LIC Amulya Jeevan I
Plan No. 190 (UIN: 512N250V01)
Plan Status: Withdrawn on 01.01.2014
Launch Date: 18.02.2008
Plan Type: Pure Term Assurance
Note: This calculator is for historical reference and educational purposes only.
LIC Amulya Jeevan I Plan 190 is a nonprofit pure term plan introduced by LIC India to provide life cover at a very affordable cost, especially suited for people seeking high protection at minimal premiums. Unlike other endowment or money-back plans, this plan offers protection during the policy term by paying the sum assured to the nominee in case of the policyholder’s death. There are no maturity benefits under this plan.
Launch and Withdrawal Dates
This plan was launched on 18th February 2008, replacing the earlier LIC Amulya Jeevan 177 plan. However, it was withdrawn on 1st January 2014, and is no longer available for fresh purchase. Despite the withdrawal, many existing policyholders continue to enjoy its benefits until maturity.
For more official details, you can visit the LIC website link about the plan LIC Amulya Jeevan I Plan 190.
Key Features of LIC Amulya Jeevan I Plan
- Pure Term Insurance Plan: Provides only death benefits, no maturity benefits.
- Minimum Sum Assured: Rs. 25,00,000 (25 Lakhs).
- No Upper Limit: There is no maximum limit on the sum assured; it can be chosen as high as needed.
- Policy Term: Minimum 5 years and maximum 35 years.
- Entry Age: Minimum 18 years (completed), maximum 60 years (nearest birthday).
- Maturity Age: Maximum age at maturity is 70 years (nearest birthday).
- Premium Payment: Available in yearly, half-yearly, or single premium modes.
- No Surrender Value: There is no surrender value or paid-up value in this plan.
- No Loan Facility: Loans cannot be availed against this policy.
- Reinstatement: Policies can be revived within 5 years of lapse if the policyholder provides proof of insurability and pays due premiums with interest.
- Cooling-off Period: 15 days from receipt of the policy to review terms and cancel it if unsatisfied.
Eligibility Conditions for LIC Amulya Jeevan I Plan
Applicants must meet the following criteria to be eligible to purchase this plan:
| Criteria | Details |
|---|---|
| Minimum Age at Entry | 18 years (completed) |
| Maximum Age at Entry | 60 years (nearest birthday) |
| Maximum Maturity Age | 70 years (nearest birthday) |
| Minimum Policy Term | 5 years |
| Maximum Policy Term | 35 years |
| Minimum Sum Assured | Rs. 2,500,000 |
| Premium Payment Modes | Yearly, Half-yearly, Single |
Benefits of LIC Amulya Jeevan I Plan 190
The plan primarily offers financial security to the family of the insured by providing a lump sum amount in case of the unfortunate demise of the policyholder during the policy term. The benefits are
- Death Benefit: The nominee receives the sum assured on death during the policy term.
- No Maturity Benefit: If the policyholder survives the term, no amount is paid.
- Tax Benefits: Premiums paid qualify for tax benefits under Section 80C of the Income Tax Act, and death benefits are tax-free under Section 10(10D).
Understanding LIC Amulya Jeevan I Plan 190 Calculator
The LIC Amulya Jeevan I Plan 190 Calculator is a tool designed to help policyholders or prospective buyers calculate the premium they need to pay based on their age, chosen sum assured, policy term, and mode of premium payment. Since this is a pure term plan, the calculator helps in estimating the cost of pure protection for the cover chosen.
How to Use LIC Amulya Jeevan I Plan 190 Calculator?
To use the calculator effectively, you need to input the following details:
- Age of the Life Assured: Enter your current age to check the premium applicable.
- Sum Assured: Minimum Rs. 25 lakhs; you can enter the desired amount in multiples of Rs. 1,00,000.
- Policy Term: Choose the number of years you want coverage for, between 5 and 35 years.
- Premium Payment Frequency: Choose between yearly, half-yearly, or single premium modes.
Once these details are provided, the calculator computes the annual or single premium payable. It also adjusts premiums based on underwriting rules and rebate structures LIC has applied.
Calculating the Premium: What Factors Influence It?
The premium amount depends on several factors:
- Age at Entry: Younger the entrant, lower the premium.
- Sum Assured: Higher sum assured means higher premium.
- Policy Term: Longer the term, the more premium payable.
