LIC Jeevan Anurag Plan 168 Calculator
LIC Jeevan Anurag Plan 168 was a specially designed life insurance policy aimed at helping parents build a financial cushion for their children’s future educational and personal expenses. The plan combined life insurance protection with guaranteed payouts at important milestones, making it a preferred choice for long-term child-focused financial planning.
Unlike traditional endowment policies that provide benefits only at maturity, this plan offered periodic payouts during the final years of the policy term, helping families meet educational and career-related expenses when they arise.
Launch and Discontinuation of LIC Jeevan Anurag Plan 168
LIC introduced Jeevan Anurag Plan 168 on 13 November 2004 with the objective of supporting parents in planning for their children’s future financial requirements.
The policy remained available for several years before being officially withdrawn from new sales on 1 January 2014. Although the plan is no longer available for purchase, existing policyholders continue to receive benefits according to the original policy conditions.
What is LIC Jeevan Anurag Plan 168?
LIC Jeevan Anurag Plan 168 was a participating endowment insurance policy that offered both guaranteed benefits and bonus participation. Being a with-profits plan, policyholders were entitled to receive bonuses declared by LIC in addition to the policy benefits.
A distinctive feature of the plan was its staggered payout structure, where a portion of the Sum Assured was paid during the last few years of the policy term instead of waiting until maturity.
Benefit Structure Under the Plan
- 20% of the Basic Sum Assured was paid at the beginning of each of the final three policy years before maturity.
- The remaining 40% of the Basic Sum Assured was payable at maturity.
- Vested Simple Reversionary Bonuses and any applicable Terminal Bonus were paid along with the maturity benefit.
- In case of the policyholder’s death during the policy term, the full Sum Assured became payable immediately to the nominee.
- Future premium payments were waived after the death of the policyholder.
This payout arrangement helped policyholders manage major educational milestones such as school completion, college admissions, professional courses, and higher studies.
Key Features of LIC Jeevan Anurag Plan 168
Flexible Policy Duration
The plan offered policy terms ranging from 10 years to 25 years, allowing policyholders to align the policy with their financial goals.
Minimum Sum Assured Requirement
The minimum Basic Sum Assured under the plan was ₹50,000.
No Maximum Sum Assured Restriction
There was no upper limit on the Sum Assured, provided the amount was selected in multiples of ₹5,000.
Multiple Premium Payment Options
Policyholders could choose from several premium payment modes, including:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
- Single Premium
- Salary Savings Scheme (SSS)
Bonus Participation
As a participating plan, LIC declared Simple Reversionary Bonuses annually, and eligible policies could also receive a Terminal Bonus.
Guaranteed Periodic Benefits
The policy provided structured payouts of 20% of the Basic Sum Assured during each of the final three years before maturity, followed by the remaining 40% at maturity.
Comprehensive Death Protection
If the life assured passed away during the policy term, the nominee received the full Basic Sum Assured immediately, while all future premium obligations were waived.
Policy Loan Facility
Policyholders could avail themselves of a loan against the policy after completing the minimum qualifying period as per LIC rules.
Surrender Benefit
Guaranteed Surrender Value became available after the policy had completed three years, subject to policy conditions.
Grace Period for Premium Payment
A grace period was provided to help policyholders avoid policy lapsation:
- 15 days for monthly premium mode
- 30 days for yearly, half-yearly, and quarterly premium modes
Policy Revival Option
If a policy lapsed due to non-payment of premiums, it could generally be revived within two years from the date of the first unpaid premium, subject to LIC’s revival requirements.
Why LIC Jeevan Anurag Plan 168 Was Popular
The plan gained popularity because it addressed a common financial concern among parents—funding a child’s education at different stages. Instead of providing a single maturity payout, it distributed benefits over multiple years, ensuring funds were available when educational expenses were most likely to occur.
The combination of insurance protection, bonus participation, premium waiver on death, and periodic payouts made LIC Jeevan Anurag Plan 168 a well-balanced solution for long-term family financial planning.
Benefits of LIC Jeevan Anurag Plan 168
Dedicated Support for Children’s Education
LIC Jeevan Anurag Plan 168 was specifically structured to help parents manage educational expenses that arise at different stages of a child’s academic journey. The periodic payouts during the final years of the policy term provide financial assistance when higher education costs are typically at their peak.
