LIC Jeevan Shikhar Plan Review, Details, Benefits – LIC New Endowment Plan No. 837

LIC Jeevan Shikhar Plan Review

LIC Jeevan Shikhar Plan (Plan No 837) is a Non-Linked, with Profit, Saving cum Protection, Single Premium Endowment Assurance plan. The Unique Identification Number of the LIC’s Jeevan Shikhar Plan is 512N305V01. This UIN should be used in all relevant documents provided to the policyholders. LIC Jeevan Shikhar 837 plan is a new Endowment Plan introduced on 5th January 2016 by Life Insurance Corporation of India. Jeevan Shikhar plan is a close ended plan, which will be open for 120 days from 9th January 2016.

Under this scheme no. 837, the insured will have the option to choose the Maturity Sum Assured. The Insured can avail a Death Benefit of Sum Assured equal to 9 times the Tabular Single Premium, which is payable after the commencement of the risk. LIC also had launched a similar plan in the same year called Jeevan Shikhar LIC Plan 837, an Endowment plan. The Key features, Eligibility Conditions, Benefits, Rebates, etc. of LIC’s New Jeevan Shikhar Policy are mentioned in detail below. Refer our site for more information regarding LIC Endowment Plans.

LIC Jeevan Shikhar

What are the Features of LIC Plan No. 837?

  • High Risk Cover in case of Death.
  • Option to choose the Maturity Sum Assured (MSA).
  • Any time surrender option & higher surrender value.
  • Premium paid is eligible for the rebate under 80(C).
  • Maturity amount will be tax-free under Section 10(10D).
  • Actual Sum Assured to be taken is nine times that of the tabular single premium.

LIC New Jeevan Shikhar Plan Eligibility Conditions


Eligibility Conditions & Restrictions


Minimum Age of Entry for Life Assured

6 years (Completed)

Maximum Age of Entry for Life Assured

45 years (Nearer Birthday)

Policy Term

15 years
4. Minimum Maturity Sum Assured Rs. 1,00,000
5. Maximum value of Sum Assured No Limit
6. Mode of Premium Payment Single Premium
7. Maturity Sum Assured Multiples of Rs. 20,000/-


Benefits of LIC’s Jeevan Shikhar Policy (Table 837)

The Benefits of LIC Jeevan Shikhar Endowment Plan are mentioned below.

Death Benefit:

  1. On death during first five policy years
    • If the insured dies before the date of commencement of risk, the single premium will be refunded without interest and service tax, and also excluding the extra premium.
    • If the Policyholder dies after the date of commencement of risk, Basic Sum assured, i.e., ten times the tabular single premium shall be payable.
  2. On death after completion of five policy years but before the stipulated Date of Maturity
    • Basic Sum Assured, i.e., ten times the tabular single premium along with Loyalty Addition, and if any, shall be payable.

Maturity Benefit:

If the Insured survives till the end of the policy term, the Maturity Sum Assured along with the Loyalty Addition will be payable.

Loyalty Addition:

LIC Endowment Plan 837 was eligible for the share in profits in the form of Loyalty Addition, which depends on upon the experience of the Corporation. The Loyalty Addition shall be payable on death or surrender, provided the policy has run for at least five policy years or on policyholder surviving to the maturity.

Free Look Period/ Cooling Off Period:

The Policyholder may return the policy to the corporation within 15 days if he/ she was not satisfied with the Terms and Conditions. The count should be from the date of receipt of the plan.

Rebates of Jeevan Shikhar New Plan

  1. High Maturity Sum Assured
Maturity Sum Assured (MSA) Reduction in Tabular Premium
Below Rs 2,00,000/- Nil
Rs 2,00,000 to Rs 4,80,000 Rs 15.00
Rs. 5,00,000 and Rs. 9,80,000 Rs 20.00
Rs.10,00,000 and above Rs 25.00

2. Corporation Employees Insurance scheme (CEIS) Rebate

The Policy completed under Corporation Employees Insurance Scheme will be eligible for the CEIS Rebate of 2% of the tabular premium. But the policy should not be taken from any Intermediaries such as Agents/ Direct Sales Executives/ Brokers, etc.

LIC Jeevan Shikhar Premium Calculator

LIC Jeevan Shikhar Policy Calculator is used to calculate the Premium amount that has to be paid to get all the benefits available under this policy. The data required for calculating premium rates using LIC’s Jeevan Shikhar Maturity Calculator are Name, Email-Id, Age, Term, Sum Assured, etc. Since the mode of payment for this policy is available in single premium only, you can calculate your maturity amount and bonus for the single premium mode.

