LIC Anmol Jeevan 1 Plan 164 Calculator
- No Maturity Benefit
- Death Benefit payable only on death during term
- 1% rebate on Yearly mode
- No Loan / Surrender / Paid-up Value
- Maximum maturity age 65 years
Eligibility Criteria of LIC Anmol Jeevan 1 Plan 164 Calculator
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 Years | 55 Years |
| Maturity Age | — | 65 Years |
| Policy Term | 5 Years | 25 Years |
| Sum Assured | ₹5,00,000 | Less than ₹25,00,000 |
| Premium Payment Mode | Yearly, Half-Yearly, Single Premium | Yearly, Half-Yearly, Single Premium |
Introduction to LIC Anmol Jeevan 1 Plan 164
LIC Anmol Jeevan 1 Plan 164 is a pure term assurance policy offered by the Life Insurance Corporation of India. The plan is intended for individuals who want affordable life insurance protection without any investment or savings component. Since it is a term insurance policy, the benefit is payable only if the life assured passes away during the policy term.
Unlike endowment or money-back plans, this policy does not provide maturity benefits, bonus additions, surrender value, or paid-up value. Its primary objective is to provide financial security to the nominee in case of the policyholder’s untimely death.
Launch and Withdrawal Dates
Launch Date: LIC introduced Anmol Jeevan 1 Plan 164 on 1 November 2003. The plan replaced the earlier Anmol Jeevan Table 153, which was discontinued on 31 October 2003.
Withdrawal Date: LIC stopped offering Anmol Jeevan 1 Plan 164 for new business from 1 December 2013. Although new policies are no longer available, existing policyholders continue to enjoy coverage according to the original policy conditions.
Key Features of LIC Anmol Jeevan 1 Plan 164
- Plan Type: Pure term assurance plan without profit participation.
- Minimum Sum Assured: ₹5,00,000.
- Maximum Sum Assured: Less than ₹25,00,000.
- Policy Term: From 5 years to 25 years.
- Entry Age: 18 to 55 years.
- Maximum Maturity Age: 65 years.
- Premium Payment Options: Yearly, half-yearly, or single premium.
- Death Benefit: Full Sum Assured payable on death during the policy term.
- No Maturity Benefit: No amount is payable if the life assured survives the policy term.
- No Bonus: The plan does not participate in LIC profits.
- No Loan Facility: Loans are not available under this policy.
- No Surrender Value: The policy cannot be surrendered for any value.
- Tax Benefits: Premiums qualify for benefits under Section 80C as per prevailing tax laws.
Eligibility Criteria
The following conditions applied for purchasing LIC Anmol Jeevan 1 Plan 164:
- Minimum age at entry: 18 years.
- Maximum age at entry: 55 years.
- Maximum maturity age: 65 years.
- Minimum Sum Assured: ₹5,00,000.
- Maximum Sum Assured: Less than ₹25,00,000.
- Policy term available from 5 years to 25 years.
Benefits of LIC Anmol Jeevan 1 Plan 164
LIC Anmol Jeevan 1 is a straightforward term insurance policy that focuses entirely on life protection.
- Death Benefit: If the life assured dies during the policy term, the nominee receives the entire Sum Assured, helping provide financial security to the family.
- Pure Insurance Cover: The plan offers only life insurance protection and does not include any investment or savings component.
- Low-Cost Premium: Since the plan does not participate in profits or bonuses, it offers substantial insurance coverage at an affordable premium.
- Tax Benefits: Premiums paid under the policy qualify for tax deductions under Section 80C of the Income Tax Act, subject to applicable tax laws.
- Flexible Coverage Term: Policyholders can choose a policy duration between 5 and 25 years according to their protection needs.
Limitations of the Plan
Like any insurance product, LIC Anmol Jeevan 1 has certain limitations:
- No maturity or survival benefit is payable on completion of the policy term.
- The policy does not acquire any surrender value.
- No loan facility is available under the plan.
- The plan has been discontinued since December 2013 and is not available for new purchases.
- No rider benefits or optional add-ons are provided.
- Premium rebates are limited to 1% for yearly mode, while half-yearly mode does not offer any rebate.
How to Use LIC Anmol Jeevan 1 Plan 164 Calculator
The LIC Anmol Jeevan 1 Calculator helps estimate the premium payable based on factors such as age, Sum Assured, policy term, and premium payment mode.
