Premium Calculation Results
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Important Notes:
• This calculator provides approximate premium estimates based on general LIC guidelines.• LIC Jeevan Aadhar Plan 114 was withdrawn on 01 January 2014.
• Guaranteed Additions accrue at ₹100 per ₹1,000 Sum Assured for each completed policy year till age 65 or death.
• Premium rates vary based on age, sum assured, and premium paying term.
• The plan provides whole life coverage with benefits for handicapped dependants.
• Premiums paid are eligible for Income Tax relief under Section 80DDA.
• Terminal Additions are payable if at least 10 years of premiums have been paid.
• For exact premium quotes, please consult LIC officials or authorized agents.
• The actual premium may include GST and other charges as applicable.
Taking care of a family member with special needs is not just an emotional responsibility, it is also a financial one. Many people often worry about what will happen to their dependent if something unfortunate happens to them in the future. Keeping this concern in mind, LIC introduced a unique insurance plan called LIC Jeevan Aadhar Plan 114.
This plan was specially designed for individuals who had a handicapped dependant and wanted to make sure their loved one remained financially secure even after their lifetime. Unlike regular insurance policies, this plan focused on creating long-term support for dependants through a combination of lump sum benefits and regular income.
Although the policy is no longer available for purchase today, many people still search for details about the LIC Jeevan Aadhar Plan 114 Calculator, premium calculation, maturity benefits, and eligibility criteria—especially existing policyholders who want to understand how their policy works.
If you are one of them, here’s everything explained in a simple and practical way.
What Exactly Was LIC Jeevan Aadhar Plan 114?
LIC Jeevan Aadhar Plan 114 was a whole life insurance policy introduced by LIC for people who had a handicapped dependant as defined under Section 80DDA of the Income Tax Act.
The main purpose of the policy was simple — to ensure that a differently-abled dependant continued receiving financial support even if the policyholder was no longer around.
Instead of paying the entire claim amount in one go, the benefits were structured smartly. A portion of the amount was paid as a lump sum, while the remaining benefit was arranged as regular income through annuity payments. This helped dependants manage both immediate expenses and future financial needs.
However, LIC officially stopped selling this plan on 1 January 2014. Existing policyholders can still continue with their active policies, but no new applications are accepted anymore.
LIC Jeevan Aadhar Plan 114 – Quick Overview
| Particulars | Details |
|---|---|
| Policy Name | LIC Jeevan Aadhar Plan 114 |
| Plan Type | Whole Life Insurance Plan |
| Availability | Discontinued |
| Withdrawal Date | 1 January 2014 |
| Designed For | People with handicapped dependants |
| Tax Benefit | Section 80DDA |
| Premium Modes | Yearly, Half-Yearly, Quarterly, Monthly |
| Benefit Type | Lump Sum + Regular Income |
Who Could Buy LIC Jeevan Aadhar Plan 114?
This policy was not meant for everyone. LIC specifically introduced it for people supporting a handicapped dependant.
If someone had a dependent family member with a disability and wanted to secure their future financially, this plan was considered a useful option.
The eligibility conditions were quite straightforward.
| Eligibility Factor | Details |
|---|---|
| Minimum Entry Age | 22 Years |
| Maximum Entry Age | 65 Years |
| Maximum Age at Maturity | 75 Years |
| Premium Paying Term | 10 to 35 Years |
| Premium Payment Mode | Monthly, Quarterly, Half-Yearly, Yearly |
One important condition was that the dependant had to qualify under Section 80DDA guidelines.
Why Was This Plan Different From Regular LIC Policies?
Most life insurance plans are created mainly to provide financial support to family members after the death of the insured person. But LIC Jeevan Aadhar Plan 114 worked a little differently.
Its biggest focus was the financial protection of handicapped dependants.
For many parents and guardians, one major concern is:
“What will happen to my child or dependant when I am not there?”
LIC tried to address this concern through this plan.
Instead of only offering a death benefit, the policy created a system where the dependant could receive financial support in a planned manner over time.
This made the policy feel more practical and family-focused.
Major Features of LIC Jeevan Aadhar Plan 114
Lifelong Insurance Protection
One of the strongest points of this plan was that it offered whole life coverage.
This meant the life insurance protection continued for the policyholder’s entire lifetime instead of ending after a fixed number of years.
For families looking for long-term peace of mind, this was an important feature.
Financial Support for Handicapped Dependants
The plan ensured that dependants did not struggle financially.
