LIC The Whole Life Policy – Single Payment (Plan 08) is an old with-profit whole life plan bought with one lump-sum premium. It is no longer sold. The sum assured plus bonuses is paid on death, and our calculator illustrates the value at age 80. By our estimate, ₹2 lakh of cover at age 30 cost about ₹90,000 once and grows to about ₹5.5 lakh by 80 at a ₹35 bonus.
Whole Life Single Payment Plan 08 Calculator
Your estimate
illustration at the assumed bonus rate
- Bonus added each year
- ₹7,000
- Claim value after 20 years
- ₹3,40,000
- Sum assured on deathplus all bonuses accrued till death
- ₹2,00,000
- Single premium₹90,00016%
- Net gain₹4,60,00084%
Claim value (sum assured + bonus) by policy year
| Policy year | Your age | Death benefit |
|---|---|---|
| 5 | 35 | ₹2,35,000 |
| 10 | 40 | ₹2,70,000 |
| 15 | 45 | ₹3,05,000 |
| 20 | 50 | ₹3,40,000 |
| 25 | 55 | ₹3,75,000 |
| 30 | 60 | ₹4,10,000 |
| 35 | 65 | ₹4,45,000 |
| 40 | 70 | ₹4,80,000 |
| 45 | 75 | ₹5,15,000 |
| 50 | 80 | ₹5,50,000 |
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 The Whole Life Policy – Single Payment (Plan 08)?
LIC The Whole Life Policy – Single Payment (Plan 08, Table 8, UIN 512N037V01) is an old with-profit whole life plan. Instead of paying premiums year after year, you paid one lump sum at the start. The policy then stays in force for life, earns yearly bonuses, and pays the sum assured plus bonuses to your nominee on death.
It suited people who had a lump sum, such as a gratuity or an inheritance, and wanted to turn it into a guaranteed estate for their heirs. The plan is no longer sold. This page helps existing policyholders understand what the policy was bought for and what it is likely to be worth.
Plan 08 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 08 (Table 8) / 512N037V01 |
| Type | With-profit whole life, single premium |
| Entry age | 12 to 60 years |
| Minimum sum assured | ₹30,000 (no upper limit) |
| Premium | One lump sum |
| Illustration point | Age 80 (from the source eligibility table) |
| Bonus | Simple reversionary bonus, plus final bonus if declared |
| Status | Withdrawn; existing policies continue |
How the single premium works
The premium is a fixed amount per ₹1,000 of sum assured that rises with age at entry.
| Age at entry | Single premium per ₹1 lakh |
|---|---|
| 20 | about ₹29,250 |
| 30 | about ₹45,000 |
| 40 | about ₹60,750 |
| 50 | about ₹76,500 |
| 60 | about ₹92,250 |
Worked example. A 30-year-old buys ₹2,00,000 of cover:
- Single premium: about ₹90,000
- Bonus at ₹35 per ₹1,000: ₹7,000 added each year
- Claim value after 20 years: about ₹3,40,000
- Sum assured + bonus by age 80: about ₹5,50,000
For a 40-year-old buying ₹5 lakh of cover, the single premium works out to about ₹3,03,750, growing to about ₹12 lakh by 80 at the same bonus rate.
Tip: the bonus rate drives almost all of the growth. Take the actual rates from your LIC bonus statements and enter them in the calculator for a realistic figure.
The calculator adds no GST: individual life insurance premiums are exempt from 22 September 2025, and the single premium is the full cost of the policy.
Death benefit
On death at any age, the nominee receives the basic sum assured plus all bonuses added up to that point. The table under the calculator shows this claim value at five-year steps.
Loan and surrender
A single-premium policy builds surrender value faster than a regular-premium one because all the money is paid on day one. You can take a policy loan against that value or surrender the policy for the higher of the guaranteed and special surrender values. Surrender ends the life cover, so weigh it carefully; our surrender value calculator gives a rough idea.
Plan 08 compared with Plans 02 and 05
| Plan | Premium payment |
|---|---|
| Plan 02 | Regular, for 35 years or to age 80 |
| Plan 05 | Limited period, ending by age 70 |
| Plan 08 (this plan) | One single premium |
If you want a single-premium whole life plan today, the closest current option is Jeevan Utsav Single Premium 883, which pays guaranteed yearly income instead of bonuses.
How to use this calculator
- Enter your age at entry and sum assured.
- Set the bonus rate to match your bonus statement.
- Read the single premium, yearly bonus and claim value by year.
All figures are approximate estimates from an independent calculator, not LIC figures.
Frequently asked questions
Can I still buy LIC Whole Life Single Payment Plan 08?
No. Plan 08 belongs to LIC's old table-number series and is not open for new policies. Existing policies continue with their original benefits. For a current single-premium whole life option, look at LIC Jeevan Utsav Single Premium Plan 883.
How much was the single premium under Plan 08?
By our estimate, about ₹450 per ₹1,000 of sum assured at age 30, rising with age. So ₹2 lakh of cover at 30 cost about ₹90,000, and ₹5 lakh at 40 about ₹3,03,750.
What does the nominee receive under Plan 08?
The basic sum assured plus all bonuses added up to the date of death. With ₹2 lakh of cover and a ₹35 bonus, a claim after 20 years would be about ₹3.4 lakh.
Do I need to pay anything more after the single premium?
No. The single premium keeps the policy in force for life. Bonuses keep being added each year that LIC declares them.
Can I take a loan on a Plan 08 policy?
Yes. Single-premium policies acquire a surrender value early, and a loan can be taken against it. The amount depends on the policy's age and the bonuses attached.
Are Plan 08 claims tax-free?
Death claims are exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)). For other payouts, the exemption depends on the premium being within the limit relative to the sum assured that applied when the policy was issued.
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.