- Premium Paying Mode: Single premium mode has different rates compared to yearly or half-yearly.
- Rebates and Extra Charges: LIC applies rebates on higher sum assured slabs and a 2% extra for half-yearly mode.
Example premium rates:
- No rebates are available on sum assured up to Rs. 99 Lakhs.
- For sum assured of Rs. 1 crore and above, single premium rates get a discount of 0.50 per thousand sum assured.
- Half-yearly premium mode carries an extra 2% loading on the annual premium.
Advantages of Using the LIC Amulya Jeevan I Plan Calculator
- Instant Premium Estimation: Speeds up the process by giving instant premium figures.
- Ease of Planning: Allows financial planning by estimating premium commitments.
- Comparison Tool: Helps compare different sums assured and terms before deciding.
- No Manual Errors: Avoids errors of manual calculation and guesswork.
- Transparency: Shows exact amounts, including applicable rebates and extra charges.
Important Considerations Before Buying this Plan
- This plan does not provide any maturity or surrender benefits.
- Suitable only if your main aim is to secure life for your family with a high cover at minimum cost.
- Since it has been withdrawn since 2014, new buyers cannot purchase it now. Alternative LIC term plans like Amulya Jeevan II or other new term plans are available.
- Review your insurance needs and compare with available plans in the market if interested in term insurance.
Alternatives Suggested by LIC India Post Withdrawal
After withdrawal of Amulya Jeevan I Plan 190 in January 2014, LIC introduced other term plans like:
- Amulya Jeevan II Plan: Also a pure term insurance plan with updated benefits.
- Jeewan Amar Plan: Another affordable pure protection term plan.
- New Jeevan Anand: A combination plan with protection and savings elements.
How to Calculate Premium Manually (Basic Method)
If you do not use the online calculator, you can roughly estimate premiums by following: Premium=Sum Assured×Premium Rate per Rs.1000 sum assured
The premium rate depends on age, term, and payment mode. LIC provides premium tables in the policy brochure for reference.
Summary of Policy Conditions
| Condition | Details |
|---|---|
| Min Age at Entry | 18 years (completed) |
| Max Age at Entry | 60 years (nearest birthday) |
| Min Policy Term | 5 years |
| Max Policy Term | 35 years |
| Min Sum Assured | Rs. 25 Lakhs |
| Max Sum Assured | No limit |
| Premium Mode | Yearly, Half-yearly, Single |
| Maturity Benefit | Nil |
| Surrender Value | Nil |
| Loan Facility | Not available |
| Cooling Period | 15 days |
Tips for Choosing Term Insurance Plans
When choosing term insurance like LIC Amulya Jeevan I Plan or alternatives, consider:
- Assess your financial responsibilities to decide sum assured.
- Check premium affordability over the policy term.
- Analyze rider options for extra benefits like critical illness.
- Compare features and claim settlement ratios of insurers.
- Seek professional advice if unsure of plan features.
Where to Find LIC Amulya Jeevan I Plan 190 Calculator?
While LIC’s official website no longer offers this calculator (due to plan withdrawal), you can use independent LIC calculator websites that provide premium calculation tools based on official premium rates of old plans. One such site is liccalculator.info.
Frequently Asked Questions (FAQ)
What is LIC Amulya Jeevan I Plan 190?
It is a pure term insurance plan by LIC providing high life cover at affordable premiums, with no maturity benefits.
Is LIC Amulya Jeevan I Plan 190 still available for purchase?
No, this plan was withdrawn on 1st January 2014 and is not available for new buyers.
What is the minimum sum assured under this plan?
The minimum sum assured is Rs. 25,00,000 (25 lakhs).
What benefits does the plan offer?
The nominee receives the sum assured if the policyholder dies during the policy term. There is no payout if the policyholder survives the term.
What is the minimum and maximum age for entry into the plan?
Minimum entry age is 18 years (completed), and maximum is 60 years (nearest birthday).
What are the policy term options?
Policy term can range from 5 to 35 years.
Conclusion
LIC Amulya Jeevan I Plan 190 was a popular pure term insurance plan offering high coverage at affordable costs. Although withdrawn in 2014, it remains an important example of simple, cost-effective life cover. Using the LIC Amulya Jeevan I Plan 190 Calculator can help understand your premium liabilities during the time it was available. For new term insurance needs, consider current plans that provide flexible options and benefits.