LIC Jeevan Vishwas Plan 136 Calculator
Plan Type: Endowment Assurance Plan for Handicapped Dependents
Launch Date: Earlier than 2014
Withdrawal Date: 01 January 2014
UIN: 512N122V01
Calculation Results
Key Features of Jeevan Vishwas Plan 136
- Special plan designed for handicapped dependents
- Endowment Assurance plan with benefits on maturity or death
- Guaranteed Additions at Rs. 60 per thousand Sum Assured for each completed policy year
- Maturity benefits paid as 20% lump sum and 80% to secure an annuity
- With-profit plan participating in Corporation's life insurance business profits
- Loyalty additions may be payable from 5th year onwards (terminal bonuses)
- Premium payment options: Quarterly, Half-yearly, Yearly, or Single Premium
- Death benefit payable on earlier death during policy term
Life Insurance Corporation of India (LIC) has launched many plans tailored to different customer needs. Among them, the LIC Jeevan Vishwas Plan 136 is a special endowment assurance plan designed primarily for the benefit of handicapped dependents. This plan not only offers financial security but also ensures lifelong income for your disabled dependents.
What is LIC Jeevan Vishwas Plan 136?
The LIC Jeevan Vishwas Plan 136 is an endowment assurance insurance policy with a unique focus. It is designed particularly to make financial provisions for handicapped dependents by ensuring a lump sum payment together with an annuity (regular income) after the policyholder’s death or policy maturity.
Unlike regular endowment plans, which simply pay out a lump sum at maturity, this plan divides the payout with 80% utilized for providing an annuity to the handicapped dependent and the remaining 20% as a lump sum amount. This helps secure a continuous income stream along with an immediate financial relief amount.
Launch and Withdrawal Dates
- Launch Date: The LIC Jeevan Vishwas Plan 136 was launched well before 2014; however, the exact launch date is not widely published but has been actively available for sale for many years before 2014.
- Withdrawal Date: Importantly, this plan was officially withdrawn by LIC on 1st January 2014. This means no new policies can be purchased under this plan since that date. However, existing policyholders continue to enjoy the benefits as per their policy terms.
These dates are crucial for anyone considering or researching this plan as a reference or for legacy policies.
Key Features of LIC Jeevan Vishwas Plan 136
This plan includes several defining features that set it apart:
Target Group
The plan is specially intended for providing financial security to handicapped dependents of the policyholder.
Policy Term and Premium Paying Term
- The policy term offered is usually 25 years.
- The premium paying term generally is 1 year if a single premium is chosen.
Premium Payment Options
- You can pay premiums quarterly, half-yearly, yearly, or as a single premium.
Sum Assured and Guaranteed Additions
- The basic sum assured is payable on survival to the term or on death within the term.
- Guaranteed additions are provided at Rs. 60 per 1000 sum assured each policy year while the policy is active.
Loyalty Additions (Bonuses)
This is a with-profit plan that participates in the corporation’s profits. Loyalty additions or terminal bonuses, depending on the corporation’s experience, may be declared from the fifth policy year onwards and payable at maturity or death.
Benefit Payment Pattern
The total benefit is paid as a mix of a lump sum amount (20%) plus an annuity (80%) to ensure long-term financial support for the dependent.
Eligibility Conditions
- Minimum entry age: 20 years
- Maximum entry age: 65 years
- Minimum Sum Assured: Rs. 50,000
- Policy term between 10 and 40 years
Benefits of LIC Jeevan Vishwas Plan 136
The plan provides multiple benefits:
Financial Support for Handicapped Dependents
The biggest benefit is helping the policyholder ensure that dependents with special needs receive both a lump sum and lifelong income, creating a secure future.
Guaranteed Returns
Guaranteed additions build up every year, increasing the maturity or death benefit. These are safely assured by LIC.
Bonuses
Loyalty bonuses based on LIC’s profits enhance the maturity or death benefits, adding to the overall value.
Flexible Premium Payment
Policyholders have multiple payment options, including a onetime single premium or regular premium payments.
