LIC Jeevan Shagun Plan 826 is a single-premium money-back policy. Only one premium was paid at the beginning, and the policy provided life cover for 12 years. It also paid part of the Maturity Sum Assured in the 10th and 11th policy years, followed by the remaining amount at maturity.
The plan is no longer available for purchase. But the LIC Jeevan Shagun Plan 826 Calculator will help existing policyholders to check their money-back payments, maturity amount, death benefit, surrender value, and estimated loan amount.
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What Does the LIC Jeevan Shagun Plan 826 Calculator Show?
The calculator shows main policy calculations together in one place. When we enter the Maturity Sum Assured, Tabular Single Premium, policy year, and other required details, it can show the Basic Sum Assured, year 10 and year 11 money-back payments, final maturity amount, death benefit, estimated surrender value, and possible loan limit.
Loyalty Addition can also be included when an amount confirmed by LIC is available. It should not be added automatically because it is not guaranteed.
LIC Jeevan Shagun Plan 826 Quick Fact
| Particular | Details |
|---|---|
| Plan name | LIC Jeevan Shagun |
| Plan number | 826 |
| UIN | 512N290V01 |
| Premium payment | One-time payment |
| Policy term | 12 years |
| Year 10 payment | 15% of Maturity Sum Assured |
| Year 11 payment | 20% of Maturity Sum Assured |
| Final maturity payment | 65% of Maturity Sum Assured plus Loyalty Addition, if any |
| Basic Sum Assured | 10 times the Tabular Single Premium |
| Policy loan | Available after completion of one policy year, subject to LIC rules |
| Current status | Withdrawn from sale |
What is LIC Jeevan Shagun Plan 826?
LIC Jeevan Shagun Plan 826 is a money-back life insurance policy with a fixed term of 12 years. The premium was paid once when the policy started, so there were no yearly or monthly premiums afterward.
The plan provided a large life cover based on the Tabular Single Premium. It also returned the Maturity Sum Assured in three parts. The first payment was made after 10 years, the second after 11 years, and the remaining amount at the end of 12 years.
The plan could also receive a Loyalty Addition. This was an extra amount that LIC could declare, but it was not fixed or guaranteed. LIC withdrew the plan from new sales on 30 November 2014. The calculator is therefore mainly meant for people who already hold this policy.
Key Highlights of the Plan
- Only one premium was payable at the start.
- The policy term was fixed at 12 years.
- Money-back payments were available in years 10 and 11.
- The remaining benefit was paid at maturity.
- Life cover was linked to the Tabular Single Premium.
- Loyalty Addition could be payable under LIC’s declared rules.
- Surrender and loan facilities were available under policy conditions.
Important Amounts Used in the Calculator
Three amounts often create confusion: Maturity Sum Assured, Tabular Single Premium and Basic Sum Assured. They are not the same.
Maturity Sum Assured
This is the amount used to calculate the money-back and maturity payments. For example, if the Maturity Sum Assured is ₹4,00,000, the year 10, year 11 and final maturity payments are calculated from ₹4,00,000.
Tabular Single Premium
This is the base single premium before tax, extra premium or other adjustments. The correct amount should be taken from the policy schedule because it is used to calculate the death cover.
Basic Sum Assured
The Basic Sum Assured is the main life-cover amount. It is calculated as follows:
Basic Sum Assured = 10 × Tabular Single PremiumTax or extra premium paid should not be included in this calculation.
How to Use LIC Jeevan Shagun Plan 826 Calculator?
First, enter the Maturity Sum Assured shown in the policy schedule. Next, enter the actual Tabular Single Premium printed in the same document. Select the policy year when checking the surrender value or loan amount.
Enter Loyalty Addition only when LIC has confirmed an eligible rate or amount. If it is not known, leave it blank or enter zero. Tax and extra premium may be entered only to understand the total amount originally paid; they do not increase the policy benefits.
After entering the details, select Calculate. The calculator will show the money-back payments, maturity value, death cover and other available estimates.
Formula Used in the Calculator
The main policy formulas are:
Basic Sum Assured = 10 × Tabular Single Premium
Year 10 Money-Back Payment = 15% × Maturity Sum Assured
Year 11 Money-Back Payment = 20% × Maturity Sum Assured
Final Maturity Payment = 65% × Maturity Sum Assured
+ Loyalty Addition, if any
Total Scheduled Payout = 100% × Maturity Sum Assured
+ Loyalty Addition, if anyThe final maturity payment is not the full Maturity Sum Assured because 35% is normally paid earlier in years 10 and 11.
Survival and Maturity Benefits
The Maturity Sum Assured is paid in three stages:
| Payment time | Benefit |
| End of the 10th policy year | 15% of Maturity Sum Assured |
| End of the 11th policy year | 20% of Maturity Sum Assured |
| End of the 12th policy year | 65% of Maturity Sum Assured plus Loyalty Addition, if any |
The first two payments are commonly called money-back or survival benefits. The third payment is the final maturity amount. Together, the fixed payments equal 100% of the Maturity Sum Assured.
Death Benefit
If the life assured dies during the first five policy years, LIC pays the Basic Sum Assured.
Death Benefit = 10 × Tabular Single PremiumIf death occurs after five completed policy years but before maturity, LIC pays the Basic Sum Assured plus Loyalty Addition, if one is declared and payable under the policy rules.
The actual claim amount can be affected by an outstanding policy loan, unpaid loan interest, assignment or other policy conditions. LIC’s claim decision and policy records remain final.
How Loyalty Addition Works
Loyalty Addition is a possible extra benefit. It does not build up at a fixed yearly rate like a guaranteed return. LIC may declare it according to its experience and the rules that apply to the policy.
