LIC Jeevan Shikhar Plan 837 is the new limited period Endowment Plan from LIC India. The Jeevan Shikhar Plan (Table No 837) will be available from 11th January 2016 for a very limited period of time i.e. 120 days from the date of launch.

LIC generally launches a lot of new plans during this time of the year. Last year, they had launched a similar plan called LIC Jeevan Sangam (table no 831). This is the time when most of the salaried individuals look for Tax Saving investment instruments.

LIC Jeevan Shikhar 837 plan is a Non-Linked, Saving cum Protection, with Profit, Single Premium Endowment Assurance plan. The UIN no. (Unique Identification Number) for LIC Jeevan Shikhar Plan that is 512N305V01 which has to be quoted by the policyholder in all relevant documents while buying the policy. This Endowment plan will be open for only 120 days from the date of launch. So, people who are Interested to buy this Policy need to act fast.

LIC Jeevan Shikhar (Table no 837) Key Features

The main features of this new endowment plan are as bleow;

  • Policy Term : 15 years
  • Minimum Entry Age : 6 years (completed)
  • Maximum Entry Age : 45 years (nearer birthday)
  • Sum Assured on Death : 10 times of tabular single premium
  • Minimum Maturity Sum Assured : Rs. 100,000/-
  • Maximum Maturity Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs. 20,000/- only)
  • Premium payment mode : Single premium only

Death Benefits of Jeevan Shikhar 837 Policy

New Jeevan Shikhar 837 Plan provides two types of Death Benefits.

On death during first five years of policy:

Before the date of commencement of risk: Single premium paid without interest will be refunded.

After the date of commencement of risk: A death benefit of Sum assured i.e. 10 times the tabular single premium is payable.

(‘Date of commencement of risk’ : In case the age at entry of the Life assured is more than 8 years or more, risk will commence immediately. If age is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the age of 8 years)

On death after completion of five years but before the Maturity Date:

Death Benefit is the Sum assured equal to 10 times the single premium along with the Loyalty Addition, if any, is payable.

LIC Jeevan Shikhar Plan 837 Premium Calculator

You need to provide the below details to calculate the premium rates online with the LIC Jeevan Shikhar 837 premium calculator.

  • Name
  • Email Id
  • Mobile
  • Age
  • Term
  • Sum Assured

LIC Jeevan Shikhar Plan Maturity Calculator

The amount which is payable to the policyholder during the maturity time is the Maturity amount. You can calculate the maturity value or maturity amount with the Jeevan Shikhar LIC Plan Maturity Calculator. Maturity value is calculated based on the Sum Assured along with the Loyalty benefits and you will get the approximate or nearby maturity amount.

LIC Jeevan Shikhar Plan No. 837 Maturity Calculator provides the maturity value based on the Policy term, Sum Assured, Age of the LIC Policyholder & other factors. To calculate the maturity value you need to provide your Mobile number, Name, Email ID.

LIC Jeevan Shikhar Endowment Plan 837 Benefits

  1. Maturity Benefits: On survival of the Life Assured to the end of policy term, Maturity benefit will be the Maturity Sum Assured plus Loyalty Additions (if any).
  2. Loyalty Addition: On death of the policy holder or on surrender of the policy, the Loyalty Addition is payable. But to receive that the policy has to run for atleast five policy years, or on policyholder surviving till policy maturity.
  3. Surrender option & Surrender value: The policy can be surrendered at any time during the policy year. The Guaranteed Surrender Value will be as below:
  • First year: 70% of the Single premium (excluding extra premiums paid and taxes).
  • Afterward: 90% of the Single premium paid (excluding extra premiums paid and taxes. (Loyalty addition (if any) will be paid in case policy is surrendered after completion of 5 years)

Jeevan Shikhar LIC Plan 837 Policy Rebates

The rebates for the basic LIC Jeevan Shikhar Plan are:

  • High Maturity Sum Assured Rebate.
  • Corporate Employee’s Insurance Scheme (CEIS) Rebate.

Documents Needed to buy LIC Jeevan Shikhar 837 Policy

Below are the required documents while buying the LIC New policy Jeevan Shikhar plan.

  • Application form/ Proposal form No. 300, 340 and 360 issued by U & R Department
  • A Photo
  • Address proof
  • Age proof
  • Medical reports (if required)

LIC Jeevan Shikar Plan 837 Claim Procedure

The below documents need to be produced for the claim procedure of LIC Jeevan Shikhar table no. 837 plan:

  • Original Policy Document
  • NEFT Mandate Form
  • Proof of Title
  • Death Certificate
  • Accident/ Disability Proof (as mentioned in the rider circular)
  • School/ College/ employer’s certificate
  • Age Proof of the Life Assured (in case age is not admitted under the policy)

You may visit the LIC website for future updates. Also share your views about the LIC Jeevan Shikhar Plan 837.

2 COMMENTS

  1. Dear Manidpa,

    If you can actually review the policy, compare against similar, provide qualitative review comments, it would add value :). The information shared is available from tons of other sources too and seems copy-paste 🙁

    – Luke

    • Hi Luke,

      We are only sharing latest updates in India personal finance areas. We are not certified authorities to suggest anyone.:)
      Every policy has their own benefits & cons. If you read our previous articles on how much a lic policy give return, LIC agents commission etc you will understand and able to take decision whether you should buy this or you have any alternative.

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