LIC Jeevan Madhur Plan 182 Calculator

LIC Jeevan Madhur Plan 182 is a microinsurance plan designed to provide affordable life insurance coverage primarily aimed at low-income individuals. It offers flexible premium payment options, death benefits, and participation in profits, making it an attractive plan for those seeking basic financial security.

Introduction to LIC Jeevan Madhur Plan 182

LIC’s Jeevan Madhur Plan 182, also known as Table No. 182, is a micro-insurance plan introduced by the Life Insurance Corporation of India (LIC). It aims to provide affordable life insurance coverage, especially for low-income groups, with minimal premium amounts and flexible payment modes. The plan was introduced with the objective of ensuring financial protection at a very modest cost.

Key Features:

• Small premium amounts starting at Rs. 25 per week.
• Death benefit of 12 times the annual premium, plus bonuses.
• Terms of policy: 5 to 15 years.
• Flexible premium payment modes: weekly, fortnightly, monthly, quarterly, half-yearly, or yearly.
• Suitable for individuals aged 18 to 60 years.
• Benefit payable on death or maturity, depending on the policy.
• Participation in profits through bonuses.

Launch and Withdrawal Dates

Launch Date:

LIC Jeevan Madhur Plan 182 was introduced on 28th September 2006. This date marked the official launch, offering a simple, affordable insurance option tailored for the economically weaker sections.​

Withdrawal Date:

LIC announced the withdrawal of this plan effective 1st January 2014. Post this date, the plan is no longer available for new policies, though existing policyholders continue to benefit from their policies.​

Benefits of LIC Jeevan Madhur Plan 182

Death Benefit:

In case of accidental or natural death of the insured during the policy term, the nominee receives the total premiums paid during the policy’s entire duration, along with any vested bonuses. This ensures basic financial security for the family in the unfortunate event of the policyholder’s demise.​

Maturity Benefit:

If the policyholder survives the policy term, they receive the Maturity Sum Assured along with vested bonuses, if any. The amount payable varies depending on the premiums paid and the chosen term.

Bonuses:

LIC declares bonuses periodically depending on the company’s performance. These bonuses get added to the sum assured and increase the total benefits payable at maturity or in case of death.​

Accident Benefit:

An additional benefit of an amount equal to the death benefit sum assured is payable during the policy term without any extra premium. This provides added protection against accidental death.​

Participation in Profit:

Policyholders are eligible for bonuses declared by LIC depending on the company’s financial results, providing a potential increase in benefits over time.​

Eligibility Conditions and Restrictions

Premium Payment:

Premium amounts are set at very affordable levels, making it accessible:

• Weekly: Rs. 25
• Fortnightly: Rs. 50
• Monthly: Rs. 100
• Quarterly/Half-yearly/Yearly: Rs. 250

Premiums are paid regularly during the policy period, and the amount payable on death or maturity depends on the premiums paid and the policy term.​

How to Calculate Premiums and Benefits

Calculating the premiums for LIC Jeevan Madhur Plan 182 is straightforward. The premium depends on:

• The chosen mode of payment
• The policy term
• The sum assured

For example, for an Rs. 5,000 sum assured payable over 10 years with a weekly premium of Rs. 25, the total premiums paid would be Rs. 1,300 (Rs. 25 * 52 weeks * 10 years). The death benefit would be 12 times the annual premium, along with bonuses, which may vary annually.​

Example Calculation:

Suppose a policyholder chooses to pay Rs. 100 monthly for 10 years:

• Total premiums paid over 10 years: Rs. 12,000
• Death benefit (without bonuses): Rs. 12 * Rs. 12,000 = Rs. 144,000
• At maturity, they receive the sum assured plus bonuses.

Other Critical Aspects of LIC Jeevan Madhur Plan 182

Premium Mode and Restrictions:

The policy allows flexible payment options but requires consistent payment during the term to ensure full benefits. Bonuses are declared annually based on LIC’s profitability, and they increase the overall benefit received.

Nominations and Assignments:

Policyholders are advised to nominate at the proposal stage. Changes can be made later by submitting the appropriate form to LIC.​

Reinstatement and Surrender:

If the policyholder wishes to discontinue the policy before maturity, they can surrender it. The surrender value will be the discounted value of vested bonuses, if any. In case of dissatisfaction, the policy can be returned within 15 days of receipt under the cooling-off period.​

Frequently Asked Questions

Conclusion

LIC Jeevan Madhur Plan 182, a micro-insurance plan launched on September 28, 2006, served as an affordable and simple life insurance option for low-income groups in India. It offered flexibility in premium payment modes, benefits on death or maturity, and participation in profits through bonuses, making it a suitable choice for those seeking basic financial protection.

While the plan was withdrawn on January 1, 2014, existing policyholders can continue to enjoy its benefits, and the plan remains a significant example of LIC’s commitment to financial inclusion for underprivileged sections of society.