary bonuses declared till date
• Minimum 105% of total premiums paid till death, whichever is higher

This protects the family financially during difficult times.

Maturity Benefit

If the policyholder survives till the end of the policy term:

• They receive the sum assured on maturity plus the vested reversionary bonuses and any terminal bonus
• This provides a lump sum amount to meet future goals such as children’s education, marriage, or retirement planning

Bonuses

• Reversionary Bonuses: These are declared yearly based on LIC’s profits and added to the policy, enhancing the maturity value.
• Terminal Bonus: A one-time additional bonus may be paid at maturity, depending on the company’s financial performance over the term.

Loan Facility

Policyholders can avail loans against the surrender value after paying premiums for 3 full years. This helps in managing sudden expenses without surrendering the policy.

Surrender Value

If the policyholder wants to discontinue the policy after completion of minimum premium paying period, a guaranteed surrender value along with any vested bonuses will be payable.

Understanding LIC Jan Suraksha Plan 880 Calculator

The LIC Jan Suraksha Plan 880 Calculator is an online tool that helps potential policy buyers estimate the premium amount payable and maturity benefits for different policy terms, sum assured values, and premium paying periods.

How the Calculator Works

1. Input Parameters:
   You enter key details like your age, desired sum assured, policy term, premium paying term, and frequency of premium payment (yearly, half-yearly, or monthly).
2. Calculation:
   The calculator processes the inputs based on LIC’s actuarial rates and bonus declarations to estimate:
   • The premium amount is required to keep the policy active.
   • The expected maturity amount after the chosen policy term.
   • Estimated bonuses and surrender value projections.
3. Output:
   You get an instant view of your financial commitment and possible returns, helping you to decide if this plan suits your budget and financial goals.

Why Use LIC Jan Suraksha Plan 880 Calculator?

• Budget Planning: It helps calculate the exact premium amount you need to pay. This ensures you select a policy term and sum assured that fits your income.
• Goal Setting: By estimating maturity benefits, you can assess if the policy will meet your long-term financial objectives.
• Comparison: You can compare different premium paying terms and policy terms to select the most suitable option.
• Informed Decision: It supports making an informed choice before buying the plan, reducing surprises later.

Step-by-Step Guide to Using the Calculator

1. Visit a trusted LIC insurance portal or LIC’s official website offering the Jan Suraksha Plan 880 Calculator.
2. Select the plan from the portfolio and open the calculator tool.
3. Enter your current age accurately.
4. Choose the policy term (10 to 25 years).
5. Select the premium paying term (options based on policy term).
6. Enter the sum assured amount you are aiming for (₹1.5 lakh or more).
7. Choose premium payment frequency.
8. Click on “Calculate” or “Get Premium Quote”.
9. Review the premium and maturity amounts shown.
10. Use these details for comparison or to consult your insurance advisor.

Example Calculation

For example, suppose you are a 30-year-old person who wants to buy LIC Jan Suraksha Plan 880 with:

• Policy term: 15 years
• Sum Assured: ₹5,00,000
• Premium Paying Term: 10 years
• Frequency: Yearly premium

The LIC Jan Suraksha Plan 880 Calculator will show you:

• The yearly premium amount you need to pay.
• Expected maturity amount after 15 years including bonuses.
• Potential death benefit if the policyholder dies during the term.

These figures help you plan your finances better.

Advantages Over Other LIC Plans

Important Points to Remember

• Always disclose your correct age and health conditions to avoid claim rejection.
• Paying premiums regularly is mandatory to keep the plan active.
• Use the online calculator before finalizing policy details to know the premium and maturity value clearly.
• This plan is suitable for individuals looking for a low-risk, stable return insurance savings plan.
• Check for latest announcements on withdrawal or changes to the plan on the official LIC site or through insurance advisors.

Additional Tips for LIC Jan Suraksha Plan Buyers

• Review your financial goals before choosing the sum assured and policy term.
• Balance the premium paying term with your cash flow availability.
• Keep copies of all premium receipts and policy papers safely.
• Use the loan facility only if necessary to avoid policy lapses.
• Stay updated on LIC’s bonus declarations as they impact maturity value.

Frequently Asked Questions

Conclusion

The LIC Jan Suraksha Plan 880 is a promising life insurance product for individuals seeking protection and manageable savings through limited premium payments. The online calculator is an excellent tool to get clarity on how much you need to pay and what returns to expect from this plan. Always use the calculator and consult LIC agents or trusted insurance advisors for tailored advice based on your needs.