LIC Jeevan Sugam Plan 813 Calculator

Single Premium Maturity, Death Benefit, Surrender Value and Loan Estimate
Plan Name: LIC's Jeevan Sugam Launch Date: 25 February 2013 Withdrawal Date: 11 April 2013 Plan Type: Non-linked Single Premium UIN: 512N273V01
Allowed age: 8 to 45 years
Fixed term as per brochure
Minimum Rs. 60,000, multiple of Rs. 5,000
Auto-estimated from brochure sample rates
Used for maturity date
Optional rate per Rs. 1,000 MSA
Enter 0 if not required
Optional extra premium
Maturity Sum AssuredRs. 0After incentive: Rs. 0
Single PremiumRs. 0Total payable: Rs. 0
Death Benefit First 5 YearsRs. 010 times single premium
Death Benefit After 5 YearsRs. 0Basic Sum Assured + Loyalty Addition
Maturity PayableRs. 0Includes LA: Rs. 0
Maturity Date-Policy term: 10 years
Surrender ValueRs. 0From 2nd year: Rs. 0
Loan EstimateRs. 060% of surrender value
Year-wise Benefit View
Policy YearDeath BenefitMaturity BenefitSurrender ValueLoan Estimate
Brochure Sample Premium Rate Reference
Age at EntryRate Per Rs. 1,000 Maturity Sum Assured
10 YearsRs. 537.75
20 YearsRs. 552.90
30 YearsRs. 562.65
40 YearsRs. 629.35
Important Notes
  • Basic Sum Assured is 10 times the single premium, excluding tax and extra premium.
  • Maturity Sum Assured incentive is 3.5% from Rs. 1,50,000 to Rs. 3,99,999 and 4.5% from Rs. 4,00,000 onwards.
  • Loyalty Addition is not guaranteed and depends on LIC declaration.
  • Surrender value is 70% of single premium in first year and 90% thereafter.
  • Loan estimate is 60% of surrender value.
LIC Jeevan Sugam Plan 813 Calculator showing maturity value, death benefit, Basic Sum Assured, single premium and Loyalty Addition for old policies

LIC Jeevan Sugam Plan 813 is a non-linked, single-premium life insurance plan. It provided life cover for ten years and paid a selected Maturity Sum Assured with Loyalty Addition, if declared, at the end of the term.

The plan carried UIN 512N273V01 and was withdrawn on 11 April 2013. It was sold only for a short period and had a fixed ten-year term. Therefore, policies issued under Plan 813 should already have reached maturity by 2023.

The LIC Jeevan Sugam Plan 813 Maturity Calculator is mainly useful for checking an old maturity calculation, understanding a completed death claim, or reviewing an unpaid or unclaimed policy amount. It also helps to understand the original premium, Basic Sum Assured, maturity incentive, and Loyalty Addition. Final values must be checked from the policy schedule and LIC records.

What is Jeevan Sugam Maturity Calculator?

This Jeevan Sugam maturity calculator uses the main benefit rules of Plan 813. The maturity value is based on the selected Maturity Sum Assured, any applicable high-value incentive, and the Loyalty Addition declared for the relevant maturity year.

Death cover is calculated differently. The Basic Sum Assured equals ten times the net single premium paid. Service tax and extra premium charged for an individual policy are not included in this calculation.

LIC’s public brochure gives premium rates for only four sample ages. To get the most accurate result, we need to use policy documents.

LIC Jeevan Sugam Plan 813 overview showing UIN 512N273V01, ten-year policy term, entry age, Maturity Sum Assured, Basic Sum Assured and withdrawal date

Quick Overview of Plan 813

ParticularPlan details
Plan nameLIC’s Jeevan Sugam
Plan number813
UIN512N273V01
Plan typeNon-linked, single-premium plan
Withdrawal date11 April 2013
Policy term10 years
Entry age8 years completed to 45 years nearest birthday
Minimum Maturity Sum Assured₹60,000
Maximum Maturity Sum AssuredNo fixed limit
Maturity Sum Assured multiple₹5,000
Basic Sum AssuredTen times the net single premium
Maturity benefitApplicable Maturity Sum Assured plus Loyalty Addition, if any
Current positionStandard policies should already have matured

What is LIC Jeevan Sugam Plan 813?

