LIC Endowment Plus 802 was a unit-linked endowment plan with regular or single premium, sold until 1 January 2014. Maturity pays the fund value, and death pays the higher of sum assured or fund value. A 25-year-old paying ₹25,000 a year for 20 years could have about ₹10.4 lakh at an 8% gross return, or ₹6.6 lakh at 4%, after charges.
Endowment Plus 802 Fund Value Calculator
Your estimate
at 8% gross return, after charges
- Premium per instalment
- ₹50,000
- Total premium paid
- ₹7,50,000
- Estimated returns
- ₹5,30,383
- Approx. return (IRR)
- 6.43%
- Fund value at 4% return
- ₹9,15,487
- Fund value at 8% return
- ₹12,80,383
- Total charges deducted
- ₹1,07,710
- Death benefitminimum; higher of sum assured or fund value
- ₹5,00,000
- Age at maturity
- 45 years
- Total premium paid₹7,50,00059%
- Estimated returns₹5,30,38341%
Year-wise fund projection
| Year | Age at entry | Premium paid | Estimated fund value | Death benefit |
|---|---|---|---|---|
| 1 | 31 | ₹50,000 | ₹47,593 | ₹5,00,000 |
| 2 | 32 | ₹1,00,000 | ₹1,00,430 | ₹5,00,000 |
| 3 | 33 | ₹1,50,000 | ₹1,57,144 | ₹5,00,000 |
| 4 | 34 | ₹2,00,000 | ₹2,18,025 | ₹5,00,000 |
| 5 | 35 | ₹2,50,000 | ₹2,83,380 | ₹5,00,000 |
| 6 | 36 | ₹3,00,000 | ₹3,54,619 | ₹5,00,000 |
| 7 | 37 | ₹3,50,000 | ₹4,31,100 | ₹5,00,000 |
| 8 | 38 | ₹4,00,000 | ₹5,13,227 | ₹5,13,227 |
| 9 | 39 | ₹4,50,000 | ₹6,01,311 | ₹6,01,311 |
| 10 | 40 | ₹5,00,000 | ₹6,95,742 | ₹6,95,742 |
| 11 | 41 | ₹5,50,000 | ₹7,96,980 | ₹7,96,980 |
| 12 | 42 | ₹6,00,000 | ₹9,05,515 | ₹9,05,515 |
| 13 | 43 | ₹6,50,000 | ₹10,21,877 | ₹10,21,877 |
| 14 | 44 | ₹7,00,000 | ₹11,46,631 | ₹11,46,631 |
| 15 | 45 | ₹7,50,000 | ₹12,80,383 | ₹12,80,383 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Endowment Plus Plan 802?
LIC Endowment Plus Plan 802 was a unit-linked endowment plan. Premiums, after charges, were invested in units of a fund chosen by the policyholder, and the policy carried life cover alongside. The final payout was the fund value, so returns depended on the markets rather than on declared bonuses.
The plan was sold in the early 2010s and withdrawn on 1 January 2014, when the 2013 IRDA product regulations took effect. Its successor was New Endowment Plus 835, and the last version, New Endowment Plus 735, has also been withdrawn. For a current LIC ULIP, see SIIP 752. This page is written for existing 802 policyholders who want to estimate where their fund could end up.
Plan 802 at a glance
| Feature | Regular premium | Single premium |
|---|---|---|
| Entry age | 90 days to 50 years | 18 to 60 years |
| Minimum maturity age | 18 years | 18 years |
| Maximum maturity age | 60 years | 70 years |
| Policy term | 10 to 20 years | 10 to 20 years |
| Premium paying term | Same as policy term | One payment |
| Minimum premium | ₹20,000 a year (₹1,750 a month by ECS) | ₹30,000 |
Funds: Bond, Secured, Balanced and Growth. Status: withdrawn from 1 January 2014.
How the fund value is estimated
The calculator projects the fund year by year:
- Premium allocation charge: for regular premium, 7.5% in year 1, 5% in years 2 to 5 and 3% after. For a single premium it assumes about 3% once.
