If you are looking for a pure term insurance plan that ensures financial security for your loved ones in case of unforeseen events, then LIC Anmol Jeevan 1 Plan 164 is a plan you must know about.

Introduction to LIC Anmol Jeevan 1 Plan 164

LIC Anmol Jeevan 1 Plan 164 is a pure term insurance plan offered by the Life Insurance Corporation of India. Term insurance means it provides coverage for a specific term and pays out the sum assured only on the death of the insured during the policy term. It does not offer maturity benefits, bonuses, or surrender values like endowment or money-back policies.

This plan is designed to provide a low-cost, high-coverage solution for people who want pure protection without savings or investment components.

Launch and Withdrawal Dates

• Launch Date: LIC Anmol Jeevan 1 Plan 164 was introduced on 1st November 2003. It replaced an earlier version of the plan known as Anmol Jeevan Table 153 which was withdrawn on 31st October 2003.
• Withdrawal Date: LIC officially withdrew Anmol Jeevan 1 Plan 164 from new business on 1st December 2013. After this date, no new policies under this plan were issued. However, existing policies continue to remain in force as per their terms.

So, if you already have this policy, you can use the LIC Anmol Jeevan 1 Calculator to estimate your premiums or understand the coverage. New buyers need to look for LIC’s current term insurance plans.

Key Features of LIC Anmol Jeevan 1 Plan 164

Here are the main features that define this plan:

• Type of Plan: Pure term insurance without profits.
• Sum Assured: Minimum Rs. 5,00,000 and up to less than Rs. 25,00,000.
• Policy Term: Ranges from 5 years to maximum 25 years.
• Age Limits: Minimum entry age is 18 years and maximum entry age is 55 years. The maximum age at maturity is 65 years.
• Premium Modes: You can pay premiums annually, half-yearly, or as a single premium.
• Payout: On death during the policy term, the nominee receives the sum assured. No maturity or survival benefit is paid.
• No Bonuses: Since it is a non-participating plan, no bonuses or profits are declared.
• No Loan or Surrender Value: This plan does not offer any surrender or loan benefits.
• Tax Benefits: Premiums paid are eligible for deduction under Section 80C of the Income Tax Act.

Eligibility Criteria

To apply for LIC Anmol Jeevan 1 Plan 164, the eligibility criteria are:

• Applicant should be between 18 to 55 years of age at entry.
• Policy term chosen must ensure that the maturity age does not exceed 65 years.
• Minimum sum assured should be Rs. 5 lakhs.
• Maximum sum assured can be less than Rs. 25 lakhs.
• Policy term can be from 5 to 25 years.

Benefits of LIC Anmol Jeevan 1 Plan 164

The Anmol Jeevan 1 plan offers very straightforward benefits:

• Death Benefit: In case of unfortunate death during the term, the sum assured is paid to the nominee, providing financial support to the family.
• Life Coverage: Provides pure life cover without any savings or maturity benefits.
• Affordable Premium: Being a term plan without bonuses, it is one of the most affordable LIC plans for high coverage.
• Tax Savings: Premium payments qualify for tax deduction under Section 80C.
• Flexibility of Terms: With terms from 5-25 years and multiple premium payment modes, it can be chosen based on personal financial planning.

Limitations of the Plan

While this plan has its advantages, it also has some limitations:

• No maturity or survival benefits are paid.
• No surrender value or loan facilities.
• Withdrawn since December 2013, so not available for new buyers.
• No riders or additional benefits available.
• Premium rebate is limited (1% rebate on yearly mode, none on half-yearly).

How to Use LIC Anmol Jeevan 1 Plan 164 Calculator

The LIC Anmol Jeevan 1 Calculator is a handy tool to understand your premium amount based on input factors like age, sum assured, policy term, and premium mode.

Steps to Use the Calculator

1. Enter Age: Your age at the time of policy entry (between 18 and 55).
2. Choose Sum Assured: The amount of coverage you need (minimum Rs. 5 lakh).
3. Select Policy Term: Choose term between 5 to 25 years ensuring maturity age ≤ 65.
4. Select Premium Mode: Choose yearly, half-yearly, or single premium payment.
5. Calculate Premium: The calculator will show the premium you need to pay.

This helps in planning your budget and comparing term insurance premiums.

Why Use LIC Anmol Jeevan 1 Calculator?

• Quick estimation of premium payable.
• Helps in comparing with other term insurance plans.
• Helps you decide the sum assured and term suitable for your needs.
• Useful for existing policyholders to verify premium and term.

Comparison with Other LIC Term Plans

Though LIC Anmol Jeevan 1 Plan 164 is withdrawn, it set the benchmark for pure term insurance plans. LIC now offers multiple term plans, such as

Feature	LIC Anmol Jeevan 1 Plan 164	LIC e-Term Plan	LIC Tech Term Plan
Term Range	5 to 25 years	5 to 40 years	5 to 40 years
Sum Assured	Rs. 5 lakh to <Rs. 25 lakh	Rs. 25 lakh to Rs. 55 crore	Rs. 50 lakh to Rs. 30 crore
Maturity Benefit	Nil	Nil	Nil
Premium Modes	Yearly, Half-Yearly, Single	Yearly, Monthly, Half-Yearly	Yearly, Monthly, Half-Yearly
Loan/Surrender Value	None	None	None
Riders Available	No	Yes (Accidental, Critical Illness)	Yes (Accidental)
Availability	Withdrawn (Dec 2013)	Currently available	Currently available

This comparison shows the evolution of LIC’s term insurance offerings to meet wider needs.

How LIC Anmol Jeevan 1 Calculator Works: Behind the Scenes

The premium calculation is based on actuarial tables considering:

• Age of the proposer
• Sum assured chosen
• Policy term selected
• Mode of premium payment

The calculator uses mortality rates and interest assumptions approved by LIC along with loading charges to compute premiums ensuring the plan’s financial soundness.

Tips for Choosing Sum Assured and Policy Term

• Choose sum assured based on your family’s financial needs, liabilities, and future goals.
• Consider policy term long enough to cover your income-earning years.
• Factor in other existing insurance coverage for comprehensive protection.

FAQs About LIC Anmol Jeevan 1 Plan 164

Conclusion

LIC Anmol Jeevan 1 Plan 164 was a simple and affordable pure term insurance plan from LIC designed to provide life cover without any maturity or survival benefits. Though withdrawn from sale in 2013, it remains a popular example of pure term insurance in India. The LIC Anmol Jeevan 1 Calculator can still be used by existing policyholders to estimate premium payments and plan their coverage.