Jeevan Sugam is a savings and protection plan requiring only one premium payment. The policyholder selected a Maturity Sum Assured when purchasing the policy. LIC calculated the single premium according to the entry age and selected amount.

The policy provided death cover throughout its ten-year term. During the first five policy years, the Basic Sum Assured was payable on death. After completion of five policy years, Loyalty Addition could also become payable if LIC declared it for that claim year.

On survival to the end of ten years, the applicable Maturity Sum Assured and declared Loyalty Addition became payable. Policies with a higher selected Maturity Sum Assured received an automatic increase in the maturity amount.

How to Use Jeevan Sugam Plan 813 Calculator?

An LIC Plan 813 maturity calculator requires the entry age and selected Maturity Sum Assured shown in the policy bond. The policy term should remain fixed at ten years.

For the most accurate calculation, enter the net single premium from the policy schedule. This means the premium excluding service tax and any extra premium charged by LIC. If the exact premium is unavailable and the entry age is 10, 20, 30 or 40, the official sample rate may be used for an estimate.

Select the type of calculation required: maturity, historical death benefit or historical surrender value. Loyalty Addition should be entered only when the rate or total amount for the correct event and year is available from LIC records.

LIC Jeevan Sugam Plan 813 premium and Basic Sum Assured calculation showing single premium rates and Basic Sum Assured equal to ten times net single premium

Premium and Basic Sum Assured Calculation

LIC quoted the sample single-premium rates per ₹1,000 of selected Maturity Sum Assured.

Estimated Single Premium = Selected Maturity Sum Assured ÷ 1,000× Applicable premium rate

In the official brochure, LIC gave these sample rates, excluding service tax:

Age at entrySample rate per ₹1,000 MSA
10 years₹537.75
20 years₹552.90
30 years₹562.65
40 years₹629.35

These rates should be used only for the exact sample ages. Other ages require the official rate table or actual policy premium.

The Basic Sum Assured is calculated from the premium actually recorded in the policy:

Basic Sum Assured = 10 × Net Single Premium

Service tax and extra premium are excluded. If the policy schedule shows a net single premium of ₹84,398:

Basic Sum Assured = ₹84,398 × 10 = ₹8,43,980

Using the recorded premium avoids differences caused by rounding an estimated rate-based premium.

Maturity Sum Assured Incentive

LIC automatically increased the maturity amount for higher selected Maturity Sum Assured levels.

Selected Maturity Sum AssuredIncrease
Below ₹1,50,000Nil
₹1,50,000 to ₹3,99,9993.50%
₹4,00,000 and above4.50%

For a selected Maturity Sum Assured of ₹1,50,000:

Incentive = ₹1,50,000 × 3.5= ₹5,250

Increased Maturity Sum Assured =₹1,50,000 + ₹5,250 = ₹1,55,250

This incentive increases the maturity amount only. It does not increase the single premium or Basic Sum Assured.

LIC Jeevan Sugam Plan 813 maturity benefit calculation showing high-value Maturity Sum Assured incentive and Loyalty Addition added to the final maturity amount

Maturity Benefit

The basic formula is:

Maturity Benefit =Applicable Maturity Sum Assured+ Loyalty Addition, if declared

Where the incentive applies, the increased Maturity Sum Assured is used as the maturity amount. If the applicable amount is ₹1,55,250 and LIC confirms a Loyalty Addition of ₹10,000, the maturity benefit would be:

₹1,55,250 + ₹10,000 = ₹1,65,250

The ₹10,000 used here is only an example. The actual Loyalty Addition must be taken from the maturity-year record.

Death Benefit in This Policy

Timing of deathBenefit payable
During the first five policy yearsBasic Sum Assured
After completion of five policy yearsBasic Sum Assured plus Loyalty Addition, if declared

For a net single premium of ₹84,398, the Basic Sum Assured would be ₹8,43,980. This amount would be the normal death benefit during the first five policy years.

For death after five years, the Loyalty Addition rate had to match the policy year in which death occurred. A maturity-year rate should not be applied automatically to an earlier death claim.

Any policy loan, unpaid interest, or another amount due to LIC can reduce the final claim payment.

How Loyalty Addition Works

Loyalty Addition was not guaranteed. LIC declared it for policies issued under this plan.

It could become payable in three situations:

  • Death after completion of five policy years;
  • Surrender during the last policy year; or
  • Maturity after ten years.