- Policy administration charge: a small monthly deduction.
- Mortality charge: the cost of cover on the sum at risk, based on age.
- Fund management charge: about 0.70% a year.
Sum assured follows the 2010 ULIP rules: 10 times the yearly premium below age 45 and 7 times from 45 for regular premium, and 125% or 110% of a single premium. No GST applies to individual life policies from 22 September 2025; earlier, 18% GST was charged on ULIP charges.
Regular premium example: a 25-year-old paying ₹25,000 a year for 20 years (₹5,00,000 in total) has ₹2,50,000 cover. The projected fund is ₹10,36,275 at 8% (IRR about 6.52%) and ₹6,55,878 at 4%.
Single premium example: a 40-year-old who paid ₹2,00,000 once for 10 years has ₹2,50,000 cover. The fund comes to about ₹3,75,192 at 8% and ₹2,54,881 at 4%.
Tip: your annual unit statement shows the real units and NAV. Enter a return close to what your fund has actually earned to get a more useful projection.
Maturity benefit
On maturity LIC pays the fund value. Since most 802 policies are now in their final years, it can make sense to move money from the Growth Fund to the Bond or Secured Fund to protect gains ahead of the maturity date.
Death benefit
The nominee receives the higher of the sum assured (less partial withdrawals made in the two years before death) or the fund value.
Surrender, partial withdrawal and switching
- Lock-in: the first five policy years. Every 802 policy has now passed this point.
- Surrender: after the lock-in you receive the fund value with no surrender charge.
- Partial withdrawal: allowed after the fifth policy year, within the policy limits.
- Switching: between the four funds, with some free switches each year.
Tax benefits
Premiums paid were deductible under Section 123 of the Income-tax Act, 2025 (earlier Section 80C). As these policies were issued long before February 2021, the ₹2.5 lakh ULIP premium cap does not apply. Maturity is generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), subject to the premium-to-sum-assured condition applicable when the policy was issued.
Plan 802 vs later versions
Plan 835 (2015) replaced the single premium option with regular premium only, added a death benefit floor of 105% of premiums paid and kept the four-fund structure. Plans 935 and 735 continued that design. To compare a ULIP with a plain investment, try the ULIP plan calculator.
How to use this calculator
Pick the premium type, enter age, term, premium and expected return. The results show projected fund value, sum assured, charges and IRR. The table lists the fund and death benefit for each year. All numbers are estimates, not LIC quotes.
Frequently asked questions
Is LIC Endowment Plus 802 still sold?
No. LIC withdrew Plan 802 from 1 January 2014, when new IRDA product rules came in. Existing policies continue until maturity, surrender or claim. The product line continued as New Endowment Plus 835, 935 and 735, all of which have since been withdrawn.
What is the maturity benefit of Endowment Plus 802?
The policyholder receives the fund value, that is, units held multiplied by the NAV on the maturity date. There is no guaranteed amount. For ₹25,000 a year over 20 years, the calculator estimates about ₹10.36 lakh at 8% and ₹6.56 lakh at 4%.
What is the death benefit in LIC 802?
The nominee receives the higher of the sum assured (adjusted for partial withdrawals in the two years before death) or the fund value. Under the ULIP rules in force then, the sum assured was usually 10 times the yearly premium, or 7 times from age 45.
Did Plan 802 have a single premium option?
Yes. You could pay one lump sum of at least ₹30,000 instead of yearly premiums. Single premium entry age was 18 to 60, with maturity by age 70. Cover was a smaller multiple of the premium, about 1.25 times below age 45.
Which funds were available in Endowment Plus 802?
Four funds: Bond Fund, Secured Fund, Balanced Fund and Growth Fund, in rising order of equity exposure and risk. Policyholders could switch between them, with a limited number of free switches each policy year.
Can I surrender my LIC 802 policy now?
Any policy running today is well past the five-year lock-in, so you can surrender and receive the full fund value. Check the latest unit statement for the exact figure, and compare it with the projection above before deciding.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.