LIC's Jeevan Saral Plan 165 Calculator
Calculate Your Premium, Maturity & Death Benefits
Plan Name: LIC's Jeevan Saral (Plan 165)
Launch Date: Available since early 2000s
Withdrawal Date: December 31, 2014
WITHDRAWN FROM SALE
Note: Existing policyholders continue to enjoy benefits
Calculation Results
Maturity Sum Assured Multipliers (per ₹1000 monthly premium)
10 years: Age 18: ₹55,000 | Age 30: ₹47,000 | Age 45: ₹40,000 | Age 60: ₹35,000
15 years: Age 18: ₹90,000 | Age 30: ₹75,000 | Age 45: ₹63,000 | Age 60: ₹55,000
20 years: Age 18: ₹1,30,000 | Age 30: ₹1,05,000 | Age 45: ₹85,000 | Age 60: ₹72,000
25 years: Age 18: ₹1,75,000 | Age 30: ₹1,40,000 | Age 45: ₹1,10,000 | Age 60: ₹90,000
30 years: Age 18: ₹2,25,000 | Age 30: ₹1,75,000 | Age 45: ₹1,35,000
LIC Jeevan Saral Plan 165 was launched by the Life Insurance Corporation (LIC) of India as a flexible endowment assurance plan. It was designed to offer policyholders a smart combination of insurance coverage and savings opportunities. One of its most outstanding features is the flexibility it provides in choosing premium amounts, which directly influences the sum assured, making it highly adaptable to the financial needs of individuals.
Though LIC Jeevan Saral Plan 165 has been withdrawn from sale as of December 31, 2014, existing policyholders can continue to enjoy the benefits under the plan until maturity. Understanding the maturity value, premium payments, and death benefits can often be confusing for policyholders, which is where the LIC Jeevan Saral Plan 165 Calculator becomes a valuable tool.
Launch and Withdrawal Dates
- Launch Date: LIC Jeevan Saral Plan 165 was introduced by LIC in 2004.
- Withdrawal Date: The plan was withdrawn from new sales on December 31, 2014.
However, all policies bought before this date remain active, and policyholders continue to receive all benefits accordingly without interruption.
Key Features of LIC Jeevan Saral Plan 165
The unique characteristics that made LIC Jeevan Saral popular are:
- Flexible Premium Payment: Unlike traditional plans where premiums are fixed, Jeevan Saral allows you to decide the premium amount according to your affordability.
- Sum Assured Linked to Premium: The sum assured for both maturity and death benefits depends on the premium paid. The death sum assured is generally 250 times the monthly premium paid (except the first year premium).
- Policy Term: The policy term ranges from a minimum of 10 years to a maximum of 35 years.
- Auto Cover: An automatic extension of cover is available for 12 months after paying premiums for 3 years, providing continued protection during this period.
- Rider Benefits: Optional riders such as Accidental Death and Disability Benefit and Term Rider are available.
- Loyalty Additions (Bonuses): These are non-guaranteed bonuses declared by LIC based on the company’s performance, paid at maturity or on death.
- Surrender Option: Policyholders can surrender their policies after paying premiums for at least 3 years and receive a surrender value.
Eligibility and Other Plan Details
| Eligibility Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 12 years | 60 years (nearest birthday) |
| Policy Term | 10 years | 35 years |
| Premium Payment Modes | Monthly, Quarterly, Half-Yearly, Annually | |
| Minimum Premium | Rs. 250/month (below age 50) Rs. 400/month (age 50 and above) | No upper limit |
What Does LIC Jeevan Saral Cover?
Death Benefit
In case of the policyholder’s unfortunate demise during the policy term, the nominee receives a death benefit which includes:
- Death Sum Assured = 250 times the monthly premium +
- All premiums paid excluding first year and rider premiums +
- Loyalty additions (if any).
Maturity Benefit
If the policyholder survives the entire term, they receive:
- Maturity Sum Assured (which varies according to age at entry and policy term) +
- Loyalty additions (if declared).
Why Use LIC Jeevan Saral Plan 165 Calculator?
Calculating the maturity amount or death benefit manually is complex because it depends on variables such as age at entry, premium amount, tenure, and loyalty additions. The LIC Jeevan Saral Calculator simplifies this by providing:
- Easy estimation of premium payment amounts.
- Clear visibility of expected maturity benefits.
- Calculation of death benefits based on premiums paid.
- Surrender values after a minimum three-year premium payment.
- Help in financial planning and deciding on premium payments and policy tenure.
How Does the LIC Jeevan Saral 165 Calculator Work?
To use the calculator, you need to input key details such as:
- Age of the policyholder.
- Chosen premium amount.
