LIC Jeevan Rakshak Plan 827 Calculator

The LIC Jeevan Rakshak Plan 827 Calculator helps estimate the premium, maturity amount, death benefit, paid-up value and Guaranteed Surrender Value of an existing policy. It brings the main policy figures together so that an old policy bond is easier to understand.

LIC Jeevan Rakshak was a savings and life insurance plan. It provided life cover during the policy term and paid a lump sum when the policyholder survived until maturity. The policy could also receive a Loyalty Addition, but this amount was not guaranteed.

Plan status: LIC Jeevan Rakshak Plan 827 was withdrawn on 1 November 2019. It is not available for new purchase. Existing policies continue according to their original terms and present status.

What Is the LIC Jeevan Rakshak Plan 827 Calculator?

The calculator is made mainly for existing Plan 827 policyholders. It uses details from the policy bond, such as the Basic Sum Assured, policy term, premium, payment mode and number of premiums already paid.

It can estimate the total basic premium, maturity amount, death cover, reduced paid-up value and Guaranteed Surrender Value. It can also add a Loyalty Addition when an official or assumed amount is entered. The result keeps this non-guaranteed addition separate from the fixed policy benefit.

For the most accurate premium calculation, use the annual basic premium printed on the policy schedule. Historical sample rates are available only for selected ages and terms, so they cannot provide the exact premium for every policy.

Also Check:

• LIC New Jeevan Anand
• LIC Jeevan Lakshya Plan 733
• LIC Nav Jeevan Shree Plan 912

Calculator Highlights

• Estimates the maturity amount with or without Loyalty Addition.
• Calculates the main death-cover amount.
• Shows the total basic premium for the selected term.
• Estimates the reduced paid-up value after premiums are stopped.
• Calculates Guaranteed Surrender Value using the entered policy-year factor.
• Keeps guaranteed and non-guaranteed amounts separate.
• Uses only the main details normally available on the policy bond.

LIC Jeevan Rakshak Plan 827 Overview

The Basic Sum Assured was available in multiples of ₹5,000. The total Basic Sum Assured under all Plan 827 policies issued to one person could not be more than ₹2,00,000.

What Was LIC Jeevan Rakshak Plan 827?

LIC Jeevan Rakshak was a regular-premium policy that combined life insurance with a maturity payment. Premiums were normally paid for the full policy term.

The plan was not linked to the share market. Its maturity amount did not rise or fall with market prices. It was a participating plan, which means LIC could pay a Loyalty Addition when the policy met the required conditions. Unlike some LIC plans, Jeevan Rakshak did not receive a bonus every year.

The plan offered a small amount of life cover, with the Basic Sum Assured limited to ₹2,00,000. It may therefore not be enough for a family’s present insurance needs, but an existing policy can still provide the benefits stated in its contract.

How to Use the Calculator

Keep the policy bond or latest policy statement ready before starting the calculation.

1. Enter the age at which the policy started, not the present age.
2. Enter the Basic Sum Assured shown on the policy schedule.
3. Select the original policy term and premium payment mode.
4. Enter the annual basic premium from the policy bond when available.
5. Enter the number of full premiums already paid when checking paid-up or surrender value.
6. Add a Loyalty Addition only when using an official amount or a clearly marked assumption.
7. Enter the correct surrender factor for the policy year when estimating Guaranteed Surrender Value.
8. Press Calculate and read the fixed and estimated amounts separately.

Tax, rider premium and any extra premium charged because of health or occupation should not be included in the basic premium used for benefit calculations.

Formula Used in the Calculator

Premium Formula

LIC published historical premium rates for every ₹1,000 of Basic Sum Assured. When the correct rate is available, the tabular annual premium is calculated as:

Tabular Annual Premium
= (Basic Sum Assured ÷ 1,000) × Premium Rate

The original plan offered a 2% rebate for yearly payment and a 1% rebate for half-yearly payment. There was no payment-mode rebate for quarterly or permitted monthly payment. A separate rebate of ₹1.50 for every ₹1,000 of Basic Sum Assured applied when the Basic Sum Assured was ₹1,50,000 or more.

Estimated Annual Basic Premium
= Tabular Annual Premium
− Payment-Mode Rebate
− High Sum Assured Rebate

This result does not include tax, rider premium or any extra premium.

Maturity Formula

If the policy remains active and all required premiums are paid, the maturity amount is:

Maturity Benefit
= Basic Sum Assured
+ Loyalty Addition, if declared and allowed

Premiums paid during the term are not added separately to the maturity amount. Any unpaid policy loan, loan interest or other amount due to LIC may be deducted.

Death-Benefit Formula

For an active policy, the Sum Assured on Death is the highest of the following three amounts:

1. Basic Sum Assured
2. 10 × Annual Basic Premium
3. 105% × Eligible Premiums Paid up to Death

If death happens after completion of the fifth policy year, a Loyalty Addition may also be paid when LIC has declared it and the policy meets the conditions.

Death Benefit
= Sum Assured on Death
+ Loyalty Addition, if eligible

Paid-Up Value Formula

If at least three full years’ premiums have been paid and later premiums are stopped, the policy can continue with a lower benefit.

Paid-Up Sum Assured
= Basic Sum Assured
× Number of Full Premiums Paid
÷ Total Premiums Payable

The reduced amount is payable on maturity or earlier death, subject to the policy conditions. A paid-up policy does not receive Loyalty Addition, and the Accident Benefit Rider stops.

