Calculation Results
LIC Amulya Jeevan I Plan 190 was a non-profit pure term insurance policy introduced by LIC India to provide substantial life protection at an affordable premium. It was particularly suitable for individuals looking for a high level of insurance coverage without the savings component found in endowment or money-back policies. Under this plan, the Sum Assured was payable to the nominee if the policyholder died during the policy term, while there was no maturity payout if the policyholder survived the term.
Launch and Withdrawal Dates
LIC launched this plan on 18th February 2008 as a replacement for the earlier LIC Amulya Jeevan Plan 177. The plan was subsequently withdrawn on 1st January 2014 and is no longer available for new purchases. However, existing policyholders can continue to receive the benefits applicable to their policies until maturity.
For additional official information, users can refer to the LIC website page related to LIC Amulya Jeevan I Plan 190.
Key Features of LIC Amulya Jeevan I Plan
- Pure Term Insurance: The policy provides death protection only and does not offer a maturity benefit.
- Minimum Sum Assured: ₹25,00,000 (25 Lakhs).
- No Maximum Limit: There was no upper limit on the Sum Assured, allowing policyholders to select a high level of cover according to their requirements.
- Policy Term: The available term ranged from a minimum of 5 years to a maximum of 35 years.
- Entry Age: Minimum entry age was 18 years completed, while the maximum was 60 years according to nearest birthday.
- Maximum Maturity Age: The maximum age at maturity was 70 years according to nearest birthday.
- Premium Payment: Premiums could be paid yearly, half-yearly, or as a single premium.
- No Surrender Value: The plan did not provide any surrender or paid-up value.
- No Loan Facility: Policyholders could not take loans against this policy.
- Reinstatement: A lapsed policy could be revived within 5 years, subject to proof of insurability and payment of outstanding premiums along with interest.
- Cooling-Off Period: A 15-day period was provided from receipt of the policy to review the terms and cancel the policy if dissatisfied.
Eligibility Conditions for LIC Amulya Jeevan I Plan
| Criteria | Details |
|---|---|
| Minimum Age at Entry | 18 years (completed) |
| Maximum Age at Entry | 60 years (nearest birthday) |
| Maximum Maturity Age | 70 years (nearest birthday) |
| Minimum Policy Term | 5 years |
| Maximum Policy Term | 35 years |
| Minimum Sum Assured | ₹2,500,000 |
| Premium Payment Modes | Yearly, Half-yearly, Single |
Benefits of LIC Amulya Jeevan I Plan 190
The primary purpose of this policy was to provide financial protection to the policyholder’s family. If the insured person died during the policy term, the nominee received the applicable Sum Assured as a lump-sum death benefit.
The main benefits were:
- Death Benefit: The nominee receives the Sum Assured if the policyholder dies during the policy term.
- No Maturity Benefit: No amount is payable if the policyholder survives until the end of the policy term.
- Tax Benefits: Premiums paid were eligible for tax benefits under Section 80C of the Income Tax Act, while death benefits were tax-free under Section 10(10D), subject to the applicable provisions.
Understanding LIC Amulya Jeevan I Plan 190 Calculator
The LIC Amulya Jeevan I Plan 190 Calculator is designed to help prospective buyers and policyholders estimate the premium payable for the selected insurance cover. The calculation considers factors such as the policyholder’s age, Sum Assured, policy term, and chosen premium payment mode.
Because Amulya Jeevan I was a pure term insurance product, the calculator primarily helps determine the cost of obtaining the desired life protection.
How to Use LIC Amulya Jeevan I Plan 190 Calculator?
To use the calculator, enter the following information:
- Age of the Life Assured: Enter your current age to determine the applicable premium.
- Sum Assured: The minimum Sum Assured is ₹25 lakhs, and the desired amount can be entered in multiples of ₹1,00,000.
- Policy Term: Select the required coverage period between 5 and 35 years.
- Premium Payment Frequency: Choose yearly, half-yearly, or single premium payment.
After entering these details, the calculator determines the applicable annual or single premium. Premium calculations may also reflect underwriting requirements and the rebate structure applicable under the plan.
Calculating the Premium: What Factors Influence It?
Several factors determine the premium amount:
- Age at Entry: Generally, a younger person pays a lower premium.
- Sum Assured: A higher insurance cover results in a higher premium.
- Policy Term: Selecting a longer policy term increases the premium payable.
- Premium Paying Mode: Single-premium rates differ from yearly and half-yearly premium rates.
- Rebates and Extra Charges: LIC applied rebates for certain higher Sum Assured slabs, while the half-yearly mode carried an additional 2% charge.
Example Premium Rates
- No Sum Assured rebate was available up to ₹99 lakhs.
