The Life Insurance Corporation of India (LIC) has been offering insurance and savings plans in India for decades. One of the most opted plans of LIC is the LIC Jeevan Rakshak Plan 827. It is a traditional endowment plan offering insurance and savings under a single policy.
If you are planning to buy this plan or you already have one, you can calculate your returns and benefits easily using the LIC Jeevan Rakshak Plan 827 Maturity calculator.
In this article, we will learn the details about the LIC plan 827 maturity calculator and its benefits.
What is LIC Jeevan Rakshak Plan 827?
LIC Jeevan Rakshak Plan 827 is a non-linked and participating life insurance plan offering a combination of protection and savings. It is best for people who want a low-premium life insurance policy along with guaranteed returns and additional bonuses.
| Read more: LIC Arogya Rakshak Plan 906
LIC Jeevan Rakshak Plan 827: Key Features
The key features of the LIC Jeevan Rakshak Plan 827 are as follows:
- The maximum term of the plan is 20 years, and it is an endowment term plan.
- The maturity benefits include basic sum assured along with loyalty additions (if any).
- In case of death, the sum assured received by the nominee is higher than the basic sum assured, or 10x annualized premium, or 105% of all premiums paid till date of death.
- The death coverage offered by the plan includes sum assured + loyalty additions in case the death happens after completing the 5th year of the policy. If the death occurs before completing the 5 years, the nominee will get only the sum assured on death.
- The loan facility is also available after paying full premiums for 3 years.
- If you surrender the policy before maturity, no loyalty addition will be provided.
LIC Jeevan Rakshak 827 Maturity Calculator
The LIC Jeevan Rakshak 827 maturity calculator is an online tool used for determining the maturity amount that you will get at the end of the policy term. It includes Basic Sum assured, Policy Term, Entry age of the policyholder, Accumulated bonuses, and Final additions. Using the LIC Jeevan Rakshak maturity calculator, you can determine total premiums paid, estimated bonuses, and Maturity benefits.
How does the LIC Jeevan Rakshak 827 Maturity Calculator work?
A LIC Jeevan Rakshak Maturity Calculator asks you a few details to calculate the maturity benefits, such as:
- Sum Assured – You need to choose the amount between Rs. 75,000 and Rs. 2,00,000.
- Policy Term – The policy term of the plan ranges from 10 years to 20 years.
- Age – The age of the policyholder must be between 8 and 55 years.
- Premium Payment Mode – The premium payment modes available are monthly, quarterly, half-yearly, yearly, or yearly.
After you have entered the data, the LIC plan 827 maturity calculator calculates the declared bonus rate to calculate the total maturity benefit.
For example, let’s assume your entered data as follows:
| Age | 30 Years |
| Sum Assured | Rs. 2,00,000 |
| Policy Term | 20 Years |
| Premium | Rs. 8000 annually |
The calculated maturity benefits will be as follows:
| Basic Sum Assured | Rs. 2,00,000 |
| Total Bonus Approx | Rs. 1,20,000 |
| Final Additional Bonus (If Applicable) | Rs. 10,000 |
| Total Maturity Amount | Rs. 3,30,000 |
Benefits of using the LIC Jeevan Rakshak 827 Maturity Calculator
The benefits of the LIC Jeevan Rakshak 827 maturity calculator:
1. Financial Planning
The LIC Jeevan Rakshak Plan 827 maturity calculator provides you with a clear idea of the maturity amount you will get, which further helps to plan financial goals such as education, marriage, etc.
2. Premium Calculation
The calculator helps you choose the sum assured and policy term as per your financial condition.
3. Transparency
It offers you a detailed breakdown of the premiums and returns, which provides a deep insight into your investment.
4. Comparison
You get the chance to compare the maturity benefits of various LIC plans and make informed decisions for your future planning.
LIC Jeevan Rakshak Plan 827 Benefits Examples
To understand the benefits of the LIC Jeevan Rakshak Plan, let’s consider an example:
| Age | 35 years |
| Term | 20 years |
| Sum Assured | Rs. 2,00,000 |
| Accidental Rider | Yes |
The Premium details will be as follows:
- For the First year
| Mode | Basic premium | Service tax | Total Premium |
| Yearly | 6974 | 314 | 7288 |
| Half Yearly | 3523 | 159 | 3682 |
| Quarterly | 1780 | 80 | 1860 |
| Monthly | 593 | 27 | 620 |
2. Subsequent Premiums
| Mode | Basic premium | Service tax | Total Premium |
| Yearly | 6974 | 157 | 7131 |
| Half Yearly | 3523 | 79 | 3602 |
| Quarterly | 1780 | 40 | 1820 |
| Monthly | 593 | 13 | 606 |
| Read more: LIC New Bima Gold Plan 179 Maturity Calculator
Conclusion
The LIC Jeevan Rakshak plan 827 is a good option for people looking for a low-risk plan with steady returns. The LIC Jeevan Rakshak 827 maturity calculator allows you to evaluate how the plan aligns with your goals. You must use the calculator to know the estimated maturity benefits and premium details of your plan.
FAQs
What is the LIC Jeevan Rakshal Plan 827 calculator?
The lic jeevan Rakshal Plan 827 calculator is the online tool offered by LIC on various platforms to estimate your maturity amount. It helps you to decide the policy term and sum assured to attain your financial goals.
Do we get the guaranteed maturity amount in LIC Jeevan Rakshak 827?
Ans. You get the guaranteed basic sum assured, but the bonuses depend on the LIC’s annual performance.
Is it compulsory to buy a policy to use the calculator?
Ans. No, you can use the calculator even if you don’t buy the policy; it’s free of cost and easy to use. You can use it to determine the maturity amount and determine if the plan is suitable for you.
Is the maturity calculator accurate?
Ans. The maturity calculator provides a close estimate as per the current bonus rates. The calculations are not exact.
Does the maturity calculator charge us any fees?
Ans. No, using the maturity calculator is free and can be used any number of times.
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