Declared rates were generally expressed per ₹1,000 of Maturity Sum Assured:

Loyalty Addition = Applicable Maturity Sum Assured ÷ 1,000 × Declared rate for the event and year

The correct rate depends on the event and timing. Death in policy year six, surrender in the last year, and maturity in year ten can have different rates.

LIC’s original brochure showed a projected rate of ₹120 per ₹1,000 under its historical 10% investment-return illustration. The same illustration showed no Loyalty Addition under the 6% scenario. Therefore, ₹120 was not a guaranteed or universally declared rate.

Complete Calculation Example

Consider these details:

InputValue
Entry age30 years
Selected Maturity Sum Assured₹1,50,000
Official sample premium rate₹562.65 per ₹1,000
Net single premium recorded after rounding₹84,398

The estimated premium before rounding is:

₹1,50,000 ÷ 1,000 × ₹562.65= ₹84,397.50

Using the recorded net premium:

Basic Sum Assured = ₹84,398 × 10 = ₹8,43,980

The maturity incentive is: ₹1,50,000 × 3.5% = ₹5,250

Therefore:

Increased Maturity Sum Assured = ₹1,55,250

The final maturity payment is: ₹1,55,250 + Confirmed Loyalty Addition

The calculator should not insert an assumed Loyalty Addition into the confirmed result unless it is clearly labelled as an illustration.

LIC Jeevan Sugam Plan 813 death benefit, surrender value and loan rules showing five-year death benefit stages, 70 and 90 percent surrender values and maximum loan limit

Surrender and Loan Rules

Surrender was allowed at any time while the policy remained active. The Guaranteed Surrender Value was based on the net single premium, excluding service tax and extra premium.

Surrender periodGuaranteed Surrender Value
During the first policy year70% of net single premium
After the first policy year90% of net single premium

LIC could pay a higher Special Surrender Value based on the discounted Maturity Sum Assured. Loyalty Addition could apply if surrender occurred during the last policy year.

Loan facility is available during the active term in this policy: Maximum loan = 60% of surrender value

These were historical facilities. After maturity, the policy could no longer be surrendered or used for a new loan.

Tax Benefits

The actual service tax paid in 2013 may be taken from the original premium receipt when calculating the total amount paid. A current GST or tax rate should not be applied to the old policy.

Total amount paid = Net Single Premium + Actual service tax paid + Extra premium, if any

The single premium may have qualified for a deduction under Section 80C, subject to the rules and limits applicable when it was paid. Tax treatment of maturity, death, and surrender payments depends on the policy details and applicable law. No amount should be described as tax-free without checking the individual policy.

Also Read:

Important Points to Remember

  • Standard Plan 813 policies should already have matured.
  • The actual net single premium should be taken from the policy schedule.
  • The high-value incentive changes the maturity amount, not the death cover.
  • Loyalty Addition depends on the event, policy year and LIC declaration.
  • Surrender and loan were available only before maturity.

Frequently Asked Questions

Is LIC Jeevan Sugam Plan 813 still active?

No. LIC withdrew the plan on 11 April 2013. Because the term was fixed at ten years, standard policies should already have reached maturity.

How is the maturity benefit calculated?

The maturity benefit equals the applicable Maturity Sum Assured, including any high-value incentive, plus Loyalty Addition declared for the maturity year.

How is the death benefit calculated?

During the first five years, the Basic Sum Assured was payable. After five years, the Basic Sum Assured plus Loyalty Addition, if declared for that death year, was payable.

Is Loyalty Addition guaranteed?

No. It depended on LIC’s declaration. A rate shown in an old benefit illustration was not necessarily the actual rate payable on a policy.

Can a Plan 813 policy still be surrendered or used for a loan?

Surrender and loan were available only during the active ten-year term. They are not available after the policy has matured.

Conclusion

The LIC Jeevan Sugam Plan 813 Maturity Calculator helps explain the premium, Basic Sum Assured, maturity incentive, and Loyalty Addition of an old policy. The most reliable calculation uses the actual net single premium and Maturity Sum Assured recorded in the policy schedule.

Because standard Plan 813 policies should already have matured, the calculator is best used to review an old settlement or understand a pending or unclaimed amount. LIC records remain final for all maturity and claim payments.