LIC Jeevan Utkarsh Plan 846 Calculator

The LIC Jeevan Utkarsh Plan 846 Calculator helps existing policyholders check the main values of this old LIC policy. After entering the age, Basic Sum Assured and premium details, the calculator can show an estimated single premium, maturity amount, death benefit, surrender value and possible loan amount.

LIC Jeevan Utkarsh Plan 846 was sold for a limited period and is no longer available for a new purchase. Therefore, this calculator is mainly helpful for people who already have the policy and want to understand the figures written in their policy bond.

Also Check:

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What Does LIC Jeevan Utkarsh Plan 846 Calculator Show?

The calculator is packed with the important policy values together in one place. It estimate the single premium after the high Sum Assured concession, the amount payable at maturity, the life cover during the policy term, the surrender value and the maximum loan that may be available.

It also shows the maturity amount with and without a Loyalty Addition. This is important because the Basic Sum Assured is fixed, but a Loyalty Addition is payable only if LIC declares it and the policy meets the required conditions.

LIC Jeevan Utkarsh Plan 846 Details at a Glance

The plan opened for sale on 6 September 2017 and was withdrawn on 3 June 2018. These dates help in checking whether an old policy belongs to the correct plan and version.

What is LIC Jeevan Utkarsh Plan 846?

LIC Jeevan Utkarsh Plan 846 is a one-time premium savings and life insurance plan. Instead of paying every month or every year, the policyholder paid the premium once at the beginning. The policy then continued for a fixed period of 12 years.

If the insured person survived the full term, LIC paid the Basic Sum Assured along with a Loyalty Addition, if declared and payable. If the insured person died during the term after life cover had started, the nominee received the death benefit. A Loyalty Addition could also be included in an eligible death claim after five full policy years.

The plan did not provide a yearly bonus. Its extra return came through a possible Loyalty Addition near maturity or at an eligible death claim. This amount was not fixed when the policy started.

Why Does the LIC Jeevan Utkarsh Premium Calculator Use Two Premium Amounts?

The policy uses two similar-looking premium figures. They have different purposes, so both should be entered correctly.

Tabular Single Premium

The Tabular Single Premium is the premium calculated from LIC’s age-based rate before the high Sum Assured concession. It is important because one part of the death benefit formula uses ten times this amount.

Base Single Premium

The Base Single Premium is the amount left after reducing the high Sum Assured concession from the Tabular Single Premium. It is used in other calculations, including the surrender value and another part of the death benefit formula.

Taxes and the cost of any rider are separate. They do not increase the Basic Sum Assured, maturity benefit or surrender value.

If both premium amounts are shown in the policy bond or LIC illustration, those figures should be used. This gives a more reliable result than trying to estimate the premium from age alone.

Premium Rate and High Sum Assured Concession

LIC charged a different premium rate according to the insured person’s age. The following were sample tabular rates shown by LIC for every ₹1,000 of Basic Sum Assured.

These are sample rates for the listed ages. A rate for another age should not be guessed from this table. The exact rate shown in the policy document should be entered in the calculator.

The concession depended on the Basic Sum Assured:

For a Basic Sum Assured below ₹3 lakh, the amount was selected in multiples of ₹5,000. For ₹3 lakh and above, it was selected in multiples of ₹20,000.

How to Use LIC Jeevan Utkarsh Plan 846 Calculator

First, keep the policy bond or LIC benefit illustration nearby. Enter the age at the start of the policy, Basic Sum Assured, Tabular Single Premium and Base Single Premium. If the calculator asks for a Loyalty Addition rate, enter a confirmed rate or use it only to test an example.

Then choose the value to check, such as maturity, death benefit, surrender value or loan. Press the calculate button and read the result with the formula shown below it. Before relying on the answer, compare the entered figures with the policy record.

The LIC Jeevan Utkarsh premium calculator is most accurate when actual policy figures are used. A sample rate is useful for learning how the calculation works, but it should not replace the rate applicable to the policyholder’s age.

Maturity Amount and Loyalty Addition

The maturity calculation is simple:

Maturity amount = Basic Sum Assured + Loyalty Addition, if declared and payable

For example, suppose the Basic Sum Assured is ₹4,80,000. If LIC does not declare any Loyalty Addition for the policy, the maturity amount will be ₹4,80,000. If an eligible Loyalty Addition of ₹20 per ₹1,000 is entered only as an example, the calculation will be:

Loyalty Addition = ₹4,80,000 ÷ 1,000 × ₹20 = ₹9,600

Estimated maturity amount = ₹4,80,000 + ₹9,600 = ₹4,89,600

The ₹20 rate above is only an example. It is not a promised rate. A LIC Jeevan Utkarsh plan maturity calculator can show different possible results, but it cannot confirm a future Loyalty Addition before LIC declares it.

Death Benefit After Life Cover Starts

After life cover begins, the Sum Assured on Death is the highest of the following three amounts:

1. 125% of the Base Single Premium;
2. the Basic Sum Assured; or
3. ten times the Tabular Single Premium before concession.

