LIC Jeevan Sangam Plan 831 is a single premium endowment life insurance plan by the Life Insurance Corporation of India (LIC), designed to provide high life cover during the policy term along with guaranteed returns and loyalty additions on survival.

It has a fixed policy term of 12 years, and offers a blend of savings and protection making it suitable for those seeking both maturity benefits and life cover through a one-time premium payment. This plan was launched on March 4, 2015, and was available for sale for a limited period of 90 days initially, with subsequent availability extensions before it was eventually withdrawn from sale.

Introduction to LIC Jeevan Sangam Plan 831

LIC Jeevan Sangam is a non-linked, with-profit plan that requires a single premium payment. This means the policyholder pays the premium just once at the time of buying the policy, and the coverage along with benefits continues for the entire policy term of 12 years. It is designed to provide a high amount of risk cover in case of death during the policy tenure, and at the same time offers the policyholder a significant maturity benefit that includes the guaranteed maturity sum assured along with additional loyalty bonuses.

• Plan Type: Single Premium Endowment Plan
• Policy Term: 12 years (fixed)
• Premium Payment: Single premium (one-time)
• Age of Entry: 6 to 50 years
• Maturity Sum Assured: Minimum Rs. 75,000 (in multiples of 10,000)
• Plan Status: Withdrawn for new sales (withdrawn around mid-2015 but was available for some extensions until about 2018)
• Unique Identification Number (UIN): 512N295V01

Key Features of LIC Jeevan Sangam Plan 831

1. Single Premium Payment: Pay once at policy inception, no recurring premiums.
2. High Life Cover: Death benefit is 10 times the single premium paid, offering substantial protection.
3. Maturity Benefit: On survival till maturity, the policyholder receives the maturity sum assured plus loyalty additions declared by LIC.
4. Loyalty Addition: This is a with-profits bonus given over and above the guaranteed amount, adding value to the policy at maturity.
5. Loan Facility: Policyholders can avail a loan after 3 months of policy commencement.
6. Surrender Value: Policy can be surrendered anytime with attractive surrender value options—guaranteed surrender value if surrendered after stipulated years.
7. Tax Benefits: Premium paid is eligible for deduction under Section 80C of the Income Tax Act; maturity proceeds are exempt from tax under Section 10(10D).
8. Backdating Option: Policies can be backdated to align with financial goals, subject to certain limits.

LIC Jeevan Sangam Plan 831 Launch and Withdrawal Dates

• Launch Date: March 4, 2015
• Original Sale Period: 90 days (initially till May 1, 2015)
• Extended Availability: Available for some extensions post-launch (up to 2018 as per some sources)
• Withdrawn Date: Listed as withdrawn for sale since around June 2015 officially, with some availability extensions until 2018 in limited regions/orders.

The plan is now closed for new sales, but existing policyholders continue to have their policies active with benefits as per the original terms.​

Detailed Benefits of LIC Jeevan Sangam Plan 831

Death Benefit:

• During the first 5 policy years:
  • Before commencement of risk: Refund of single premium paid excluding service tax and extra premium without interest.
  • After commencement of risk: Payment of 10 times the tabular single premium.
• After 5 years till maturity: The nominee receives 10 times the single premium plus accrued loyalty additions.

This ensures high protection against any unfortunate event during the policy tenure, providing financial security to the family.

Maturity Benefit:

• On survival till the end of the 12-year policy term, the policyholder receives:
  • Guaranteed Maturity Sum Assured (MSA)
  • Loyalty Addition (variable, depending on LIC profits)
  • The total maturity amount is tax-free.

An example would be if the MSA chosen is Rs. 2,00,000, then at maturity, assuming loyalty additions of Rs. 24,000, the total maturity proceeds would be Rs. 2,24,000 approximately.​

Surrender Value:

If the policyholder decides to surrender the policy, guaranteed surrender values apply:

• After 2 years: Around 70% of the single premium paid.
• After 3 years: Around 90% of the single premium paid.

These surrender values provide liquidity in times of need.

How to Use LIC Jeevan Sangam Plan 831 Calculator

The LIC Jeevan Sangam Calculator is an online tool that helps prospective policy buyers and existing policyholders estimate the single premium amount for the chosen Maturity Sum Assured and age of the life insured. It also calculates surrender value, paid-up value, loan value, and maturity benefits based on the policy data.

Steps to use the calculator:

1. Enter Age: Provide the current age of the person to be insured (between 6 and 50 years).
2. Select Maturity Sum Assured: Pick the desired maturity amount (minimum Rs. 75,000 in multiples of 10,000).
3. Calculate Premium: The calculator computes the single premium based on the inputs.
4. Estimate Benefits: The tool displays maturity benefits, death benefits, surrender value, and loan eligibility.
5. Plan Term: The term is fixed at 12 years as per the policy design.

Using this calculator is helpful to get a clear financial picture before buying and to understand future benefits in monetary terms.

Many LIC and financial websites provide this calculator to help users plan their insurance investment quickly and accurately.​

Why Choose LIC Jeevan Sangam Plan 831?

• Single Premium Convenience: Pay once and get long-term coverage and returns without recurring premium hassle.
• High Death Cover: Protection up to 10 times the premium ensures strong financial support for dependents.
• Guaranteed Returns Plus Bonuses: Safety of capital with loyalty bonuses that enhance maturity value.
• Tax Benefits: Saves tax both at the time of premium payment and maturity.
• Flexibility: Loan facility and surrender options offer support during financial emergencies.
• Backdating: Align policy benefits with financial targets.

This plan was especially suitable for conservative investors looking for stable returns and security combined with convenience.

Important Considerations

• This plan was available for a limited period, hence it is closed for new purchase now.
• Loyalty addition is variable and depends on LIC’s declared profits.
• The plan has a fixed 12-year term; it is not suitable for those looking for short-term or longer durations.
• Being a single premium plan, it requires a lump sum investment upfront.
• Suitable for age group 6 to 50 years; not available beyond that.

Where to Find More Information and Tools

• Official LIC Website: For authentic plan details and updates on withdrawn policies.
• LIC Online Calculator Services: Several third-party and LIC-authorized platforms offer premium and benefit calculators.
• LIC Branches and Agents: For personal guidance and paper-based policy purchase (when the plan was available).
• Financial advisory websites like Insurance21, Basunivesh provide detailed insights and calculator tools.​

Summary Table of LIC Jeevan Sangam Plan 831 Features

Feature	Details
Plan Type	Single Premium Endowment
Policy Term	12 Years (Fixed)
Entry Age	6 to 50 Years
Premium Payment	Single premium
Maturity Sum Assured	Minimum Rs. 75,000 (in multiples of 10,000)
Death Benefit	10 times single premium
Maturity Benefit	Guaranteed Sum Assured + Loyalty Addition
Loan Facility	After 3 months
Surrender Value	70% after 3 years, 90% after 2 years
Tax Benefit	Under Section 80C (premium), 10(10D) (maturity)
Launch Date	March 4, 2015
Withdrawal Date	Officially withdrawn since June 2015; sale extensions till 2018

Frequently Asked Questions

Conclusion

LIC Jeevan Sangam Plan 831 was an ideal plan for those seeking a non-linked, single premium investment coupled with high protection cover. Although this plan is no longer available for new customers, it remains relevant for existing policyholders and for understanding the structure of single premium endowment plans.