In the event of the policyholder’s death, benefits were divided into two parts:
- A lump sum payment for immediate financial needs
- A regular annuity income for long-term stability
This structure helped families manage medical care, daily expenses, and future financial requirements more comfortably.
Flexible Premium Payment Options
LIC understood that every family manages money differently.
That’s why policyholders had multiple premium payment options.
Premiums could be paid through:
- Yearly mode
- Half-yearly mode
- Quarterly mode
- Monthly mode
- Salary deduction method
There was also a single premium option, where the complete amount could be paid once at the start of the policy.
This flexibility made premium payments easier for many families.
Guaranteed Additions
Another attractive part of this plan was the Guaranteed Additions.
LIC added extra value to the policy every year.
The calculation worked like this:
For every ₹1,000 Sum Assured, LIC added ₹100 per year.
These additions continued:
- Until the policyholder turned 65 years old, or
- Until death, whichever came earlier.
This helped increase the final policy value over time.
Terminal Bonus Benefits
LIC Jeevan Aadhar Plan 114 was also a with-profits participating plan.
In simple words, policyholders could receive an extra benefit called Terminal Bonus.
However, there was a condition.
At least 10 years of premium payment needed to be completed.
Since bonuses depended on LIC’s yearly profits, the amount was never fixed or guaranteed.
Still, it worked as an additional benefit for long-term policyholders.
How LIC Jeevan Aadhar Plan 114 Calculator Worked
Many people still search for the LIC Jeevan Aadhar Plan 114 Calculator to estimate policy benefits.
Since the plan has been discontinued, finding an exact calculator online is not always easy. But understanding how the calculation worked can still help existing policyholders.
The calculator mainly estimated:
- Premium amount
- Maturity value
- Death benefits
- Guaranteed additions
- Bonus amount
To calculate policy values, certain details were required.
Details Required for Calculation
Usually, these inputs were needed:
| Required Input | Purpose |
|---|---|
| Age | Premium calculation |
| Sum Assured | Benefit estimation |
| Premium Term | Policy structure |
| Payment Mode | Premium frequency |
| Policy Duration | Final calculation |
Once these details were entered, the calculator estimated future benefits based on LIC’s policy formula.
How Premium Calculation Was Done
The premium amount was never the same for everyone.
Several factors affected the premium.
1. Age of the Policyholder
Younger individuals generally paid lower premiums.
Higher age usually meant a higher premium amount.
2. Sum Assured Chosen
A higher insurance cover naturally increased premium cost.
3. Premium Payment Term
Longer premium terms generally reduced yearly payment pressure.
4. Premium Frequency
Monthly premiums felt smaller but yearly payments often worked out more economical.
Tax Benefits Under Section 80DDA
One reason why many people preferred this policy was because of tax benefits.
Premiums paid under LIC Jeevan Aadhar Plan 114 qualified for deductions under Section 80DDA of the Income Tax Act.
This section mainly supports individuals who spend money caring for handicapped dependants.
Because of this, policyholders not only secured their family’s future but also received tax relief at the same time.
Important Things Existing Policyholders Should Know
If you already have this policy, here are a few things worth remembering:
- The policy is discontinued, but active policies remain valid
- Guaranteed additions continue according to policy terms
- Terminal bonuses depend on LIC performance and are not fixed
- Benefits are designed mainly for handicapped dependants
- Premium amount varies depending on policy details
Understanding these points can help avoid confusion later.
Frequently Asked Questions
Is LIC Jeevan Aadhar Plan 114 still available?
No, LIC stopped offering this plan from 1 January 2014.
Who was this policy meant for?
It was specially designed for individuals having a handicapped dependant covered under Section 80DDA.
What was the minimum age to buy this policy?
The minimum entry age was 22 years.
Did the policy offer tax benefits?
Yes, premiums qualified for tax deductions under Section 80DDA.
Was bonus guaranteed in this policy?
No, terminal bonus depended on LIC profits and was not guaranteed.
Final Thoughts
LIC Jeevan Aadhar Plan 114 was one of those policies that served a very specific purpose. It was not just about insurance—it was about creating financial security for someone who might always need support.
For families with handicapped dependants, the plan offered a sense of comfort by combining life insurance, guaranteed additions, tax benefits, and regular income support.
Even though the plan is no longer available today, existing policyholders can still understand their benefits better with the help of a LIC Jeevan Aadhar Plan 114 Calculator and proper policy knowledge.
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