LIC Jeevan Shikhar Single Premium Plan Buying Procedure

The major drawback why a lot of people stayed away from LIC Policies is because of their high price. When compared with the endowment plans available with other insurers in India, insured think that these are costly. But few still tried to buy this LIC Jeevan Shikhar Endowment plans with LIC because of their faith in it and to diversify their risk among the insurers. The Buying procedure of LIC Jeevan Shikhar policy is very simple if you have all the information regarding documents with you. The Life Assured can buy the LIC Plan 837 either in online or offline mode.

In Online mode, the insured have to visit the LIC Direct Website and fill the application form or proposal form for the relevant policy. The guidelines regarding how to fill the form and required documents are mentioned in detail there.

In Offline mode, you have to approach the LIC agents or intermediaries and pay the premium by Cash/ Cheque/ Demand Draft at the cash counter of any LIC Branch Office. Before buying the policy, you have to keep the following documents with you.

  1. Proposal Form/ Application Form.
  2. Proof of Age.
  3. Identification proof.
  4. If Required any Medical Certificates, etc.

Requirements for Claiming Jeevan Shikhar Plan 837

The Candidate should submit the following documents while claiming the Jeevan Shikhar Plan No 837.

  1. Duly filled claim form.
  2. Original Policy Document.
  3. NEFT Form.
  4. Identification Proof.
  5. Proof of Death.
  6. Medical treatment documents before death.
  7. Age proof.
  8. School/ College/ Employer’s Certificate.

Additional Information about LIC Single Premium Jeevan Shikhar Plan

Loan Facility:

The Loan facility is available for the policyholders at any time during the policy term after three months of the policy issuance. The following conditions will be followed while issuing the loan.

a. Depending on the age at entry, the maximum loan can be granted as a percentage of Surrender Value (S.V.) for different policy years as

Policy year Maximum Loan Amount as a % of surrender value for age at entry <=35 Maximum Loan Amount as a % of surrender value for age at entry >35
*3 months  to 3rd 55% 35%
4th  to 6th 65% 50%
7th  to 9th 75% 70%
10th  to 12th 80% 80%
13th to 15th 85% 85%

NOTE: *3 months means loan can be availed after three months of the policy issuance or after the expiry of Free Look period.

b. The Corporation shall become entitled to deduct the amount of the loan or any portion thereof which is outstanding, together with all unpaid interest from the policy money, if the policy matures or becomes a claim by way of death.

Surrender Value:

During the policy term, the Policy can be surrendered at any time subject to the realization of the premium cheque.

  • Guaranteed Surrender Value:

The Guaranteed Surrender value of Jeevan Shikhar policy will be calculated as

  1. First Year –  70% of single premium paid excluding any extra amount paid.
  2. Thereafter – 90% of single premium paid excluding any extra amount paid.
  • Special Surrender Value:

Special Surrender Value will be the discounted value of the Maturity Sum Assured. The special surrender value factors per Rs 100 of maturity sum assured for 1/2 year, 1 year, and 1.5 years are given in the table below.

Duration Maturity sum assured value
For 0.5 year Rs. 17.29
For 1 year Rs. 34.57
For 1.5 year Rs. 35.92
  • If the policy is surrendered after completion of five policy years, the Loyalty Addition based on the surrender value may also be payable.

Back-Dating Interest: The policies can be dated back to the same financial year. The Back-dating interest will be charged at the rate as fixed by the Corporation from time to time at the time of completion of policy.

Policy Stamping: 20 paise per thousand of Sum Assured on Death will be the Charges for policy stamping under this plan.

Assignments/ Nominations: Assignments or Nominations for Plan 831 should be made at the proposal stage as per Section 38 and 39 of Insurance Act, 1938 amended from time to time.

Proposal Forms: Proposal Form no. 300, 340 and 360 issued by the U&R Department as applicable should be used for this LIC Jeevan Shikhar plan.

Taxes: The amount of tax payable by the policyholder on single premium including extra premiums, if any shall be payable. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.


Suicide Clause:

The Policy will lapse if the insured commits suicide within one year from the date of commencement of risk. An amount which is higher of 90% of the single premium or surrender value shall be paid. But this clause shall not be applicable in the case of the policyholder whose age at the time of entry is below eight years.

FAQ’s of Jeevan Shikhar LIC Policy No 837

1. Should Policyholder receive any money on Maturity? If yes, how much?

A. The Maturity Sum Assured along with the Loyalty Addition will be payable to the policyholder if he/she survives till the end of the policy term. In this policy, the insured have the option to choose the Maturity Sum Assured. The minimum maturity proceeds under this plan are Rs 1.00 lakh.

2. What to do If I need money during the policy term? Is there any chance to surrender the policy?

A. You can surrender the policy during the policy’s term which subjects to the realization of the premium cheque. Guaranteed Surrendered Value is

  • First Year –  70% of the single premium shall be payable.
  • After that – 90% of single premium shall be payable.