LIC Jeevan Amrit Plan 186

The LIC Jeevan Amrit Plan 186 is a unique endowment plan offered by the Life Insurance Corporation of India (LIC), designed to give you the benefits of a limited premium payment term with the security of a long-term insurance policy. If you want to know how much premium you need to pay and what your maturity benefits are, the LIC Jeevan Amrit Plan 186 Calculator will help you calculate these amounts quickly and accurately.

What is LIC Jeevan Amrit Plan 186?

LIC Jeevan Amrit is an endowment plan where the premium payment period is limited but the policy term is longer. This means you pay premiums for just 3, 4, or 5 years, but the policy duration can range from 10 to 30 years. It is designed for people who want to complete their premium payments early yet enjoy the benefits of a life insurance cover and maturity benefits over a long term.

Launch and Withdrawal Dates of LIC Jeevan Amrit Plan 186

The LIC Jeevan Amrit Plan 186 was launched on 28th May 2007. However, it was withdrawn from sale on 8th December 2013. Though the plan is no longer available for new policyholders, existing policyholders can continue with their policies as per the terms and conditions.

Key Features of LIC Jeevan Amrit Plan 186

• Limited Premium Payment: Pay premiums for only 3, 4, or 5 years.
• Policy Term: Choose your policy term from 10 to 30 years.
• Sum Assured: Minimum Rs. 1 lakh, with no upper limit.
• Premium Frequency: Premium can be paid yearly or half-yearly.
• Death Benefit: Sum Assured plus vested bonuses paid immediately on the death of the policyholder during the term.
• Maturity Benefit: On survival to the end of the term, you receive the total premiums paid along with accrued bonuses.
• Bonuses: Eligible for Simple Reversionary Bonuses and Final (Additional) Bonuses declared by LIC.
• Loan Facility: Loans against policy can be availed after certain conditions.
• Grace Period: 30 days grace period for premium payment.
• Free Look Period: 15 days cooling-off period to return the policy if terms are unsatisfactory.
• Policy Revival: Option to revive lapsed policy by paying pending premiums within 5 years.
• Nomination: Facility available to nominate beneficiaries.

How Does the LIC Jeevan Amrit Plan 186 Work?

The plan works by combining the benefits of limited premium payment with the advantages of a longer policy term:

1. You select your policy term (10 to 30 years) and premium paying term (3, 4, or 5 years).
2. You pay premiums regularly for the premium paying term period.
3. After paying premiums, the policy continues till maturity.
4. If the life assured dies during the policy term, the nominee receives the Sum Assured plus bonuses.
5. If the policyholder survives till maturity, the total premiums paid plus accrued bonuses are paid as maturity benefits.

Benefits and Advantages of LIC Jeevan Amrit Plan 186

• Limited Premium Duration: You pay premiums only for a short period, easing your financial burden.
• Long-term Financial Security: The policy provides coverage for up to 30 years, which means long-term security for your family.
• Bonus Participation: You get Simple Reversionary Bonuses declared annually and a Final Bonus at maturity.
• Flexibility in Premium Payment: Choose between yearly and half-yearly payment options.
• Loan Facility: Option to take loans against your policy for financial emergencies.
• Return of Premiums: On maturity, get back the amount of premiums paid plus bonuses.
• Suitable for Goal Planning: Ideal for those who want to meet specific financial goals like children’s education, marriage, or retirement corpus.

Who Should Consider LIC Jeevan Amrit Plan 186?

This plan is suitable for individuals who:

• Prefer a limited premium payment term.
• Want long-term financial security.
• Seek bonuses along with guaranteed maturity benefits.
• Wish to save for future financial goals with life insurance coverage.
• Desire loan options against the policy.
• Look for a disciplined savings avenue with a fixed time frame.

Understanding the LIC Jeevan Amrit Plan 186 Calculator

A dedicated LIC Jeevan Amrit Plan 186 Calculator helps you estimate:

• The premium amount payable based on your age, sum assured, and premium paying term.
• The expected maturity benefits including bonuses.
• Death benefits payable to the nominee.
• Helps plan your financial commitments effectively.

How to Use the LIC Jeevan Amrit Plan 186 Calculator?

Using the calculator is easy and straightforward. Here is a step-by-step guide to help you:

1. Enter Age: Input your age at entry.
2. Choose Premium Paying Term: Select whether you want to pay for 3, 4, or 5 years.
3. Select Policy Term: Choose from 10 to 30 years for the total policy duration.
4. Enter Sum Assured: Your desired coverage amount (minimum Rs. 1 lakh).
5. Payment Mode: Choose premium payment frequency (half-yearly or yearly).
6. Calculate: The calculator will show the premium amount payable each term and estimate the maturity benefits based on vested bonuses.
7. Review Results: Check the premium schedule, maturity value, and death benefits clearly.

This calculator uses official LIC premium rates and bonus rates to give you an accurate projection.

Premium Payment Details

• Premiums are payable only for the selected short term (3, 4, or 5 years).
• The first-year premium is slightly higher than subsequent years.
• Payments can be made half-yearly or yearly.
• Grace period of 30 days is given for late premium payment.

Bonus Structure of LIC Jeevan Amrit Plan 186

The plan participates in LIC’s profits through Simple Reversionary Bonuses and Final Bonus:

• Simple Reversionary Bonus: Declared annually by LIC based on performance.
• Final (Additional) Bonus: Paid at the end of the policy term if declared.
• Bonuses add to the maturity amount or death benefits, enhancing the payout.

Claim Process for LIC Jeevan Amrit Plan 186

Maturity Claim:

• At policy maturity, the policyholder receives the sum of premiums paid plus accrued bonuses.

Death Claim:

• The nominee receives the sum assured plus bonuses as a lump sum payment.

Loan Claim:

• Policyholders can avail loans against the policy after a certain waiting period.

Revival and Lapse Conditions

If premium payments are missed, the policy may lapse. However:

• Revival is possible within 5 years of the first unpaid premium.
• All due premiums along with interest must be paid for revival.
• Lapsed policies do not get bonuses during the lapsed period.

Important Terms and Conditions

• Minimum entry age: 12 years.
• Maximum entry age: 60 years.
• Maximum maturity age: 70 years.
• Policy terms range from 10 to 30 years.
• Limited premium payment duration (3-5 years) applicable.
• Sum assured minimum Rs. 1 lakh and no upper limit.
• Loans available on policy after certain waiting period.
• Grace and free look periods apply as per LIC norms.

Frequently Asked Questions

Final Thoughts

Though the LIC Jeevan Amrit Plan 186 is withdrawn for new policyholders, it remains a good example of a limited premium endowment plan with long-term benefits. For those who still have active policies, understanding the premium payment and maturity benefits through the LIC Jeevan Amrit Plan 186 Calculator is essential for financial planning.

If you are looking for newer plans with similar features, LIC offers other limited premium endowment plans. Always consider your financial goals, premium affordability, and risk coverage before choosing a plan.