LIC Samridhi Plus Plan 804

When planning your financial future, understanding your insurance plans and their returns is crucial. The LIC Samridhi Plus Plan 804 is one such option that was designed to provide growth with safety through a Unit Linked Insurance Plan (ULIP).

What is LIC Samridhi Plus Plan 804?

LIC Samridhi Plus Plan 804 is a close-ended ULIP (Unit Linked Insurance Plan) offered by the Life Insurance Corporation of India (LIC). It was launched for a limited sale period and carries features designed to give the benefit of market-linked growth combined with insurance protection.

• The plan offers a combination of both fund value growth based on NAV (Net Asset Value) and a guaranteed NAV benefit, whichever is higher at maturity.
• It has a fixed policy term of 10 years.
• Premium payment options include a single premium or regular premiums paid over 5 years.
• This plan provides life cover for the term and also allows partial withdrawals after a specified period.

Launch and Withdrawal Dates

• The launch date of the LIC Samridhi Plus Plan 804 was February 25, 2011.
• The plan was available for sale for a limited period of up to three months from the launch date.
• The withdrawal date or date of plan discontinuation is May 25, 2011, after which LIC discontinued accepting new premiums for this plan.

Since this plan is withdrawn and not currently available for new buyers, existing policyholders still benefit from it until maturity.

Key Features of LIC Samridhi Plus Plan 804

To understand why this plan was popular during its sale period, here are its main features in simple terms:

• Policy Term: 10 years fixed.
• Age Eligibility: Entry age between 8 to 65 years. Maturity age up to 75 years.
• Premium Payment: Options for single premium or regular premiums paid for 5 years.
• Sum Assured: Available in multiples of Rs. 5,000.
• Guaranteed NAV: At maturity, the higher of the NAV during the first 100 months or the NAV at maturity is paid.
• Partial Withdrawals: Allowed after the 5th policy anniversary.
• Insurance Cover: Life insurance cover along with investment fund.
• Fund Management Charge: Approximately 0.90% per annum.
• Policy Administration Charge: Rs. 30 per month with a 3% annual increase.
• Miscellaneous Charges: Applicable as per policy terms.
• Surrender Benefit: Available after 5 years; no surrender charges after that period.
• Discontinuance: If premiums are discontinued, benefits are paid according to fund value after deducting charges.

What is a ULIP?

Before using a calculator for this plan, let’s briefly understand ULIP so you know how it works.

ULIPs invest your premium in various funds like equity, debt, or balanced funds to give market-linked returns. A portion of your premium also provides life insurance protection. So, you get the benefit of investment growth with insurance cover.

LIC Samridhi Plus Plan 804 Calculator: How It Works

The LIC Samridhi Plus Plan calculator is a simple tool that helps you estimate the maturity amount you would receive at the end of the policy term based on your premium amount and other inputs.

What Inputs Go into the Calculator?

• Premium Amount: The money you plan to invest (single or regular premium).
• Premium Mode: Monthly, quarterly, half-yearly, yearly, or single premium.
• Policy Term: Fixed at 10 years for this plan.
• Fund Growth: Estimated NAV or assumed rate of return.
• Charges: Fund management, policy admin, and other charges.
• Partial Withdrawals: If any withdrawals were made, they affect the fund value.

What Does the Calculator Show?

• Maturity Amount: The estimated amount you get after 10 years.
• Sum Assured: The insurance coverage amount.
• Fund Value Growth: How your investment will accumulate based on NAV.
• Death Benefit: Payable amount to nominee if the policyholder dies during the term.

Using this calculator, users can get a clear estimate of their returns and understand the benefits of their policy.

Benefits of Using LIC Samridhi Plus Plan 804 Calculator

• Easy Planning: Helps you plan your investments better by knowing approximate maturity values.
• Investment Tracking: Keeps you informed about your fund growth with respect to your premium.
• Understand Charges: See the impact of various charges on your returns.
• Decision Making: Helps decide the premium mode and amount for your financial goals.

Example Calculation

Suppose you opt for a single premium of Rs. 30,000 for the LIC Samridhi Plus Plan 804 with a policy term of 10 years. The plan provides a guaranteed NAV benefit based on the highest NAV during the first 100 months or the NAV at maturity.

By inputting this premium and assuming modest NAV growth, the calculator will estimate the maturity amount you may receive after 10 years, subtracting applicable charges. Let’s say the fund grows steadily and the NAV at maturity is higher; then you get the benefit of the highest NAV, which maximizes returns.

Important Considerations

• The plan was available only for a limited period and is currently withdrawn.
• Returns depend on market conditions since it is a ULIP with fund-linked growth.
• Charges applicable reduce the net returns, so the calculator shows net maturity value.
• Partial withdrawals are allowed only after the 5th policy year.
• Life insurance cover is available during the policy term.

Where to Find LIC Samridhi Plus Plan 804 Calculator Online?

Though the plan is withdrawn, some financial websites and LIC partner sites may still host calculators to help existing policyholders. Some useful resources include:

• LIC’s Official Website for policies and updates.
• Reputed insurance comparison portals.
• Financial advisory and calculation tool websites.

Frequently Asked Questions

Summary

LIC Samridhi Plus Plan 804 was a close-ended ULIP plan launched by LIC in early 2011 with a fixed term of 10 years, combining market-linked returns with life insurance cover. The plan is withdrawn now, but it offered attractive features like a guaranteed NAV benefit, flexible premium payment modes, and partial withdrawals after 5 years.

Using the LIC Samridhi Plus calculator helps users estimate maturity returns, plan their investments, and understand charges.