LIC Jeevan Anurag Plan 168 Calculator

LIC Jeevan Anurag Plan 168 is a popular life insurance policy specially designed to secure children’s education and future financial needs. This with-profits plan by LIC pays benefits at pre-specified times during the policy term, regardless of whether the policyholder survives till maturity. It combines protection with savings and offers yearly benefits before maturity, making it an attractive choice for parents planning for their child’s education.

Launch and Withdrawal Dates

LIC Jeevan Anurag Plan 168 was launched on 13th November 2004 to help parents and guardians financially secure their children’s higher education and other expenses in advance. The plan was withdrawn by LIC from sale on 1st January 2014, so it is no longer available for fresh purchase. However, existing policyholders continue to enjoy benefits as per the original terms.​

What is LIC Jeevan Anurag Plan 168?

LIC Jeevan Anurag Plan 168 is a with-profits endowment plan. This means the policyholder gets not only the sum assured but also bonuses declared by LIC based on its profits. The unique feature of this plan is that guaranteed benefits are paid at fixed intervals during the last 4 years of the policy term, thus helping policyholders meet important financial goals, such as funding a child’s education.

The plan pays out:

• 20% of the sum assured at the beginning of each of the last three years before maturity.
• 40% of the sum assured along with vested reversionary bonuses and terminal bonus at maturity.
• In case of the policyholder’s death during the term, the full sum assured is paid immediately to the nominee, and premiums are waived thereafter.

This structured payout helps meet expenses at crucial stages such as school graduation, college admission, and higher education.​

Key Features of LIC Jeevan Anurag Plan 168

• Policy Term: 10 to 25 years
• Minimum Sum Assured: Rs. 50,000
• Maximum Sum Assured: No upper limit; must be in multiples of Rs. 5,000
• Premium Payment Mode: Yearly, half-yearly, quarterly, monthly, single premium, or through salary deduction (SSS)
• Bonuses: Simple reversionary bonuses declared annually and terminal bonus at maturity
• Assured Benefits: 20% of basic sum assured each year for the last 3 years before maturity, 40% at maturity, plus bonuses
• Death Benefit: Full sum assured payable immediately on death during the policy term with future premiums waived
• Loan Facility: Loan available against the policy after completion of 3 years
• Surrender Value: Guaranteed surrender value available after 3 years
• Grace Period: 15 days for monthly modes and 30 days for other modes to pay premiums
• Policy Revival: Lapsed policies can be revived within 2 years from first unpaid premium date​

Benefits of LIC Jeevan Anurag Plan 168

Financial Security for Child’s Education

The plan is specifically designed to meet children’s education expenses that often arise in stages. The assured benefits during the last 3 years help parents arrange funds when most needed.

Death Cover

The plan provides life insurance cover during the policy term. In case of death, the nominee gets the full sum assured immediately, securing the child’s future needs.

Bonuses

Policyholders benefit from reversionary bonuses and terminal bonus declared by LIC, boosting the maturity value.

Flexible Premium Payment Options

Multiple premium payment modes offer flexibility, and paying yearly or half-yearly attracts premium rebates (2% and 1% respectively).

Loan Facility

You can take a loan against the policy after completion of 3 years, useful for emergencies or other financial requirements.

Surrender Value

If needed, policies can be surrendered after 3 years to get a guaranteed surrender value, helping regain some funds.

Eligibility Criteria

• Entry Age: 20 to 60 years
• Maturity Age: Up to 70 years
• Policy Term: 10 to 25 years (minimum 5 years in case of single premium)
• Sum Assured: Minimum Rs. 50,000 with no maximum limit

These criteria allow flexibility for parents or guardians to choose terms aligning with the child’s expected education timeline.​

Premium Calculation and Payment

Policyholders can choose to pay premiums:

• Annually
• Half-yearly
• Quarterly
• Monthly
• Single premium
• Through salary deduction scheme (SSS)

Premiums are based on factors like sum assured, age at entry, policy term, and premium payment mode. LIC offers rebates on yearly (2%) and half-yearly (1%) premiums. Monthly payment mode attracts an extra 5% charge.

Premium payment term is generally equal to the policy term or 3 years less than the maturity period, depending on the policy terms.

How to Use LIC Jeevan Anurag Plan 168 Calculator

Calculating the expected maturity amount, bonuses, premiums, and benefits correctly is essential before purchasing a policy. An LIC Jeevan Anurag Plan 168 Calculator helps estimate:

• Annual premiums based on sum assured, age, and term
• Bonuses accumulated over the years
• Maturity amount including assured benefits and bonuses
• Death benefits and other payouts

Steps to Use the Calculator

1. Enter the age of the policyholder at the time of purchase.
2. Choose the policy term (between 10 and 25 years).
3. Enter the sum assured you wish to secure.
4. Select the premium payment mode and term.
5. The calculator will automatically compute:
   • Yearly premiums payable
   • Bonus accumulation projections
   • Estimated maturity amount
   • Death benefit details
6. Review the calculation outputs to decide the financial commitment and benefits.

This helps in planning finances and understanding returns transparently before committing to the policy.​

Example Calculation

Suppose a parent aged 30 opts for LIC Jeevan Anurag Plan 168 with a 20-year policy term and Rs. 10,00,000 sum assured. The premium calculator estimates:

• Annual premium: Approximately Rs. 53,713 (approximate figure)
• Assured benefits payout: 20% of Rs. 10,00,000 (Rs. 2,00,000) at the beginning of each of the last three years
• Final maturity payout: 40% of Rs. 10,00,000 plus reversionary/terminal bonuses
• Death benefit: Rs. 10,00,000 payable immediately to the nominee in case of policyholder’s death before maturity

These illustrative values help the policyholder plan budgeting and expected returns.​

Why Choose LIC Jeevan Anurag Plan 168?

The plan is ideal for parents who want a guaranteed savings plan for their children’s future educational requirements. The structure of periodic payouts before maturity relieves lump-sum financial pressure when the child reaches important educational milestones.

Additional benefits include the security of life cover, bonus additions, loan availability, and flexible premium modes. The wholesome financial planning opportunity makes it one of LIC’s favored child plans.

Important Points to Remember

• LIC Jeevan Anurag Plan 168 is withdrawn as of 1 January 2014, so new policies cannot be purchased. However, existing policies remain valid as per their terms.
• It is essential to pay timely premiums to keep the policy in force and enjoy benefits.
• Bonus rates vary annually, based on LIC’s profit declaration, impacting the final maturity amount.
• Use an official LIC calculator or trusted online LIC Jeevan Anurag Plan Calculator tools to get accurate premium and maturity values.
• Consult LIC agents or trusted financial advisors for personalized assistance.

Frequently Asked Questions

Conclusion

LIC Jeevan Anurag Plan 168 remains a noteworthy child plan for those who purchased it before withdrawal. It has served as a reliable plan for funding children’s education by offering structured payouts, life cover, and bonuses.

Understanding the plan features and proper use of Jeevan Anurag Plan 168 Calculator helps policyholders maximize benefits and plan finances wisely. Although new purchases are not possible, learning about this plan is still useful for LIC policyholders and advisors.