LIC Jeevan Vriddhi Plan 808

Life Insurance Corporation of India (LIC) has been a trusted name in India for decades, providing various insurance schemes to meet different financial goals. One such notable plan launched by LIC is the Jeevan Vriddhi Plan 808.

Introduction to LIC Jeevan Vriddhi Plan 808

LIC Jeevan Vriddhi is a single premium, non-linked, traditional endowment plan that combines the assurance of a life cover with guaranteed returns on maturity. This plan was designed to offer policyholders a secure investment backed by LIC’s guaranteed maturity sum assured and additional loyalty additions if declared.

The plan is attractive for individuals seeking to save with a single lump sum premium payment and who want life insurance coverage along with assured returns. It stands out because of its simplicity, convenience, and guaranteed benefits.

Launch and Withdrawal Dates

• Launch Date: LIC Jeevan Vriddhi Plan 808 was launched on 1st March 2012.
• Withdrawal Date: The plan was withdrawn from sale on 29th June 2012.

Though the plan was only available for a limited period, it remains significant in LIC’s history due to its unique features and benefits. The information provided here serves to help those who have purchased the plan or want to understand how such single premium policies work.

Eligibility and Entry Age

• Minimum age at entry: 8 years (completed)
• Maximum age at entry: 50 years (nearest birthday)

The policy term under this plan is fixed at 10 years.

Key Features of LIC Jeevan Vriddhi Plan 808

Single Premium Payment

Unlike regular premium plans, Jeevan Vriddhi requires a one-time premium payment. The minimum single premium is Rs. 30,000, and there is no upper limit on the premium amount, allowing customers flexibility based on their investment capacity.

Life Cover Sum Assured

The death benefit during the policy term is the basic sum assured, which is 5 times the single premium (excluding any extra premium paid). This provides a sizable life cover compared to the single premium paid.

Guaranteed Maturity Sum Assured

At maturity, the policyholder receives the Guaranteed Maturity Sum Assured along with possible Loyalty Additions. The Guaranteed Maturity Sum Assured depends on factors like the single premium amount and the age of the policyholder at entry.

Loyalty Addition

The plan offers loyalty additions based on LIC’s experience and profitability, which are added to the maturity amount as a bonus.

Policy Loan Facility

Policyholders can avail of a loan against the policy after completion of one year, providing liquidity in times of need.

Tax Benefits

Premiums paid under this plan are eligible for tax deductions under Section 80C of the Income Tax Act, subject to prevailing tax laws.

Benefits of LIC Jeevan Vriddhi Plan 808

This plan uniquely combines life insurance and savings, making it suitable for various financial planning goals.

• Security: By offering 5 times the single premium as life cover, it ensures financial protection for the family in case of an untimely death.
• Growth: Guaranteed maturity sum assured plus potential loyalty additions ensure that the invested amount grows significantly over 10 years.
• Convenience: Only a one-time premium payment is required, making it easy for policyholders.
• Flexibility: No upper limit on the premium means investors can choose to invest as per their financial capacity.

Because of these features, this plan is ideal for young adults, parents aiming for child education funding, or anyone wanting a safe, long-term investment with an insurance cushion.

Understanding the LIC Jeevan Vriddhi Plan 808 Calculator

To make informed decisions and understand the potential returns and benefits from Jeevan Vriddhi Plan 808, LIC provided an online calculator as well as offline tools. This calculator helps estimate:

• The maturity value of the policy
• Basic sum assured amount
• Loyalty additions (estimated based on past experience)
• Death benefit amount
• Premium payable (which is a single premium here)

How the Calculator Works

The LIC Jeevan Vriddhi Plan 808 calculator typically requires the following inputs:

• Age of the policyholder: To calculate entry-age-based maturity sum assured.
• Single premium amount: The amount invested once at the policy start.
• Policy term: Fixed at 10 years (default for this plan).

The calculator then outputs:

• Basic sum assured: Calculated as 5 times the single premium.
• Guaranteed maturity sum assured: Calculated based on age and premium as per LIC’s tables.
• Estimated loyalty addition: An approximate bonus amount added on maturity.
• Total maturity benefit: The sum of guaranteed maturity plus loyalty addition.
• Death benefit: Basic sum assured payable to nominee if the insured dies during the term.

Benefits of Using the Calculator

• Helps in estimating the returns before buying.
• Assists in financial planning by showing maturity benefits.
• Helps compare premiums and benefits of this plan with other LIC plans.
• Provides clarity on death benefits and policy loans.

Example Illustration Using the Calculator

Suppose a 30-year-old person invests a single premium of Rs. 50,000. Using the calculator,

• Basic Sum Assured on death = 5 x 50,000 = Rs. 2,50,000
• Guaranteed Maturity Sum Assured (depends on LIC tables) might be around Rs. 60,000 plus estimated loyalty additions of Rs. 6,000.
• Total maturity benefit may be around Rs. 66,000 after 10 years.

This simple illustration helps visualize how a single payment can lead to both life cover and guaranteed returns.

How to Access LIC Jeevan Vriddhi Plan 808 Calculator

Since the plan is withdrawn, the official LIC website may not provide a live calculator for Plan 808 now. However, archived or third-party financial websites sometimes offer legacy calculators for withdrawn plans. Alternatively, offline LIC agents can help calculate expected benefits based on official actuarial tables.

Additional Information About the Plan

Surrender Value

The policy has a surrender value after completion of one year, which is calculated as per LIC norms. The surrender value guarantees some returns to policyholders who may need to exit the policy before maturity.

No Upper Limit on Investment

One of the notable rules is the freedom from upper investment limits, allowing high-net-worth individuals to invest significant amounts under the policy, subject to premium multiples.

Policy Term and Maturity

The plan term is strictly fixed at 10 years, making it a medium-term savings-cum-insurance plan. On maturity, the guaranteed sum assured and loyalty additions are payable in a lump sum.

Why Choose LIC Jeevan Vriddhi Plan 808?

• Reliable and Secure: Backed by LIC, which has decades of experience and trust.
• Simple Single Payment: No hassle of paying premiums every year.
• Guaranteed Returns: Assured maturity benefits with potential loyalty additions.
• High Life Coverage: Death benefit is 5 times the premium paid.
• Loan Facility: Liquidity after one year enhances financial flexibility.
• Tax Benefits: Premium payments add tax savings under Section 80C.

These qualities make it a smart choice for those looking for a fixed-tenure, low-maintenance plan with life coverage.

Important Things to Remember

• The plan is no longer available for new customers, as it was withdrawn on 29 June 2012.
• Loyalty additions are not guaranteed but depend on LIC’s experience.
• The maturity benefits are tax-free under Section 10(10D), subject to conditions.
• The single premium must be Rs. 30,000 or above.
• The plan provides a fixed 10-year tenure, so early withdrawal or surrender may attract penalties.

Comparison With Similar Plans

Two popular single premium plans from LIC were:

Frequently Asked Questions

Conclusion

LIC Jeevan Vriddhi Plan 808 was a unique opportunity to invest once and get both life insurance and attractive guaranteed returns after 10 years. While the plan is withdrawn, understanding its features helps policyholders who still hold the plan and anyone interested in similar single premium endowment plans.

By using the Jeevan Vriddhi calculator, one can estimate the maturity benefits, death coverage, and the value of loyalty additions, aiding better financial decisions.