It may be available at maturity, on an eligible death claim after five completed policy years or on surrender after the required period. The amount and calculation method may not be the same in every situation. Therefore, the calculator should use only an amount or rate confirmed by LIC and should clearly label any assumed figure as an example.
Surrender Value
The policy could be surrendered during its 12-year term. LIC may calculate both Guaranteed Surrender Value and Special Surrender Value and pay the amount allowed under the policy conditions.
During the first policy year, the Guaranteed Surrender Value is:
70% × Single Premium excluding tax and extra premiumAfter the first policy year, it is calculated as:
90% × (Single Premium excluding tax and extra premium
− money-back payments already received)This deduction becomes important after the payments in years 10 and 11.
For example, suppose the single premium excluding tax and extra premium is ₹2,25,000. If no money-back payment has been received, the estimated Guaranteed Surrender Value after the first year is:
90% × ₹2,25,000 = ₹2,02,500After receiving ₹60,000 in the 10th year:
90% × (₹2,25,000 − ₹60,000) = ₹1,48,500After receiving a total of ₹1,40,000 in years 10 and 11:
90% × (₹2,25,000 − ₹1,40,000) = ₹76,500The Special Surrender Value may be different because LIC applies its own factors. An online calculator cannot show the exact Special Surrender Value unless the correct LIC factor is available.
Loan Benefit Under Jeevan Shagun Plan 826
A loan could be taken after the policy had completed at least one year, subject to available surrender value and LIC’s rules.
| Policy year | Maximum loan as a percentage of surrender value |
| Years 2 to 3 | 50% |
| Years 4 to 6 | 60% |
| Years 7 to 9 | 70% |
| Years 10 to 12 | 90% |
If the surrender value in policy year 6 is ₹2,02,500, the estimated loan limit is:
60% × ₹2,02,500 = ₹1,21,500LIC may approve a lower amount. Interest is charged on the loan, and any unpaid loan with interest may be deducted from a future policy payment or claim.
Complete Calculation Example
Consider an old policy with the following assumed details:
| Detail | Amount |
| Maturity Sum Assured | ₹4,00,000 |
| Tabular Single Premium | ₹2,25,000 |
| Policy term | 12 years |
| Loyalty Addition | Not included initially |
The Basic Sum Assured is:
10 × ₹2,25,000 = ₹22,50,000The scheduled payments are:
Year 10: 15% × ₹4,00,000 = ₹60,000
Year 11: 20% × ₹4,00,000 = ₹80,000
Year 12: 65% × ₹4,00,000 = ₹2,60,000| Payment stage | Amount |
| End of year 10 | ₹60,000 |
| End of year 11 | ₹80,000 |
| Final maturity payment | ₹2,60,000 |
| Total fixed payout | ₹4,00,000 |
If an assumed Loyalty Addition of ₹20,000 is used only for illustration, the final maturity payment becomes ₹2,80,000. The total received across all three stages becomes ₹4,20,000.
The assumed ₹20,000 is not a promised benefit. The actual Loyalty Addition, if any, must be confirmed by LIC.
Tax Benefits and Tax Rules
Tax treatment depends on the policy conditions and the tax law that applies when a payment is received. The premium may have qualified for a deduction under the rules applicable at the time of payment, while maturity or claim proceeds may be taxable or exempt depending on the conditions of the Income-tax Act.
Tax paid with the premium does not increase the death benefit, maturity amount or surrender value. For a large payment or an unclear tax position, the latest rules should be checked with a qualified tax professional.
Important Points to Remember
- Use the Tabular Single Premium from the policy schedule, not the total payment including tax.
- Do not treat Loyalty Addition as guaranteed.
- The final maturity payment is 65% because 35% is paid earlier.
- Money-back payments already received reduce the later Guaranteed Surrender Value.
- An outstanding loan and interest may reduce the amount finally paid.
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Frequently Asked Questions
Is LIC Jeevan Shagun Plan 826 still available for purchase?
No. LIC withdrew the plan from new sale on 30 November 2014. The calculator is mainly useful for people who already have this policy.
How is the LIC Jeevan Shagun maturity amount calculated?
The plan pays 15% of the Maturity Sum Assured after 10 years, 20% after 11 years and the remaining 65% at the end of 12 years. Loyalty Addition may increase the final payment if LIC declares it for the policy.
Is Loyalty Addition guaranteed?
No. It depends on LIC’s declaration and the conditions that apply at the time of death, surrender or maturity. It should be included in the calculator only when a confirmed amount or rate is available.
Can a loan be taken under Plan 826?
Yes. A loan may be available after the policy completes one year. The maximum percentage depends on the policy year and available surrender value.
How can the exact surrender value be checked?
The calculator can estimate the Guaranteed Surrender Value. The exact amount should be obtained from LIC because the Special Surrender Value uses factors that may not be available in the policy schedule.
Conclusion
The LIC Jeevan Shagun Plan 826 Calculator helps existing policyholders understand the main benefits of this withdrawn policy. The most important details are the three-stage payout, death cover based on the Tabular Single Premium, possible Loyalty Addition, surrender value and loan facility.For the most accurate result, use the original policy schedule and enter the figures exactly as printed.
Amit Kushwaha is a financial content creator and SaaS tool developer based in Lucknow, Uttar Pradesh. He has more than seven years of experience creating insurance-related content, online calculators, and practical digital tools for LIC policyholders, insurance buyers, and LIC agents.
Through LICPolicyCalculator.com, he focuses on simplifying complex LIC policy information into easy-to-understand guides and calculators. His work covers LIC premium estimates, maturity calculations, surrender value tools, policy return calculations, term insurance planning, and plan-specific calculator pages.