Comprehensive Death Protection
The policy offers life insurance coverage throughout the policy term. In the unfortunate event of the policyholder’s death, the nominee receives the full Basic Sum Assured immediately, ensuring that the child’s future financial requirements remain protected.
Bonus Participation Benefits
As a participating insurance plan, policyholders become eligible for Simple Reversionary Bonuses and Terminal Bonus declared by LIC, which can significantly enhance the overall maturity value.
Convenient Premium Payment Choices
The plan provides multiple premium payment options to suit different financial situations. Additionally, LIC offers premium rebates for annual and half-yearly payment modes, making long-term planning more economical.
Loan Against Policy
After completing the required qualifying period, policyholders may avail themselves of a loan facility against the policy value, offering financial support during emergencies or unexpected expenses.
Surrender Value Benefit
In situations where continuation of the policy is not possible, the policy can be surrendered after the minimum qualifying period to receive the applicable surrender value.
Eligibility Conditions for LIC Jeevan Anurag Plan 168
Entry Age
The minimum age at entry is 20 years, while the maximum entry age is 60 years based on the nearest birthday.
Maximum Maturity Age
The policy must mature before the life assured reaches 70 years of age.
Policy Duration
For regular premium policies, the available policy term ranges from 10 years to 25 years. In the case of single-premium policies, the minimum policy term is generally 5 years.
Sum Assured Requirement
The minimum Basic Sum Assured under the plan is ₹50,000, while there is no specified upper limit.
These flexible eligibility conditions allow parents and guardians to select a policy term that aligns with their child’s future educational milestones.
Eligibility Details for LIC Jeevan Anurag Plan 168 Calculator
| Criteria | Details |
|---|---|
| Plan Name | LIC Jeevan Anurag (Table No. 168) |
| Entry Age | 20 to 60 Years (Nearest Birthday) |
| Maximum Maturity Age | 70 Years (Nearest Birthday) |
| Policy Term | 10 to 25 Years for Regular Premium Policies; Minimum 5 Years for Single Premium Policies |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | No Upper Limit |
| Sum Assured Multiples | In Multiples of ₹5,000 |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly, Salary Deduction (SSS), and Single Premium |
| Premium Paying Term | Equal to Policy Term or Up to 3 Years Shorter Than the Policy Term |
| Current Status | Withdrawn from New Sales from 01 January 2014 |
Premium Payment Structure and Calculation
The premium payable under LIC Jeevan Anurag Plan 168 depends on several factors, including the policyholder’s age, selected Sum Assured, policy term, and chosen premium payment frequency.
Available Premium Payment Modes
Policyholders could choose from the following payment options:
- Annual Premium
- Half-Yearly Premium
- Quarterly Premium
- Monthly Premium
- Single Premium
- Salary Savings Scheme (SSS)
Premium Rebates
LIC offered incentives for selecting less frequent premium payment modes:
- Annual Premium Mode: 2% rebate on premium
- Half-Yearly Premium Mode: 1% rebate on premium
Additional Charge for Monthly Mode
Policies under the monthly payment option generally attracted an additional charge of approximately 5% compared to annual premium rates.
Premium Paying Term
The premium paying period was usually equal to the selected policy term. In certain cases, the premium payment duration could be shorter by up to three years compared to the overall policy term, depending on the selected policy option and LIC’s applicable conditions.
How to Use the LIC Jeevan Anurag Plan 168 Calculator
Before investing in any insurance policy, it is important to understand the premium commitment, projected maturity value, bonus earnings, and policy benefits. The LIC Jeevan Anurag Plan 168 Calculator is designed to provide estimates based on the policy details entered by the user.
The calculator can help estimate:
- Premiums payable throughout the policy term
- Expected bonus accumulation
- Projected maturity proceeds
- Death benefit entitlement
- Assured benefit payouts during the policy term
Step-by-Step Process to Use the Calculator
Enter the Policyholder’s Age
Provide the age of the life assured at the time of policy commencement.
Select the Policy Duration
Choose a policy term ranging from 10 years to 25 years according to your financial objectives.
Input the Desired Sum Assured
Enter the Basic Sum Assured you wish to secure under the policy.
