LIC Whole Life Policy Plan 02 Calculator
Traditional With-Profit Whole Life Assurance Plan
- Entry Age: 15 to 60 Years
- Minimum Sum Assured: ₹50,000
- Coverage up to Age 80
- Premium Paying Term: 35 Years (or remaining term)
- Death Benefit = Sum Assured + Vested Bonuses
- Loan Facility Available after acquiring surrender value
- Plan Withdrawn on 24 November 2013
Calculator Inputs
Important Notes
- Premiums are estimated using historical LIC illustration data.
- Death Benefit = Sum Assured + Vested Bonuses.
- Guaranteed Surrender Value is estimated as 30% of premiums paid excluding first year premium.
- Loan facility generally becomes available after acquiring surrender value.
- Actual bonuses depend upon LIC declarations.
- This calculator is for estimation purposes only.
Frequently Asked Questions
What is LIC Whole Life Policy Plan 02?
LIC Whole Life Policy Plan 02 is a traditional with-profit life insurance plan that provides coverage throughout the life of the insured and offers bonus additions declared by LIC.
Is this plan available today?
No. LIC Whole Life Policy Plan 02 was withdrawn on 24 November 2013 and is no longer available for new policy purchases.
What is the Death Benefit?
The nominee generally receives the Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus (if declared).
Is Loan Facility Available?
Yes. Loans can usually be availed after the policy acquires surrender value according to LIC rules.
How is Maturity Calculated?
Maturity Value is generally calculated as Sum Assured plus accrued bonuses and Final Additional Bonus, if applicable.
What is the Minimum Sum Assured?
The minimum Sum Assured under this plan is ₹50,000. There is generally no upper limit, subject to LIC underwriting rules.
Disclaimer
- This calculator is intended for educational and illustrative purposes only.
- Premium estimates are based on historical LIC illustrations and simplified actuarial assumptions.
- Actual policy values may differ depending on policy commencement date, age, underwriting, bonus declarations and LIC rules.
- Bonus projections shown are not guaranteed.
- For exact policy values please refer to your original LIC policy bond or contact LIC directly.
- This plan was withdrawn from sale on 24 November 2013.
Introduction to LIC The Whole Life Policy Plan 02
Life Insurance Corporation of India (LIC) has introduced numerous insurance products over the years to provide long-term financial protection and security. Among its traditional offerings, LIC The Whole Life Policy Plan 02 has been one of the oldest and most recognized life insurance plans designed to provide lifelong coverage.
LIC Whole Life Policy Plan 02 offers insurance protection for the entire lifetime of the policyholder rather than for a fixed term. The policy is intended to provide financial security to the nominee in the event of the policyholder’s death while also allowing the accumulation of bonuses during the policy period.
Unlike term insurance plans that expire after a specified duration, this plan remains in force throughout the life of the insured, subject to policy conditions and premium payments. The policy combines lifelong protection with long-term savings benefits, making it suitable for individuals seeking permanent life insurance coverage.
The plan provides a death benefit payable to the nominee upon the policyholder’s demise and may also accumulate bonuses declared by LIC from time to time. These bonuses increase the overall value of the policy and enhance the final benefits payable under the plan.
LIC The Whole Life Policy Plan 02 has traditionally been preferred by individuals looking for long-term financial protection, estate planning benefits, and wealth transfer to future generations. The policy ensures that beneficiaries receive financial support whenever the insured passes away, regardless of when the event occurs during the lifetime of the policyholder.
For those who wish to estimate their premium payments and potential policy benefits, the LIC Whole Life Policy Plan 02 Calculator can be a useful resource. By entering basic policy details, users can quickly obtain approximate premium amounts and benefit projections under the plan.
Eligibility Criteria
| Entry Age (Years) | Policy Term (Years) | Premium Paying Term (Years) | Minimum Sum Assured (₹) | Maximum Sum Assured (₹) |
|---|---|---|---|---|
| 15 | 65 | 35 | 50,000 | No Limit |
| 20 | 60 | 35 | 50,000 | No Limit |
| 25 | 55 | 35 | 50,000 | No Limit |
| 30 | 50 | 35 | 50,000 | No Limit |
| 35 | 45 | 35 | 50,000 | No Limit |
| 40 | 40 | 35 | 50,000 | No Limit |
| 45 | 35 | 35 | 50,000 | No Limit |
| 50 | 30 | 30 | 50,000 | No Limit |
| 55 | 25 | 25 | 50,000 | No Limit |
| 60 | 20 | 20 | 50,000 | No Limit |
Benefits of LIC The Whole Life Policy Plan 02
Lifetime Protection: The policy provides coverage throughout the life of the insured and pays the benefit either on death or as per the policy provisions, ensuring long-term financial security.
Family Financial Support: In the event of the policyholder’s death, the nominee receives the sum assured along with applicable bonuses, offering financial assistance to the family.
