LIC Jeevan Pramukh Plan 167 Calculator
Plan Name: LIC's Jeevan Pramukh (Plan No. 167, UIN: 512N226V01)
Launch Date: November 1, 2004
Withdrawal Date: November 24, 2013
Plan Type: Endowment Assurance Plan with Guaranteed Additions
Calculation Results
LIC Jeevan Pramukh Plan 167 is a life insurance policy designed for individuals seeking both savings and security.
What is LIC Jeevan Pramukh Plan 167?
LIC Jeevan Pramukh Plan 167 was a specialized insurance plan offering fixed returns along with life cover. The plan was ideal for those who wanted a steady income with insurance protection. It was launched by the Life Insurance Corporation of India in 2004 and remained available until its withdrawal in 2011.
- Launch Date: 10th February 2004
- Withdraw Date: 31st December 2011
Key Features of LIC Jeevan Pramukh Plan 167
Understanding the features of Jeevan Pramukh will help users decide if the policy suits their needs.
- It was a limited premium payment plan.
- It guaranteed annual returns through Survival Benefit payouts.
- Policy term choices: 5, 10, 15, or 20 years.
- Premium terms were shorter than the policy term (e.g., pay for 3 years, get coverage for 5 years).
- High minimum sum assured compared to standard endowment plans (₹5 lakhs minimum).
- Added option for riders like accidental death and disability benefit.
Benefits of Jeevan Pramukh Plan 167
LIC Jeevan Pramukh offered multiple benefits:
- Survival Benefit: Fixed annual payouts, typically 5% of the Sum Assured each year from the second policy year onward.
- Maturity Benefit: Guaranteed Sum Assured plus loyalty additions at the end of policy term.
- Death Benefit: Full Sum Assured plus accrued loyalty additions to the nominee if the policyholder passes away during policy term.
- Tax Benefits: Premiums paid qualified for tax deductions under Section 80C and maturity/death proceeds were tax-free under Section 10(10D) as per prevailing tax laws during the policy period.
- Loan Facility: Eligible after a certain period, subject to policy value.
Who Should Use the LIC Jeevan Pramukh Plan 167 Calculator?
- Individuals considering Jeevan Pramukh for its guaranteed benefits.
- Existing policyholders tracking survival or maturity benefits.
- Financial planners and agents.
- Anyone exploring historical LIC plans for review or comparison.
Important Terms in Jeevan Pramukh Plan
Before using the calculator, familiarize yourself with these terms:
- Sum Assured (SA): The total amount of insurance guaranteed under the policy.
- Premium Payment Term: Number of years for which premiums must be paid.
- Policy Term: The full duration the policy runs for benefits.
- Survival Benefit: Annual payout received as long as policyholder survives during the policy term.
- Loyalty Additions: Extra amounts added to the payout, declared by LIC depending on their surplus.
How Does the LIC Jeevan Pramukh Plan 167 Calculator Work?
The calculator helps you estimate:
- Yearly premium to be paid based on age, sum assured, term, and premium payment duration.
- Annual survival benefits.
- Maturity amount at policy end.
- Total insurance coverage for death and maturity.
Input Fields Required
- Age of proposer (18 years to 65 years)
- Sum Assured (Minimum ₹5 lakhs, in multiples of ₹1 lakh)
- Policy Term (5, 10, 15, or 20 years)
- Premium Payment Term (3, 5, 7, or 10 years; must be less than policy term)
- Mode of Premium Payment (Yearly, Half-Yearly, Quarterly, or Monthly)
- Occupation (determines medical underwriting)
- Riders opted (Accidental, Disability, etc.)
The calculator uses LIC’s historical premium tables and survival benefit structure to generate the output. Note: Actual values may differ due to policy bonuses and loyalty additions declared at policy end.
Step-by-Step Guide to Using the LIC Jeevan Pramukh Plan 167 Calculator
Step 1: Select Policy Details
- Choose your age, desired sum assured, policy term, and premium payment term.
Step 2: Enter Premium Details
- Pick the premium mode you prefer.
Step 3: Add Riders (Optional)
- Select if you want to include accident or disability riders.
Step 4: Submit & View Results
- The calculator will show yearly premium, survival benefit payouts, and the total benefit on maturity or death.
LIC Jeevan Pramukh Plan 167 Calculator Example
Let’s take a sample calculation:
- Age: 35 years
- Sum Assured: ₹10,00,000
- Policy Term: 10 years
- Premium Payment Term: 5 years
Using typical historical rates, the calculator would output something like:
| Year | Premium Paid | Survival Benefit | Death Benefit (if unfortunate event) | Maturity Benefit |
|---|---|---|---|---|
| 1-5 | ~₹1,90,000/year | ₹50,000/year from year 2 | ₹10,00,000 + loyalty additions | ₹10,00,000 + loyalty additions |
Actual results may vary based on LIC’s declarations.
Advantages of Using the Calculator
- User can instantly check estimate for premium and benefits.