Choose the Premium Payment Option
Select the preferred premium payment mode and premium paying term available under the plan.
Generate the Calculation
After entering all required details, the calculator automatically estimates:
- Annual premium amount
- Projected bonus earnings
- Expected maturity value
- Assured benefit payouts
- Death benefit details
Analyze the Results
Review the estimated figures carefully to understand the financial commitment involved and the potential policy benefits before making a decision.
Using the calculator allows policyholders to plan their finances more effectively and gain a clearer understanding of expected returns under the policy.
Illustration of LIC Jeevan Anurag Plan 168 Benefits
Consider a hypothetical scenario where a 30-year-old parent purchases LIC Jeevan Anurag Plan 168 with a policy term of 20 years and a Basic Sum Assured of ₹10,00,000.
Estimated Policy Illustration
Approximate Annual Premium: ₹53,713
Assured Benefit Payouts: ₹2,00,000 (20% of the Basic Sum Assured) payable at the beginning of each of the final three policy years.
Maturity Benefit: 40% of the Basic Sum Assured along with applicable Simple Reversionary Bonuses and Terminal Bonus.
Death Benefit: Immediate payment of ₹10,00,000 to the nominee if the policyholder passes away during the policy term, along with waiver of future premiums as per policy conditions.
These illustrations are indicative in nature and help prospective policyholders understand the overall financial structure of the plan.
Why Consider LIC Jeevan Anurag Plan 168?
Designed for Children’s Future Needs
The plan was specifically created to help parents build a financial corpus for important educational milestones and future expenses.
Periodic Benefits Before Maturity
Instead of providing only a maturity payout, the policy distributes benefits during the final years of the term, helping meet educational costs when they are most likely to arise.
Life Insurance Protection
The policy offers comprehensive life cover throughout the policy duration, ensuring financial support for the family in case of an unfortunate event.
Bonus Participation
As a participating plan, policyholders benefit from LIC’s declared bonuses, which can significantly enhance the final payout.
Loan Facility
Eligible policyholders may avail themselves of a policy loan to meet urgent financial requirements without discontinuing the policy.
Flexible Premium Payment Options
Multiple premium payment frequencies provide convenience and allow policyholders to choose a mode that suits their financial circumstances.
Important Information to Remember
- LIC Jeevan Anurag Plan 168 was discontinued for new sales from 1 January 2014.
- Existing policyholders continue to enjoy all benefits according to the original policy conditions.
- Timely premium payment is necessary to keep the policy active and maintain eligibility for benefits.
- Bonus rates are not guaranteed and depend on LIC’s annual declarations.
- Premiums, benefits, and maturity values should be verified using reliable LIC calculators or official policy illustrations.
- Professional guidance from LIC representatives or financial advisors may help in evaluating policy benefits more accurately.
Frequently Asked Questions About LIC Jeevan Anurag Plan 168
What is LIC Jeevan Anurag Plan 168?
LIC Jeevan Anurag Plan 168 was a participating endowment insurance plan designed primarily to support children’s educational and future financial requirements through structured payouts and life insurance protection.
When was LIC Jeevan Anurag Plan 168 introduced and discontinued?
The plan was launched on 13 November 2004 and was withdrawn from new sales on 1 January 2014.
What benefits are paid during the policy term?
The policy provides 20% of the Basic Sum Assured at the beginning of each of the final three policy years. The remaining 40% of the Sum Assured, along with eligible bonuses, is payable at maturity.
Who could purchase this policy?
Individuals between 20 and 60 years of age were eligible to purchase the policy, subject to the maturity age not exceeding 70 years.
What premium payment options were available?
The plan supported yearly, half-yearly, quarterly, monthly, single-premium, and Salary Savings Scheme (SSS) payment options.
Conclusion
LIC Jeevan Anurag Plan 168 remains one of LIC’s notable child-focused insurance plans, combining life protection with structured educational funding benefits. Its unique payout pattern, bonus participation, premium waiver feature, and flexible payment options made it a valuable financial planning tool for parents.
Although the policy is no longer available for new purchases, understanding its structure and using the LIC Jeevan Anurag Plan 168 Calculator can help existing policyholders evaluate benefits, estimate returns, and manage their long-term financial planning more effectively.
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