Insurance with Savings: The plan combines life insurance coverage with bonus accumulation, helping policyholders build long-term value over time.
Tax Advantages: Premiums paid may qualify for tax benefits under the applicable provisions of the Income Tax Act, subject to prevailing tax regulations.
Loan Facility: Policyholders can avail loans against the policy, providing access to funds during financial emergencies.
Assured Benefits: The plan offers a guaranteed sum assured, making it a dependable option for those seeking stable life insurance protection.
Calculation of Premium and Maturity Value
Calculating premiums and policy benefits manually can be complicated because several factors influence the final values, including age, sum assured, policy duration, and bonus additions. The LIC Whole Life Policy Plan 02 Calculator helps simplify these calculations by providing quick estimates based on the details entered.
Information Required for Calculation
- Age of the life assured
- Sum Assured selected under the policy
- Premium payment mode (Yearly, Half-Yearly, or Quarterly)
- Premium paying term
- Applicable bonus assumptions, if available
How the Calculator Works
Premium Calculation:
The calculator estimates the premium payable based on the age of the insured and the selected sum assured.
Maturity Value Calculation:
It projects the policy value by considering the sum assured along with accumulated bonuses declared under the policy.
Death Benefit Calculation:
In the event of the policyholder's death, the calculator estimates the benefit payable, including the sum assured and accrued bonuses.
Surrender Value Estimation:
The tool can also provide an approximate surrender value if the policy is discontinued after completing the required minimum period.
Using the calculator helps policyholders understand potential benefits and policy values more clearly based on LIC guidelines.
Using the LIC The Whole Life Policy Plan 02 Calculator
The LIC Whole Life Policy Plan 02 Calculator is available on various insurance and financial planning websites. It is designed to provide quick premium and benefit estimates with minimal inputs.
Steps to Use the Calculator
- Enter the age of the life assured.
- Select the desired sum assured.
- Choose the premium payment term.
- Enter the policy term if required by the calculator.
- Click on the calculate option to view estimated premiums and policy benefits.
Why Use the Calculator?
- Helps estimate premium payments in advance.
- Allows comparison of different coverage options.
- Provides a clearer understanding of expected benefits and returns.
- Assists in long-term financial planning.
Launch and Withdrawal Details
- Launch Date: LIC The Whole Life Policy Plan 02 was introduced as one of LIC’s traditional lifelong insurance products.
- Withdrawal Date: The plan was withdrawn from sale on 24 November 2013.
Although it is no longer available for new purchases, existing policyholders continue to enjoy the benefits available under their policies and can use calculators to estimate current policy values.
Policy Purchase and Surrender
Since the plan has been withdrawn, it is not available for new customers.
Policy Purchase:
Before withdrawal, the plan could be purchased through LIC branches and authorized agents by selecting the desired coverage and premium structure.
Policy Surrender:
Existing policyholders may surrender the policy after completing the minimum required policy period, subject to LIC’s surrender value rules and policy conditions.
Why Existing Policyholders Value LIC Whole Life Policy Plan 02
- Long-standing and trusted LIC product.
- Lifetime insurance protection.
- Sum assured along with bonus benefits.
- Loan facility against the policy.
- Tax benefits under applicable income tax provisions.
Even after its withdrawal, LIC Whole Life Policy Plan 02 remains an important policy for existing holders because of its lifelong coverage and traditional insurance benefits.
Frequently Asked Questions
What is LIC The Whole Life Policy Plan 02?
LIC The Whole Life Policy Plan 02 is a traditional life insurance policy that provides lifetime insurance protection along with bonus-based savings benefits.
Is LIC The Whole Life Policy Plan 02 available for new customers?
No. LIC discontinued this plan on 24 November 2013, and it is no longer available for new purchases. Existing policyholders continue to receive benefits under the policy.
What benefits are available under this plan?
The plan offers lifelong life cover, payment of the sum assured along with applicable bonuses, loan facility against the policy, and tax benefits as per prevailing tax laws.
How are premiums determined?
Premiums are calculated based on factors such as the policyholder’s age, selected sum assured, and premium payment term. A calculator can be used to estimate the premium payable.
What is payable on maturity?
The maturity benefit consists of the sum assured together with the bonuses accrued during the policy term, subject to LIC’s declarations.
Conclusion
LIC The Whole Life Policy Plan 02 is a traditional life insurance policy that combines lifelong protection with bonus-based savings benefits. Although the plan was withdrawn in 2013, it continues to hold value for existing policyholders. The LIC The Whole Life Policy Plan 02 Calculator helps estimate premiums, bonuses, maturity benefits, and surrender values, making policy planning and benefit tracking more convenient.
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If you find any problem with this post or wish to request its removal, please contact us through:
https://licpolicycalculator.in/contact-us
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
