LIC Jeevan Pramukh Plan 167 Calculator
LIC Jeevan Pramukh Plan 167
LIC Jeevan Pramukh Plan 167 was a life insurance product that combined guaranteed returns with life insurance protection. It was designed for individuals looking for insurance coverage along with regular income benefits throughout the policy duration.
Overview of LIC Jeevan Pramukh Plan 167
This plan offered a combination of savings and protection with limited premium payments and guaranteed benefits. It was introduced by LIC in 2004 and remained available until its withdrawal in 2011.
Launch Date: 10 February 2004
Withdrawal Date: 31 December 2011
Main Features of LIC Jeevan Pramukh Plan 167
The plan included several attractive features for policyholders:
- Limited premium payment structure.
- Guaranteed annual survival benefits during the policy term.
- Policy term options of 5, 10, 15, or 20 years.
- Premium payment periods shorter than the selected policy term.
- Minimum Basic Sum Assured of ₹5,00,000.
- Optional rider benefits such as accidental death and disability coverage.
Benefits Under LIC Jeevan Pramukh Plan 167
Survival Benefits
Policyholders received fixed annual survival benefits during the policy term. These payments were generally equal to 5% of the Basic Sum Assured and were payable from the second policy year onwards, subject to policy conditions.
Maturity Benefit
At the end of the policy term, the policyholder became eligible to receive the Basic Sum Assured along with applicable Loyalty Additions, if declared by LIC.
Death Benefit
In the event of the policyholder’s death during the policy term, the nominee received the full Sum Assured together with any Loyalty Additions applicable under the policy.
Tax Benefits
Premiums paid under the plan were eligible for tax deductions under Section 80C, while maturity and death proceeds qualified for tax exemptions under Section 10(10D), subject to prevailing tax regulations.
Loan Facility
Policy loans could be availed after the policy acquired the required surrender value, subject to LIC’s terms and conditions.
Suitable Users of LIC Jeevan Pramukh Plan 167 Calculator
The calculator can be useful for:
- Existing policyholders estimating benefits.
- Individuals reviewing discontinued LIC products.
- Insurance advisors and financial planners.
- Users comparing historical LIC plans with current offerings.
Important Terms to Understand
Sum Assured
The guaranteed insurance amount payable under the policy according to its terms.
Premium Payment Term
The duration for which premiums are required to be paid.
Policy Term
The total period during which the policy remains active and eligible for benefits.
Survival Benefit
Periodic payouts received during the policy term, provided the policyholder survives.
Loyalty Additions
Additional benefits declared by LIC based on the corporation’s performance and payable under specified conditions.
Working of LIC Jeevan Pramukh Plan 167 Calculator
The calculator helps estimate various policy values, including:
- Premium payable based on selected inputs.
- Expected annual survival benefits.
- Estimated maturity proceeds.
- Death benefit coverage under the policy.
Information Required for Calculation
To generate estimates, the calculator generally requires:
- Age of the life assured (18 to 65 years).
- Basic Sum Assured (minimum ₹5,00,000 and thereafter in multiples of ₹1,00,000).
- Policy Term (5, 10, 15, or 20 years).
- Premium Payment Term (3, 5, 7, or 10 years, depending on the selected policy term).
- Premium payment frequency (Yearly, Half-Yearly, Quarterly, or Monthly).
- Occupation details for underwriting purposes.
- Rider selections, if applicable.
Based on these details, the calculator applies the plan’s premium structure and benefit provisions to provide estimated premiums and policy benefits. Final values may vary depending on LIC’s declared Loyalty Additions and policy-specific factors.
How to Use the LIC Jeevan Pramukh Plan 167 Calculator
Step 1: Choose Policy Parameters
Begin by selecting the required policy details such as your age, preferred Sum Assured, policy duration, and premium payment period.
Step 2: Select Premium Payment Mode
Choose the premium payment frequency that best suits your financial preferences, such as yearly, half-yearly, quarterly, or monthly.
Step 3: Include Optional Riders
If desired, add supplementary benefits such as Accident Benefit Rider or Disability Benefit Rider to enhance the protection offered by the policy.
Step 4: Generate Results
After entering all details, the calculator provides estimated premium amounts, annual survival benefits, and projected death and maturity benefits.
Sample Illustration of LIC Jeevan Pramukh Plan 167
Consider the following example:
- Age: 35 years
- Basic Sum Assured: ₹10,00,000
- Policy Term: 10 years
- Premium Payment Term: 5 years
Based on historical premium structures, the calculator may generate estimates similar to the following:
| Policy Year | Estimated Premium | Survival Benefit | Death Benefit* | Maturity Benefit |
|---|---|---|---|---|
| 1 to 5 | Approx. ₹1,90,000 per year | ₹50,000 annually from Year 2 onwards | ₹10,00,000 + Loyalty Additions | ₹10,00,000 + Loyalty Additions |
*Applicable if death occurs during the policy term.
Actual values may vary depending on policy conditions and Loyalty Additions declared by LIC.
Benefits of Using the Calculator
The calculator offers several advantages:
- Provides quick estimates of premiums and policy benefits.
- Helps compare different policy configurations.
- Supports financial planning and budgeting.
- Enables policyholders to understand benefit schedules more clearly.
- Assists in tracking expected payouts throughout the policy term.
Premium and Benefit Calculation Method
Premium Estimation
Premiums are generally determined using factors such as:
- Age of the life assured.
- Selected policy term.
- Basic Sum Assured.
- Premium payment duration.
- Rider benefits chosen.
- Premium payment frequency.
Historical LIC premium rates and underwriting factors are typically used to generate estimates.
Survival Benefit Estimation
The plan generally provides an annual survival benefit equal to 5% of the Basic Sum Assured starting from the second policy year.