Death and Maturity Benefit
If the policyholder dies during the term, the sum assured, guaranteed additions, and bonuses are paid immediately. If the policyholder survives to maturity, similar benefits are paid out.
How Does the LIC Jeevan Vishwas Plan 136 Calculator Work?
A dedicated calculator simplifies understanding the premiums, maturity amount, and benefits under the LIC Jeevan Vishwas plan. Here’s how a typical LIC Jeevan Vishwas Plan 136 calculator functions:
Inputs Required
- Age of the policyholder
- Sum assured (insurance amount chosen)
- Policy term (usually fixed as per plan)
- Mode of premium payment (yearly, half-yearly, quarterly, single premium)
Outputs Displayed
- Premium to be paid for the selected sum assured and age
- Guaranteed additions accumulated yearly
- Expected loyalty additions (bonuses)
- Total maturity value: sum assured + guaranteed additions + loyalty additions
- Death benefit and maturity benefit details
Calculators work behind the scenes using LIC’s official formulae and bonus declarations to provide accurate premium and benefit projections. This helps customers make an informed decision about affordability and returns before purchasing the policy.
Sample Calculation Example
To illustrate, consider a 35-year-old buying a policy with Rs. 1,00,000 sum assured for 25 years by paying a single premium of Rs. 36,645 (approximate).
- Each year Rs. 60 per 1000 sum assured guaranteed additions are added (Rs. 6000/year).
- At maturity, guaranteed additions would total Rs. 1,50,000 (25 years × Rs. 6000).
- Loyalty additions (bonuses) are extra and vary based on LIC profits; assume Rs. 10,000 as an additional loyalty bonus.
- Total maturity value = Rs. 1,00,000 (sum assured) + Rs. 1,50,000 (guaranteed additions) + Rs. 10,000 (bonus) = Rs. 2,60,000 approximately.
- Out of this, 20% (Rs. 52,000) is a lump sum, 80% (Rs. 2,08,000) is used to buy an annuity for the dependent’s lifelong income.
This example clarifies the premium, benefit accumulation, and payout pattern for policyholders.
Why Use the LIC Jeevan Vishwas Plan 136 Calculator?
Using a calculator offers multiple advantages:
- Accuracy: Calculation of benefits and premium amounts by hand can be complicated due to additions and bonuses. Calculators use official data to give accurate results.
- Ease of Decision Making: Users can experiment with different sum assured values, premium payment modes, and terms to understand financial implications.
- Comparison: Calculate the benefits of different LIC plans and compare to find the right fit.
- Financial Planning: Know beforehand the expected maturity benefits, helping in long-term financial planning.
For interested users, many online platforms provide LIC Jeevan Vishwas Plan 136 calculators free of cost for quick and easy use.
Frequently Asked Questions (FAQs)
What is LIC Jeevan Vishwas Plan 136?
LIC Jeevan Vishwas Plan 136 is an endowment assurance plan designed for providing lifelong income and lump sum benefits to handicapped dependents of the policyholder.
Is LIC Jeevan Vishwas Plan 136 still available for purchase?
No, this plan was withdrawn on 1st January 2014. No new policies are issued under this plan now.
Who is eligible to buy this plan?
The plan was available to individuals between 20 and 65 years of age for securing financial support for their handicapped dependents.
What is the policy term of LIC Jeevan Vishwas Plan 136?
The typical policy term was 25 years, with premium payment options varying based on the plan.
How are benefits paid under this plan?
80% of the total benefit is paid as an annuity for lifelong income to handicapped dependents, and 20% as lump sum.
Conclusion
The LIC Jeevan Vishwas Plan 136 was a thoughtful insurance product specifically created to support handicapped dependents with a secure and long-term financial solution. Though withdrawn in 2014, it remains relevant for policyholders who purchased it earlier.
A LIC Jeevan Vishwas Plan 136 calculator helps understand premiums, maturity values, and benefits easily. The plan’s mix of guaranteed additions, loyalty bonuses, and annuity ensures comprehensive and lifelong support for disabled dependents.