LIC Jeevan Deep Plan 810

Life Insurance Corporation (LIC) of India has introduced many insurance plans to serve different customer needs. One such plan is the LIC Jeevan Deep Plan 810, a micro-insurance life plan designed to provide life coverage with savings benefits.

Introduction to LIC Jeevan Deep Plan 810

LIC Jeevan Deep Plan 810 is a simple savings-related life insurance plan that offers guaranteed additions to your sum assured along with loyalty additions depending on LIC’s experience. The policy allows you to either pay premiums in a lump sum or regularly through monthly, quarterly, half-yearly, or yearly payments over the policy term.

This plan targets economically weaker sections by providing affordable life coverage with savings features. It offers both death benefit protection during the policy term and maturity benefits if the policyholder survives the entire term.

Launch Date and Withdrawal Information

This plan was launched by LIC to cater to specific customer needs and was withdrawn on January 1, 2014. However, it remains important to understand its features and how the premium calculations worked for policyholders during its active period. Some legacy policies may still exist with the plan.

• Launch Date: Not explicitly stated in latest sources, but historically active before 2014.
• Withdrawal Date: January 1, 2014​

Key Features and Benefits of LIC Jeevan Deep Plan 810

Guaranteed Additions

One of the standout features of this plan is that it provides guaranteed additions of Rs. 20 per Rs. 1000 sum assured every year during the policy term. This means your sum assured grows every year by a guaranteed amount.

Loyalty Additions

Apart from guaranteed additions, you may also receive loyalty additions at the end of the policy term based on LIC’s experience. These are bonus amounts paid out at maturity or on death in the last policy year.

Death Benefit

• If the policyholder dies during the policy term (except the last year), the nominee receives the basic sum assured plus accrued guaranteed additions.
• If death occurs in the last year, the nominee receives the basic sum assured, guaranteed additions, and loyalty additions (if declared).

Maturity Benefit

If the insured survives until the end of the policy term, they receive the basic sum assured along with the accrued guaranteed additions and loyalty additions, providing a wholesome savings-plus-protection benefit.

Flexible Premium Payment

Premiums can be paid as:

• Single premium (lump sum)
• Regular premiums yearly, half-yearly, quarterly, or monthly

Accident Benefit Rider

You can opt for an additional accident benefit rider by paying an extra premium. This rider provides a lump sum in case of accidental death and installment payments in case of disability due to accident. Premium waiver benefit is also included if disability occurs.

Eligibility and Policy Term

• Minimum age to enter: 18 years
• Maximum age to enter: 60 years
• Policy tenure: Minimum 5 years to maximum 15 years
• Sum assured ranges from Rs. 5,000 to Rs. 30,000

Premium Rates and Calculation Example

The premium for this plan depends on your age, policy term, and sum assured. Premium rates are quoted per Rs. 1000 sum assured. For example, the annual premium for Rs. 1000 sum assured varies by age and term as shown below:

To calculate the yearly premium for your desired sum assured, multiply the number of thousands in your sum assured by the premium rate. For example:

If you are 30 years old and want a basic sum assured of Rs. 10,000 with a 10-year policy term, the yearly premium would be: Yearly Premium=10×Rs.107.45=Rs.1074.50

How to Use the LIC Jeevan Deep Plan 810 Calculator

Since this plan was withdrawn, LIC’s official website no longer offers an active calculator for Plan 810 specifically. However, the calculation principle can be applied through manual calculations or general LIC premium calculators which allow for input of sum assured, age, policy term, and payment frequency.

Steps to Calculate Premium and Maturity Value

1. Enter Age: Your age at the time of buying the policy.
2. Choose Sum Assured: The amount of basic sum assured you want.
3. Select Policy Term: Choose a term between 5 to 15 years.
4. Select Premium Payment Mode: Single, yearly, half-yearly, quarterly, or monthly.
5. Apply Premium Rate: Use the rates above to calculate the base premium.
6. Calculate Guaranteed Additions: Rs. 20 per Rs. 1000 sum assured each year.
7. Add Loyalty Additions if applicable: Variable, declared by LIC at maturity.
8. Compute Total Maturity Benefit: Sum of basic sum assured + guaranteed additions + loyalty additions.

Example Calculation

Let’s say Mr. Sharma, aged 35, chooses a 15-year policy with a sum assured of Rs. 20,000.

• Annual premium per Rs. 1000 (estimate at age 35 and 15 years): Rs. 70.55
• Annual premium = 20 x 70.55 = Rs. 1411.00 approx.
• Guaranteed additions per year = 20 x 20 = Rs. 400
• Total guaranteed additions over 15 years = Rs. 400 x 15 = Rs. 6000
• Maturity amount (excluding loyalty additions) = Rs. 20,000 + Rs. 6000 = Rs. 26,000 plus any loyalty additions declared.

Advantages of Using LIC Jeevan Deep Plan 810

• Affordable Coverage: Designed for lower-income groups, with sum assured between Rs. 5,000 to Rs. 30,000.
• Savings plus Protection: Combines life cover and savings through guaranteed and loyalty additions.
• Flexible Premium Payments: Multiple premium payment modes to suit your financial convenience.
• Accident Benefit Rider: Extra coverage for accidents with premium waiver in case of disability.
• Simple Plan: Easy to understand and transparent benefits make it attractive for first-time policyholders.

Important Points to Remember

• This plan offers guaranteed additions of Rs. 20 per Rs. 1000 sum assured and possible loyalty additions at maturity.
• Premiums must be paid consistently for the full term to receive full maturity benefits.
• The policyholder must meet age eligibility criteria and pay premiums within the chosen mode and schedule.
• The policy was withdrawn on January 1, 2014. Existing policyholders can still claim benefits but new policies cannot be issued.
• For similar current plans, consider other LIC micro-insurance products or endowment plans with comparable features.

Frequently Asked Questions

Conclusion

LIC Jeevan Deep Plan 810 was a simple, micro-insurance endowment plan aimed at providing affordable life coverage and savings to lower-income groups with guaranteed additions and loyalty bonuses. Although it was withdrawn in 2014, its concepts of guaranteed additions and flexible payments remain integral to LIC’s insurance philosophy.

Understanding the premium structure and benefits of Plan 810 helps in evaluating similar LIC plans today. Using premium calculators, you can estimate annual premiums, maturity values, and benefits for your chosen LIC policies. Always consider your insurance needs, budget, and the latest LIC products available when making a decision.

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