LIC Jeevan Shree-I Plan 162 Calculator
Limited Payment Endowment Assurance Plan
Plan Information
Launch Date: February 1, 2002
Withdrawal Date: 01 January 2014
Plan Type: Limited Payment Endowment Assurance (Discontinued)
Guaranteed Additions: ₹50 per ₹1,000 Sum Assured for first 5 years
Bonus: Simple Reversionary Bonus after 5 years
Calculation Results
Life insurance plays a crucial role in securing the financial future of individuals and their families. The Life Insurance Corporation (LIC) of India offers a variety of plans tailored to meet distinct needs. One such popular plan was the LIC Jeevan Shree 1 Plan 162.
What is LIC Jeevan Shree 1 Plan 162?
LIC Jeevan Shree 1 Plan 162 was a traditional endowment life insurance plan that provided a combination of savings and protection. This plan was designed to offer financial security to policyholders along with the benefit of a lump sum amount at maturity. Jeevan Shree 1 was attractive for those looking for a blend of life cover and good returns on their premiums.
Launch and Withdrawal Dates
LIC Jeevan Shree 1 Plan 162 was launched in the early 2000s as part of LIC’s comprehensive offerings in endowment plans. However, LIC has since withdrawn this plan from new sales.
- Launch Date: Early 2000s (Exact year varies by source but around 2000-2005)
- Withdrawal Date: According to LIC’s official withdrawn plans list, Jeevan Shree 1 Plan 162 was withdrawn from sale on 01 January 2014.
After this date, no fresh policies were issued under this plan, but existing policyholders continued to enjoy benefits as per the terms and conditions until maturity.
More details about withdrawn plans can be found on LIC’s official site here: LIC Withdrawn Plans.
Key Features of LIC Jeevan Shree 1 Plan 162
Understanding the key features help you know what made Jeevan Shree 1 a preferred choice earlier:
- Type of Plan: Endowment Life Insurance Plan
- Policy Term: Minimum 8 years, maximum 20 years
- Premium Payment: Limited premium payment term based on the policy term (single premium not applicable)
- Sum Assured: Minimum Rs. 50,000 and multiples of Rs. 1,000 thereafter
- Bonus: Eligible for reversionary bonuses declared by LIC every year
- Maturity Benefit: Sum Assured + accrued bonuses payable at maturity
- Death Benefit: Sum Assured plus accrued bonuses paid to nominee in case of death during the policy term
- Loan Facility: Policyholders could avail loan against the policy after acquiring surrender value
- Surrender Value: Available after paying premiums for a minimum period as per the policy
Benefits of LIC Jeevan Shree 1 Plan 162
Here are some important benefits the plan offered:
- Life Cover: Provides protection to the family in case of the unfortunate demise of the policyholder during the term.
- Savings and Maturity Benefits: Policyholder receives a lump sum amount on policy maturity which includes the sum assured along with bonuses.
- Bonuses: Annual reversionary bonuses enhance the maturity value.
- Loan Facility: Easy access to loan against policy for financial emergencies.
- Tax Benefits: Premiums paid and maturity proceeds were eligible for tax benefits under prevailing Indian tax laws.
Eligibility Criteria
To buy LIC Jeevan Shree 1 Plan 162, one had to fulfill these eligibility conditions:
- Age at Entry: Minimum 8 years and maximum 55 years
- Policy Term: Between 8 and 20 years (subject to premium paying term conditions)
- Premium Payment: Limited premium paying term depending on policy term
Understanding LIC Jeevan Shree 1 Plan 162 Calculator
A calculator for LIC Jeevan Shree 1 helps prospective and existing policyholders estimate:
- The annual premium payable based on sum assured, age, and term
- The maturity amount expected (sum assured plus bonuses)
- Death benefits payable during the policy term
How the Calculator Works
Using official LIC premium rates and bonus rates, the calculator factors in:
- Age of the policyholder
- Policy term chosen
- Sum assured amount
- Applicable bonuses (reversionary and terminal)
- Premium paying term (limited, usually the same as policy term)
The calculator uses formulas guided by LIC’s benefit illustration to provide accurate premium and maturity projections.