- Policy term (in years).
- Premium payment frequency.
Based on these inputs, the calculator estimates:
- The Death Sum Assured.
- The Maturity Sum Assured.
- Applicable Loyalty Additions (non-guaranteed bonuses).
- Possible Surrender Value if the policy is discontinued.
This detailed estimate helps policyholders understand their potential returns and benefits from the policy.
Understanding Loyalty Additions
Loyalty additions are bonuses offered at maturity or on death, based on LIC’s financial performance. They are non-guaranteed and typically declared after 18 years of the policy term.
For terms shorter than or equal to 18 years, LIC announces specific loyalty addition rates. For longer terms, estimation is done based on trends, which are not guaranteed but give an approximate idea of additional returns.
Surrender Value in LIC Jeevan Saral Plan 165
Policyholders can surrender their policy after paying premiums for at least 3 years. The surrender value depends on the period premiums have been paid:
- After 3 years: Policyholders may receive partial surrender value.
- After 4 years: Typically 80-90% of the sum assured.
- After 5 years or more: Up to 100% of the sum assured, depending on terms.
Surrendering early might lead to lower returns as compared to completing the policy term.
Benefits of LIC Jeevan Saral Plan 165
- Financial Protection: Provides a death coverage that is directly linked to the premium paid, ensuring your family is protected.
- Flexible Premiums: You decide how much premium you want to pay.
- Savings and Investment: On maturity, you get a lump sum amount that helps meet future financial goals.
- Tax Benefits: Premiums paid qualify for deduction under Section 80C of the Income Tax Act, and maturity or death proceeds are exempt under Section 10(10D) (subject to conditions).
- Riders for Extra Protection: Add-ons like accident benefits provide additional coverage.
- Auto Cover Benefit: Keeps your policy active for one year if premiums are missed after paying for 3 years.
- Loan Facility: Available against the policy after paying premiums for at least 1 year.
Limitations of LIC Jeevan Saral Plan 165
- The plan has been withdrawn from sale, meaning new customers cannot purchase it.
- Loyalty additions are not guaranteed and depend on LIC’s performance.
- For higher ages at entry, the maturity sum assured decreases.
- Calculation of returns can be complicated without the calculator or LIC’s official illustration.
Example of LIC Jeevan Saral Plan 165 Calculation
Suppose:
- Age at entry: 30 years
- Monthly Premium: Rs. 3000
- Policy Term: 25 years
Using the LIC Jeevan Saral Calculator, you would get:
- Death Sum Assured = 250 × 3000 = Rs. 7,50,000 (plus premiums paid and loyalty addition)
- Maturity Sum Assured = Based on age and policy term plus loyalty additions
- Surrender Value after 5 years = Can be checked as per policy terms
- Maturity Amount = Maturity Sum Assured + Loyalty Additions
(Note: These figures are indicative; please use the LIC Jeevan Saral Calculator for exact estimates.)
How to Access LIC Jeevan Saral Plan 165 Calculator Online
Several platforms provide the LIC Jeevan Saral Plan 165 Calculator tool online for free. These platforms allow policyholders to enter their particulars and get an instant estimate. Some trusted sources include:
- LIC India’s official website (for general plan information)
- InsuranceFunda (insurancefunda.in)
- Policybazaar (policybazaar.com)
- Paybima (paybima.com)
These calculators are mobile-friendly and easy to use without any installations.
Frequently Asked Questions
What is LIC Jeevan Saral Plan 165?
LIC Jeevan Saral Plan 165 is a flexible endowment assurance plan that offers both insurance coverage and savings benefits, allowing policyholders to choose premium amounts based on their affordability.
Is LIC Jeevan Saral Plan 165 still available for purchase?
No, LIC Jeevan Saral Plan 165 was withdrawn from new sales on December 31, 2014. However, existing policyholders can continue their policies and enjoy the benefits until maturity.
How is the premium amount decided in this plan?
The premium is flexible and decided by the policyholder within LIC guidelines, allowing for customization according to financial capacity.
What is the minimum policy term for LIC Jeevan Saral?
The minimum policy term is 10 years, and the maximum is 35 years, depending on the policyholder’s choice at the time of purchase.
What happens if I die during the policy term?
In case of death during the policy term, the nominee receives the death sum assured (250 times the monthly premium), plus all premiums paid excluding the first year, and any loyalty additions.
Conclusion
Though no longer available for purchase, LIC Jeevan Saral Plan 165 stands out as a flexible and adaptable product that allowed policyholders to customize their insurance and savings according to their needs. The key to making informed decisions about this plan lies in understanding the benefits clearly — which is best done through the LIC Jeevan Saral Plan 165 Calculator.