- For Sum Assured of ₹1 crore and above, the single-premium rate received a discount of 0.50 per thousand Sum Assured.
- The half-yearly payment mode involved an additional 2% loading over the annual premium.
Advantages of Using the LIC Amulya Jeevan I Plan Calculator
- Quick Premium Estimation: Provides premium figures without requiring lengthy manual calculations.
- Better Financial Planning: Helps estimate future premium commitments.
- Comparison: Makes it easier to compare different Sum Assured amounts and policy terms.
- Fewer Manual Errors: Reduces the possibility of calculation mistakes and guesswork.
- Transparency: Displays applicable premiums along with rebates and additional charges.
Important Considerations Before Buying This Plan
- The policy does not provide maturity or surrender benefits.
- It was primarily suitable for people whose main objective was to obtain high life cover for their family at a comparatively low cost.
- Since the plan was withdrawn in 2014, it cannot be purchased by new customers. Alternative LIC term insurance products, such as Amulya Jeevan II and other newer term plans, are available.
- Anyone considering term insurance should assess their coverage requirements and compare currently available policies in the market.
Alternatives Suggested by LIC India Post Withdrawal
Following the withdrawal of Amulya Jeevan I Plan 190 in January 2014, LIC introduced or offered other term insurance options, including:
- Amulya Jeevan II Plan: A pure term insurance product with updated benefits.
- Jeewan Amar Plan: Another affordable pure protection term insurance plan.
- New Jeevan Anand: A combination product offering both life protection and savings features.
How to Calculate Premium Manually (Basic Method)
If an online calculator is not being used, the premium can be approximately calculated using the following basic formula:
Premium = Sum Assured × Premium Rate per ₹1,000 Sum Assured
The applicable premium rate depends on factors such as the policyholder’s age, selected policy term, and premium payment mode. LIC’s policy brochure contains the relevant premium tables for reference.
| Condition | Details |
|---|---|
| Minimum Age at Entry | 18 years (completed) |
| Maximum Age at Entry | 60 years (nearest birthday) |
| Minimum Policy Term | 5 years |
| Maximum Policy Term | 35 years |
| Minimum Sum Assured | ₹25 Lakhs |
| Maximum Sum Assured | No limit |
| Premium Mode | Yearly, Half-yearly, Single |
| Maturity Benefit | Nil |
| Surrender Value | Nil |
| Loan Facility | Not available |
| Cooling Period | 15 days |
Tips for Choosing Term Insurance Plans
When selecting term insurance such as LIC Amulya Jeevan I or its alternatives, consider the following points:
- Assess your financial responsibilities before deciding the required Sum Assured.
- Make sure the premium remains affordable throughout the policy term.
- Examine rider options if you need additional protection, such as critical illness coverage.
- Compare the features and claim settlement ratios of different insurers.
- If you are uncertain about the policy’s features, consider seeking professional financial advice.
Where to Find LIC Amulya Jeevan I Plan 190 Calculator?
Since LIC Amulya Jeevan I Plan 190 has been withdrawn, LIC’s official website no longer provides a calculator for purchasing this plan. However, independent LIC calculator websites may offer premium calculation tools based on the historical premium rates of discontinued plans. One such platform mentioned in the source is liccalculator.info.
Frequently Asked Questions (FAQ)
What is LIC Amulya Jeevan I Plan 190?
LIC Amulya Jeevan I Plan 190 was a pure term insurance policy that offered high life insurance protection at affordable premiums and did not provide a maturity benefit.
Is LIC Amulya Jeevan I Plan 190 still available for purchase?
No. The plan was withdrawn on 1st January 2014 and is no longer available for new customers.
What is the minimum Sum Assured under this plan?
The minimum Sum Assured was ₹25,00,000 (25 lakhs).
What benefits does the plan offer?
If the policyholder dies during the policy term, the nominee receives the Sum Assured. If the policyholder survives the entire term, there is no maturity payout.
What is the minimum and maximum age for entry into the plan?
The minimum entry age was 18 years completed, while the maximum entry age was 60 years according to nearest birthday.
What are the policy term options?
The policy term could be selected from 5 years to 35 years.
Conclusion
LIC Amulya Jeevan I Plan 190 was a straightforward pure term insurance product designed to provide substantial life cover at an affordable cost. Although LIC withdrew the plan in 2014, it remains an example of a simple protection-focused insurance product without savings or maturity benefits.
The LIC Amulya Jeevan I Plan 190 Calculator can help in understanding the premium obligations that applied while the plan was available. For current term insurance requirements, prospective buyers should consider presently available plans that offer suitable coverage, features, and flexibility.
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