Guaranteed Surrender Value Formula

The policy can be surrendered after at least three full years’ premiums have been paid. The basic estimate is:

Guaranteed Surrender Value
= Eligible Basic Premiums Paid
× Applicable Surrender Factor

The factor changes according to the policy term and surrender year. LIC may pay a higher Special Surrender Value when applicable. Therefore, the calculator’s surrender result should not be treated as the final amount.

Real Calculation Example

We will use the following policy details in this calculation:

First, calculate the tabular annual premium:

₹1,50,000 ÷ 1,000 × ₹52.35
= ₹7,852.50

The yearly payment rebate is 2%:

₹7,852.50 × 2% = ₹157.05

The high Sum Assured rebate is:

₹1,50,000 ÷ 1,000 × ₹1.50
= ₹225

The estimated annual basic premium is:

₹7,852.50 − ₹157.05 − ₹225
= ₹7,470.45 before tax

If the basic premium remains the same for all 15 years, the estimated total basic premium is ₹1,12,056.75.

Estimated Maturity Amount

Without an official Loyalty Addition, the fixed maturity amount is the Basic Sum Assured of ₹1,50,000. If LIC confirms a Loyalty Addition of ₹20,000, the estimated maturity amount becomes:

₹1,50,000 + ₹20,000
= ₹1,70,000 before deductions

The ₹20,000 used here is only an example and is not a promised amount.

Estimated Death Benefit

Suppose death occurs after ten full yearly premiums have been paid.

Basic Sum Assured = ₹1,50,000

10 × Annual Basic Premium
= 10 × ₹7,470.45
= ₹74,704.50

105% of Premiums Paid
= 105% × (₹7,470.45 × 10)
= ₹78,439.73

The highest amount is ₹1,50,000. An eligible Loyalty Addition may be added because death happened after completion of the fifth policy year.

Estimated Paid-Up Value

If eight full yearly premiums are paid and later premiums are stopped:

₹1,50,000 × 8 ÷ 15
= ₹80,000

The policy would continue with a Paid-Up Sum Assured of ₹80,000, subject to its conditions.

Loyalty Addition

Loyalty Addition was an extra amount that LIC could declare for eligible policies. It was not guaranteed and was not added every year like an annual bonus.

For an active policy, it could be payable at maturity or on death after completion of the fifth policy year. The rate and amount depended on LIC’s declaration and the policy conditions. A policy that became paid-up was not eligible for this addition under the original Plan 827 rules.

When the official amount is not known, the calculator should show maturity without Loyalty Addition or label the entered figure as an assumption.

What Happens If Premiums Are Stopped?

If fewer than three full years’ premiums were paid, the policy normally lapsed after the grace period and regular benefits stopped. The policy could return to active status only if revival was still available and LIC approved it.

After three full years’ premiums had been paid, the policy could continue with a reduced paid-up value. Surrender and policy-loan facilities could also become available after the policy acquired a surrender value.

The original contract allowed revival within two consecutive years from the first unpaid premium, before maturity and while the life assured was alive. Revival required unpaid premiums, interest and any health documents requested by LIC. Actual eligibility now depends on the policy dates, so the servicing branch must confirm it.

Important Points for Existing Policyholders

• Plan 827 cannot be purchased now, but an existing policy may still be active.
• Use the basic premium from the policy bond instead of guessing a premium rate.
• Loyalty Addition is not guaranteed and should be shown separately.
• Surrender ends the policy and all future benefits.
• A policy loan and unpaid interest can reduce the final maturity, surrender or death payment.
• The Accident Benefit Rider applies only when it is shown as active on the policy schedule.
• Check the latest policy status and final payable amount directly with LIC before making a decision.

Tax Treatment

Premiums and policy payments may receive tax benefits when the conditions of the Income-tax Act are met. Tax treatment can depend on the policy issue date, premium amount, Sum Assured, payment history and type of payment. A maturity or surrender amount should not be treated as automatically tax-free without checking the rules that apply at the time of payment.

Frequently Asked Questions

Is LIC Jeevan Rakshak Plan 827 still available?

No. LIC withdrew Plan 827 on 1 November 2019. New policies cannot be purchased, but existing policies continue according to their original terms and present status.

What is the maturity benefit under Plan 827?

An active policy pays the Basic Sum Assured plus Loyalty Addition, if LIC has declared it and the policy is eligible. Any unpaid loan, interest or other amount due may be deducted.

How is the death benefit calculated?

For an active policy, the death-cover amount is the highest of the Basic Sum Assured, ten times the annual basic premium or 105% of eligible premiums paid up to death. Loyalty Addition may also be payable after the fifth policy year.

What happens if premiums are stopped?

The policy normally lapses when fewer than three full years’ premiums have been paid. After three full years, it can continue with a reduced paid-up benefit. Revival or surrender may also be available according to the policy conditions.

Is Loyalty Addition guaranteed?

No. LIC decides whether to declare it and what rate will apply. The policy must also meet the required conditions. An amount entered in the calculator is only an estimate unless LIC has officially confirmed it.

Conclusion

The LIC Jeevan Rakshak Plan 827 Calculator makes an old policy easier to understand. It can estimate the premium, maturity amount, death cover, paid-up value and Guaranteed Surrender Value using details from the policy bond.

The fixed maturity benefit for an active policy is the Basic Sum Assured. Loyalty Addition may increase the final payment, but it is not guaranteed. Paid-up, surrender and loan values depend on the premium record and policy status.

Amit Kushwaha

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.