Steps to Use the Calculator
- Enter Your Age: Provide your age at the time of policy purchase (18 to 55 years).
- Select the Sum Assured: Choose the amount of life cover required, subject to the minimum eligibility criteria.
- Choose Policy Term: Select a term ranging from 5 to 25 years while ensuring the maturity age does not exceed 65 years.
- Select Premium Mode: Choose yearly, half-yearly, or single premium payment.
- Calculate Premium: The calculator will display the estimated premium payable for the selected details.
This allows users to understand the cost of coverage and plan their finances accordingly.
Why Use LIC Anmol Jeevan 1 Calculator?
- Provides a quick estimate of the premium amount.
- Helps compare the plan with other term insurance products.
- Assists in selecting an appropriate Sum Assured and policy duration.
- Useful for existing policyholders who want to review their coverage details.
Comparison with Other LIC Term Plans
| Feature | LIC Anmol Jeevan 1 Plan 164 | LIC e-Term Plan | LIC Tech Term Plan |
|---|---|---|---|
| Policy Term | 5 to 25 Years | 5 to 40 Years | 5 to 40 Years |
| Sum Assured | ₹5 Lakh to Less Than ₹25 Lakh | ₹25 Lakh to ₹55 Crore | ₹50 Lakh to ₹30 Crore |
| Maturity Benefit | Not Available | Not Available | Not Available |
| Premium Modes | Yearly, Half-Yearly, Single Premium | Yearly, Monthly, Half-Yearly | Yearly, Monthly, Half-Yearly |
| Loan/Surrender Value | Not Available | Not Available | Not Available |
| Rider Availability | No | Yes (Accidental & Critical Illness) | Yes (Accidental) |
| Availability Status | Withdrawn (December 2013) | Available | Available |
This comparison reflects how LIC’s newer term insurance plans have expanded coverage limits, policy durations, and rider options compared to LIC Anmol Jeevan 1 Plan 164.
How LIC Anmol Jeevan 1 Calculator Works
The premium estimation under LIC Anmol Jeevan 1 Plan 164 is based on several important factors that influence the overall cost of insurance coverage.
The calculator generally considers the following details while generating premium estimates:
- Age of the applicant.
- Selected Sum Assured.
- Chosen policy term.
- Premium payment mode.
Using LIC’s actuarial assumptions, mortality experience, interest factors, and applicable loading charges, the calculator estimates the premium payable for the selected coverage. This helps maintain the financial stability and long-term viability of the policy.
Tips for Selecting Sum Assured and Policy Term
- Choose a Sum Assured that adequately covers your family’s future financial requirements, outstanding liabilities, and long-term goals.
- Select a policy term that extends through your primary earning years to ensure continuous financial protection.
- Review your existing insurance portfolio before deciding the coverage amount to ensure sufficient overall protection.
FAQs About LIC Anmol Jeevan 1 Plan 164
What is LIC Anmol Jeevan 1 Plan 164?
LIC Anmol Jeevan 1 Plan 164 is a pure term assurance policy that offers life insurance protection without providing maturity benefits or bonus additions.
When was LIC Anmol Jeevan 1 Plan 164 launched?
The plan was introduced on 1 November 2003.
Is LIC Anmol Jeevan 1 Plan 164 available for new customers?
No. LIC discontinued the plan for new business from 1 December 2013.
What policy term options are available under this plan?
The policy term can be selected between 5 and 25 years, subject to the maximum maturity age of 65 years.
What is the minimum Sum Assured available?
The minimum Sum Assured under LIC Anmol Jeevan 1 Plan 164 is ₹5,00,000.
Does the policy provide any maturity benefit?
No. Since it is a pure term insurance plan, no survival or maturity benefit is payable at the end of the policy term.
Can policyholders avail a loan or surrender benefit?
No. The policy does not offer loan facilities or surrender value.
Conclusion
LIC Anmol Jeevan 1 Plan 164 was designed as a simple and economical term insurance solution for individuals seeking pure life cover. The policy focused entirely on providing financial protection to the nominee in the event of the life assured’s death during the policy term.
Although the plan was withdrawn from new sales in December 2013, it continues to remain relevant for existing policyholders. The LIC Anmol Jeevan 1 Calculator helps policyholders estimate premiums and understand coverage details more effectively.
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