If death happens after five full policy years, a Loyalty Addition may also be paid if LIC declares it and the policy is eligible.

The calculator compares all three amounts automatically. This prevents a common mistake of using only the Basic Sum Assured as the death benefit.

When Does Life Cover Start for a Child?

For a child aged eight years or more when the policy starts, life cover begins immediately. For a child below eight years, life cover begins one day before the policy anniversary that falls on or immediately after the child completes eight years of age.

If the child dies before life cover starts, the eligible single premium is returned without interest, as per the policy conditions. The normal death benefit formula applies only after life cover has started.

Surrender Value Calculation

The policy could be surrendered if money was needed before the end of 12 years. However, surrendering early normally gives a lower amount than continuing until maturity.

The guaranteed surrender value was calculated as follows:

LIC could pay a Special Surrender Value if it was higher and applicable at that time. The calculator can estimate the guaranteed value directly. A Special Surrender Value should be shown only when the correct LIC factor is available.

Taxes and rider charges are not included in the premium amount used for this calculation.

Policy Loan Estimate

A loan could be taken after three months from the date the policy was issued, subject to LIC’s conditions. The maximum loan was up to 90% of the surrender value.

Maximum loan = Surrender value × 90%

The final loan depends on the surrender value accepted by LIC and the loan rules in force when the request is made. Interest is charged on the loan, and unpaid loan and interest may be reduced from a claim or maturity payment.

Real Calculation Using an Official Sample Rate

Consider an insured person aged 30 with a Basic Sum Assured of ₹4,80,000. The official sample tabular rate for age 30 was ₹561.35 for every ₹1,000 of Basic Sum Assured.

Step 1: Tabular Single Premium

₹4,80,000 ÷ 1,000 × ₹561.35 = ₹2,69,448

Step 2: High Sum Assured Concession

₹4,80,000 ÷ 1,000 × ₹20 = ₹9,600

Step 3: Base Single Premium

₹2,69,448 − ₹9,600 = ₹2,59,848

Tax and any rider cost would be separate from this amount.

Step 4: Death Benefit

The calculator compares these three figures:

The highest figure is ₹26,94,480. Therefore, the Sum Assured on Death in this example is ₹26,94,480 after life cover has started. An eligible Loyalty Addition may be added if death happens after five full policy years and LIC declares the addition.

Step 5: Surrender Value and Loan

During the first policy year:

₹2,59,848 × 70% = ₹1,81,893.60

After the first policy year:

₹2,59,848 × 90% = ₹2,33,863.20

Using the guaranteed surrender value after the first year, the estimated maximum loan would be:

₹2,33,863.20 × 90% = ₹2,10,476.88

These figures explain the formulas used by the calculator. Actual payment may change if LIC applies a higher Special Surrender Value, deducts a loan or interest, or confirms a different policy figure.

Important Points for Existing Policyholders

• Plan 846 is withdrawn and cannot be bought as a new policy.
• The policy term is fixed at 12 years, and the premium was paid once.
• The maturity benefit includes the Basic Sum Assured and a Loyalty Addition only when declared and payable.
• The death benefit is not always equal to the Basic Sum Assured; three values must be compared.
• For a child below eight years at entry, check the date on which life cover started.
• An optional Accidental Death and Disability Benefit Rider may apply only if it was selected when the policy began.
• Any outstanding loan and interest can reduce the final amount paid by LIC.

Tax Treatment

Tax rules depend on the law that applies when a premium, maturity amount or claim is paid. A policy should not be described as fully tax-free without checking its issue date, premium, Sum Assured and current tax rules. For an important claim or maturity payment, confirmation from a tax adviser may be useful.

Frequently Asked Questions

1. Is LIC Jeevan Utkarsh Plan 846 still available?

No. LIC withdrew the plan on 3 June 2018. The calculator is meant mainly for people who already hold this policy.

2. What amount is paid on maturity?

The maturity amount is the Basic Sum Assured plus a Loyalty Addition, if LIC declares it and the policy is eligible. A Loyalty Addition should not be treated as guaranteed.

3. Why is the death benefit much higher in some cases?

LIC compares 125% of the Base Single Premium, the Basic Sum Assured and ten times the Tabular Single Premium. The highest of these becomes the Sum Assured on Death after life cover starts.

4. Can the policy be surrendered or used for a loan?

Yes. The policy can be surrendered under its conditions. A loan may be available after three months from policy issue, up to 90% of the surrender value, subject to LIC’s approval and applicable interest.

5. Is the Loyalty Addition guaranteed?

No. LIC may declare a Loyalty Addition according to its experience and the policy conditions. The calculator can test an entered rate, but it cannot promise the final amount.

Conclusion

The LIC Jeevan Utkarsh Plan 846 Calculator makes an old single-premium policy easier to understand. It separates the two premium figures, compares all death benefit options and shows how maturity, surrender and loan estimates are worked out.

For the best result, use the exact figures from the policy bond instead of guessing a premium or Loyalty Addition rate. The calculation can help with planning, but the final amount must always be confirmed from LIC.

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.