- Makes comparison with other policies easier.
- Helps with financial planning.
- Assists policyholders to track yearly benefits and understand the payout schedule.
How Premium and Survival Benefits Are Calculated
Premium Calculation
- Based on age, term, sum assured, and premium payment term.
- LIC’s tables included loading for risk, rider options, and premium mode.
Survival Benefit Calculation
- 5% of the sum assured paid yearly from the second year onward. For example, for a ₹10,00,000 sum assured, the annual payout would be ₹50,000 starting from the second year until the end of the policy term, except for the last year (as the maturity amount is paid at the end).
Maturity and Death Benefit Calculation
- On survival to the end, full sum assured plus loyalty additions.
- On death during term, full sum assured plus declared loyalty additions.
How to Use Jeevan Pramukh Plan for Financial Planning
- Ideal for those who want regular income during the policy term.
- Useful as a savings tool with guaranteed returns.
- Ensures family’s protection in case of death.
- Can supplement retirement income if policy matures after retirement age.
Important Policy Conditions to Know
- Minimum Age at Entry: 18 years
- Maximum Age at Entry: 65 years
- Maximum Age at Maturity: 75 years
- Policy can be taken on a single life.
- Premium term must always be less than policy term.
- If survival benefit is paid, maturity benefit is unaffected.
- Surrender facility is available, but surrender values depend on LIC’s rules.
Documents Required for Buying the Policy
- Age proof (Birth certificate, PAN, Aadhaar)
- Address proof (Aadhaar, voter ID, utility bill)
- Income proof (if large sum assured)
- Medical check-up (for higher age/sum assured or risky occupation)
Limitations of the LIC Jeevan Pramukh Calculator
- Uses historical LIC premium tables; values may not match exact real-time payouts.
- Does not factor in the loyalty additions before LIC’s final announcement.
- Withdrawn plans cannot be purchased now; calculator only helps with review, archiving, and benefit tracking.
Why Was LIC Jeevan Pramukh Plan Withdrawn?
LIC regularly reviews policies and withdraws older plans to launch new products suited to current market and regulatory guidelines. Jeevan Pramukh was withdrawn in December 2011 as LIC refreshed its product basket. Existing policyholders continue enjoying all benefits as per original terms.
Comparison with Other LIC Plans (For Reference)
| Feature | Jeevan Pramukh 167 | Jeevan Tarun 834 | New Endowment Plan 814 |
|---|---|---|---|
| Type | Limited Premium + Survival | Child Plan + Survival | Regular Endowment |
| Policy Term | 5, 10, 15, 20 years | 25 years (child) | 12 to 35 years |
| Survival Benefit | Yes (5% per year) | Yes, from child’s birthday | No |
| Minimum Sum Assured | ₹5 lakhs | ₹75,000 | ₹1 lakh |
| Current Status | Withdrawn | Available | Available |
Calculator Usage Guide: Step-by-Step Tutorial
- Go to the LIC Jeevan Pramukh Plan 167 calculator page (or trusted archive/third-party LIC calculator platform).
- Enter age, sum assured, policy term, premium payment term, and premium mode.
- Wondering how sum assured affects premiums? Try different amounts — see how the premium changes.
- Add accidental death or disability rider if you wish.
- Click “Calculate” — results are instantly displayed.
- Note the annual survival benefit, total maturity amount, and death coverage.
Why Use Online LIC Calculators Today?
- Even though this plan is discontinued, calculator tools remain valuable for tracking your own policy, comparing historical returns, or for educational/archival purposes.
- Helps ex-policyholders determine ongoing and future payouts.
- Useful for financial planning and historical analysis.
Frequently Asked Questions (FAQs)
Can I still buy LIC Jeevan Pramukh Plan 167?
No, the plan was withdrawn by LIC on November 24, 2013. It is no longer available for new policyholders.
What was the minimum sum assured for this plan?
The minimum sum assured was ₹5,00,000.
How were the survival benefits paid under this plan?
Survival benefits were paid annually from the second policy year at 5% of the sum assured.
What happens if the policyholder dies during the policy term?
The nominee received the full sum assured plus any declared loyalty additions as the death benefit.
Can I calculate my premium for this plan using an online calculator?
Yes, you can use LIC Jeevan Pramukh Plan 167 calculators online by entering your age, sum assured, policy term, and premium payment term.
Were there options to add riders under this plan?
Yes, riders like accidental death and disability benefits could be added for an extra premium.
Conclusion
LIC Jeevan Pramukh Plan 167 was a robust, flexible life insurance-cum-savings plan, designed to offer periodic returns alongside insurance cover. Although no longer available for new purchase, the plan remains important for policyholders and financial advisors who need to track ongoing benefits, or anyone wanting to study historical LIC offerings.
Using the LIC Jeevan Pramukh Plan 167 calculator is straightforward. Simply enter relevant policy details and the tool provides premiums, annual survival benefits, and maturity payouts. The process assists users in understanding their policy and planning their finances — simply and efficiently.