For example:
- Basic Sum Assured: ₹10,00,000
- Annual Survival Benefit: ₹50,000
These payments continue during the policy term according to policy conditions.
Death and Maturity Benefit Estimation
- Death Benefit: Basic Sum Assured along with applicable Loyalty Additions payable to the nominee.
- Maturity Benefit: Basic Sum Assured plus Loyalty Additions payable on successful completion of the policy term.
Financial Planning Benefits of LIC Jeevan Pramukh
The plan can be useful for individuals seeking:
- Regular income during the policy period.
- Long-term savings with insurance protection.
- Financial security for dependents.
- Supplementary income after retirement.
- A combination of guaranteed benefits and life cover.
Important Policy Conditions
Before evaluating benefits, it is important to understand the key policy conditions:
- Minimum Entry Age: 18 years.
- Maximum Entry Age: 65 years.
- Maximum Maturity Age: 75 years.
- Available only as a single-life policy.
- Premium Payment Term must always be shorter than the selected Policy Term.
- Survival benefit payouts do not reduce the maturity benefit.
- Surrender is permitted subject to LIC’s surrender value rules.
Documents Generally Required
The following documents may be required while applying for the policy:
- Age proof (Birth Certificate, PAN Card, Aadhaar Card, etc.)
- Address proof (Aadhaar Card, Voter ID, Utility Bill, etc.)
- Income proof for higher Sum Assured cases.
- Medical examination reports where required based on age, occupation, or coverage amount.
Limitations of the Calculator
While useful for estimation purposes, the calculator has certain limitations:
- Calculations are based on historical premium and benefit structures.
- Loyalty Additions cannot be accurately predicted until officially declared.
- Results are indicative and may differ from actual policy benefits.
- Since the plan has been withdrawn, the calculator is primarily useful for existing policyholders, historical analysis, and benefit tracking purposes.
Reason for Withdrawal of LIC Jeevan Pramukh Plan 167
LIC periodically reviews its product portfolio and discontinues older plans to introduce products that align with changing customer requirements, market conditions, and regulatory norms. As part of this process, LIC Jeevan Pramukh Plan 167 was withdrawn in December 2011. However, all existing policyholders continue to receive benefits according to the original policy conditions.
Comparison with Selected LIC Plans
| Feature | Jeevan Pramukh Plan 167 | Jeevan Tarun Plan 834 | New Endowment Plan 814 |
|---|---|---|---|
| Plan Type | Limited Premium with Survival Benefits | Child-Oriented Plan with Survival Benefits | Traditional Endowment Plan |
| Policy Term | 5, 10, 15, or 20 Years | 25 Years | 12 to 35 Years |
| Survival Benefits | Available | Available | Not Available |
| Minimum Sum Assured | ₹5,00,000 | ₹75,000 | ₹1,00,000 |
| Current Status | Withdrawn | Available | Available |
Step-by-Step Calculator Usage Guide
Using the LIC Jeevan Pramukh Plan 167 Calculator is a simple process:
- Open a trusted calculator platform that supports LIC Jeevan Pramukh Plan 167.
- Enter your age at entry.
- Specify the desired Sum Assured.
- Select the Policy Term and Premium Payment Term.
- Choose the preferred premium payment mode.
- Include optional rider benefits, if required.
- Click on the calculate option.
- Review the estimated results, including:
- Premium payable
- Annual survival benefits
- Death benefit projections
- Maturity benefit estimates
Users can also experiment with different Sum Assured values and policy terms to understand how these factors influence premiums and benefits.
Importance of Online Calculators
Although the plan is no longer available for new purchases, online calculators remain useful for several purposes:
- Monitoring existing policies.
- Estimating future benefits and payouts.
- Reviewing historical LIC products.
- Supporting financial planning decisions.
- Understanding survival and maturity benefit structures.
These tools provide a convenient way for policyholders and researchers to evaluate policy performance without performing manual calculations.
Key Information About the Plan
- New policies under LIC Jeevan Pramukh Plan 167 are no longer issued.
- Minimum Basic Sum Assured under the plan was ₹5,00,000.
- Annual survival benefits were generally payable from the second policy year onwards at 5% of the Basic Sum Assured.
- Death claims included the Basic Sum Assured along with applicable Loyalty Additions.
- Optional rider benefits such as Accident Benefit and Disability Benefit could be added by paying an additional premium.
- Premiums and benefits can still be estimated using available online calculators designed for discontinued LIC plans.
Understanding Policy Benefits Through the Calculator
The calculator helps users gain a clearer understanding of:
- Expected premium commitments.
- Annual survival income during the policy term.
- Estimated maturity proceeds.
- Financial protection available through death benefits.
By entering basic policy details, users can obtain quick projections and better understand the structure of their policy benefits for planning and reference purposes.
Conclusion
LIC Jeevan Pramukh Plan 167 was a well-structured insurance and savings plan that combined life protection with regular survival benefits throughout the policy term. Although the plan is no longer available for new purchases, it continues to hold relevance for existing policyholders and insurance professionals who need to review policy benefits, monitor payouts, or analyze historical LIC products.
The LIC Jeevan Pramukh Plan 167 Calculator serves as a practical tool for estimating premiums, annual survival benefits, death benefits, and maturity proceeds. By entering basic policy information, users can quickly obtain benefit projections and gain a better understanding of the policy’s financial value, making long-term planning simpler and more effective.
Note: All images and videos used on this website are sourced from Google or YouTube. If you have any issues regarding any image or video, please contact us via email through our official website.
If you find any problem with this post or wish to request its removal, please contact us through:
https://licpolicycalculator.in/contact-us