Step-by-Step Guide to LIC Jeevan Shree 1 Plan 162 Calculation
Choose Age and Policy Term
The first step involves selecting your age and the policy term duration (for example, 25 years and 15 years respectively).
Decide Sum Assured Amount
Pick the sum assured amount based on your financial goals and eligibility. The minimum is generally Rs. 50,000.
Calculate Annual Premium
The calculator will display the annual premium payable, considering age, term, and sum assured following LIC’s premium rates.
Estimate Maturity Benefit
Based on the expected bonuses declared by LIC (usually available for previous years), the calculator estimates the total maturity amount (sum assured + bonuses).
Consider Death Benefits
The nominee will receive the sum assured plus accrued bonuses if the policyholder dies within the policy term.
Example of Calculation (Hypothetical)
Consider a 30-year-old buying Jeevan Shree 1 with:
- Sum Assured: Rs. 5,00,000
- Policy Term: 15 years
- Premium Paying Term: 15 years (limited)
Assuming approximate premium rates and bonus rates, the calculator might provide:
- Annual Premium: Rs. 35,000 approx.
- Maturity Benefit (after 15 years): Rs. 7,50,000 approx. including bonuses
- Death Benefit: Rs. 5,00,000 plus bonuses during term
How to Use LIC Jeevan Shree 1 Plan 162 Calculator Online
Many websites offer LIC Jeevan Shree 1 calculators, allowing users to enter their details and instantly view premium payable and maturity benefits.
Here’s a simple process:
- Enter your age.
- Select the policy term.
- Input the sum assured amount.
- The calculator then generates:
- Annual premium
- Maturity value estimates
- Bonus details
- Use this information to decide policy purchase or manage existing policies.
Important Points About Jeevan Shree 1 Plan 162
- The plan is withdrawn from new sales since October 31, 2018, so no fresh policies are available.
- Existing policyholders can continue enjoying full benefits till policy maturity.
- Accurate premium and maturity calculation depends on the declared bonus rates which are updated yearly.
- The plan suited individuals looking for endowment savings plus life cover.
- Loan and surrender value options provided liquidity and flexibility.
Alternatives to LIC Jeevan Shree 1 Plan 162
As Jeevan Shree 1 is withdrawn, those interested in similar benefits may consider these alternatives:
- LIC Jeevan Shree (Plan 112): Another traditional endowment plan with bonuses and life cover.
- LIC New Endowment Plus (Plan 835): Offers savings and protection with flexible terms.
- LIC Jeevan Anand: An endowment with whole life cover.
- LIC Money Back Plans: Offer periodic survival benefits.
You can check these plans with updated premium calculators on LIC’s official site or leading insurance aggregator sites.
Tax Benefits Under LIC Jeevan Shree 1 Plan 162
Premiums paid under this plan were eligible for income tax deduction under Section 80C of the Income Tax Act, subject to limits. The maturity proceeds and death benefits were also tax-exempt under Section 10(10D), provided the premium conditions were met.
FAQs on LIC Jeevan Shree 1 Plan 162 Calculator
What is LIC Jeevan Shree 1 Plan 162?
It is a traditional endowment assurance plan offering life cover and savings with bonuses. It provides sum assured plus guaranteed additions and bonuses at maturity or to nominees on death.
Is this plan still available for new policyholders?
No, LIC Jeevan Shree 1 Plan 162 was withdrawn from sale on 01 January 2014, but existing policies remain active until maturity.
What is the minimum sum assured under this plan?
The minimum sum assured was Rs. 5,00,000 and it increases in multiples of Rs. 1,00,000.
What bonuses does this plan offer?
Guaranteed additions of Rs. 50 per 1000 sum assured apply for the first 5 policy years. After that, simple reversionary bonuses are declared yearly and added to benefits.
What benefits does the maturity amount include?
The maturity benefit includes the sum assured, guaranteed additions, and accrued bonuses declared by LIC over the policy term.
Conclusion
LIC Jeevan Shree 1 Plan 162 was a reliable endowment life insurance plan providing a balance of protection and savings, enhanced by reversionary bonuses. Although withdrawn from new sales in 2018, its existing policyholders continue to benefit till maturity.
The LIC Jeevan Shree 1 Plan 162 calculator remains a useful tool to estimate premiums and maturity benefits, helping policyholders manage their investments effectively.