LIC Jeevan Amrit Plan 186
Launch Date: 28 May 2007 | Withdrawn: 08 Dec 2013
- Policy Term: 10, 20, or 30 Years
- Premium Paying Term: 3, 4, or 5 Years
- Entry Age: 12–60 Years
- Premium Mode: Yearly or Half-Yearly
- Benefits: Death Benefit + Maturity Benefit with Bonus
- Minimum Sum Assured: ₹1,00,000
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Estimated Benefits
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| Renewal Premium | |
| Total Premium Paid | |
| Simple Reversionary Bonus | |
| Final Additional Bonus | |
| Estimated Maturity Benefit | |
| Estimated Death Benefit | |
| Estimated Surrender Value | |
| Loan Eligibility | |
| Approximate IRR |
Plan Information
| Plan Name | LIC Jeevan Amrit Plan 186 |
| Launch Date | 28 May 2007 |
| Withdrawn | 08 December 2013 |
| Minimum Entry Age | 12 Years |
| Maximum Entry Age | 60 Years |
| Maximum Maturity Age | 70 Years |
| Minimum Sum Assured | ₹1,00,000 |
| Policy Term | 10–30 Years |
| Premium Paying Term | 3 / 4 / 5 Years |
| Premium Mode | Yearly / Half-Yearly |
| Loan Facility | Available after surrender value acquisition |
LIC Jeevan Amrit Plan 186 – Overview
LIC Jeevan Amrit Plan 186 was a limited premium endowment plan that combined life insurance protection with long-term savings benefits. The plan allowed policyholders to complete premium payments within a short period while continuing to enjoy insurance coverage and maturity benefits throughout the policy term.
What is LIC Jeevan Amrit Plan 186?
LIC Jeevan Amrit Plan 186 was designed for individuals who preferred to pay premiums for a limited duration of 3, 4, or 5 years while maintaining life insurance coverage for a much longer period. The policy term could be selected between 10 and 30 years, making it suitable for long-term financial planning.
Launch and Withdrawal Details
- Launch Date: 28 May 2007
- Withdrawal Date: 8 December 2013
Although the plan is no longer available for new purchases, existing policyholders continue to receive benefits according to the original policy terms.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum Entry Age | 12 Years (Last Birthday) |
| Maximum Entry Age | 60 Years (Nearest Birthday) |
| Maximum Maturity Age | 70 Years (Nearest Birthday) |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No Limit |
| Policy Term | 10 to 30 Years |
| Premium Paying Term | 3, 4, or 5 Years |
Key Features of LIC Jeevan Amrit Plan 186
Limited Premium Payment
Premiums are payable only for a selected period of 3, 4, or 5 years, while policy benefits continue throughout the chosen policy term.
Flexible Policy Term
Policyholders can choose a term ranging from 10 years to 30 years according to their financial objectives.
Sum Assured
The minimum sum assured under the plan is ₹1,00,000, with no specified upper limit.
Premium Payment Modes
Premiums can be paid on a yearly or half-yearly basis.
Death Benefit
In the event of the policyholder's death during the policy term, the nominee receives the Sum Assured along with any vested bonuses accrued under the policy.
Maturity Benefit
If the policyholder survives until the end of the policy term, LIC pays the maturity benefit comprising the premiums paid along with applicable bonuses declared under the plan.
Bonus Participation
The policy is eligible for Simple Reversionary Bonuses and Final Additional Bonus, subject to LIC's declarations.
Loan Facility
Policy loans can be availed after the policy acquires the required surrender value, subject to LIC's prevailing rules.
Grace Period
A grace period of 30 days is available for premium payments.
Free-Look Period
Policyholders are provided a 15-day free-look period to review the policy and return it if the terms are not satisfactory.
Revival Facility
A lapsed policy can generally be revived within five years from the date of the first unpaid premium, subject to LIC's revival conditions.
Nomination Facility
The plan allows policyholders to nominate beneficiaries to receive policy benefits in the event of their death.
How Does the LIC Jeevan Amrit Plan 186 Work?
The plan works by combining the benefits of limited premium payment with the advantages of a longer policy term:
Policy surrender value
- You select your policy term (10 to 30 years) and premium-paying term (3, 4, or 5 years).
- You pay premiums regularly for the premium-paying term period.
- After paying premiums, the policy continues till maturity.
- If the life assured dies during the policy term, the nominee receives the sum assured plus bonuses.
- If the policyholder survives till maturity, the total premiums paid plus accrued bonuses are paid as maturity benefits.
Benefits and Advantages of LIC Jeevan Amrit Plan 186
- Limited Premium Duration: You pay premiums only for a short period, easing your financial burden.
- Long-term Financial Security: The policy provides coverage for up to 30 years, which means long-term security for your family.
- Bonus Participation: You get Simple Reversionary Bonuses declared annually and a Final Bonus at maturity.
- Flexibility in Premium Payment: Choose between yearly and half-yearly payment options.
- Loan Facility: Option to take loans against your policy for financial emergencies.
- Return of Premiums: On maturity, get back the amount of premiums paid plus bonuses.
- Suitable for Goal Planning: Ideal for those who want to meet specific financial goals like children’s education, marriage, or retirement corpus.
Who Should Consider LIC Jeevan Amrit Plan 186?
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This plan is suitable for individuals who:
- Prefer a limited premium payment term.
- Want long-term financial security.
- Seek bonuses along with guaranteed maturity benefits.
- Wish to save for future financial goals with life insurance coverage.
- Desire loan options against the policy.
- Look for a disciplined savings avenue with a fixed time frame.
Understanding the LIC Jeevan Amrit Plan 186 Calculator
A dedicated LIC Jeevan Amrit Plan 186 calculator helps you estimate the following:
LIC Endowment Plans
- The premium amount is payable based on your age, sum assured, and premium-paying term.
- The expected maturity benefits include bonuses.
- Death benefits payable to the nominee.
- Helps plan your financial commitments effectively.
How to Use the LIC Jeevan Amrit Plan 186 Calculator?
Using the calculator is easy and straightforward. Here is a step-by-step guide to help you:
- Enter Age: Input your age at entry.
- Choose a Premium Paying Term: Select whether you want to pay for 3, 4, or 5 years.
- Select Policy Term: Choose from 10 to 30 years for the total policy duration.
- Enter Sum Assured: Your desired coverage amount (minimum Rs. 1 lakh).
- Payment Mode: Choose premium payment frequency (half-yearly or yearly).
- Calculate: The calculator will show the premium amount payable each term and estimate the maturity benefits based on vested bonuses.
- Review Results: Check the premium schedule, maturity value, and death benefits clearly.
This calculator uses official LIC premium rates and bonus rates to give you an accurate projection.
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Premium Payment Details
- Premiums are payable only for the selected short term (3, 4, or 5 years).
- The first-year premium is slightly higher than subsequent years.
- Payments can be made half-yearly or yearly.
- A grace period of 30 days is given for late premium payment.
Bonus Structure of LIC Jeevan Amrit Plan 186
The plan participates in LIC’s profits through simple reversionary bonuses and a final bonus:
LIC Endowment Plans
- Simple Reversionary Bonus: Declared annually by LIC based on performance.
- Final (Additional) Bonus: Paid at the end of the policy term if declared.
- Bonuses add to the maturity amount or death benefits, enhancing the payout.
Claim Process for LIC Jeevan Amrit Plan 186
Maturity Claim:
- At policy maturity, the policyholder receives the sum of premiums paid plus accrued bonuses.
Death Claim:
- The nominee receives the sum assured plus bonuses as a lump sum payment.
Loan Claim:
- Policyholders can avail themselves of loans against the policy after a certain waiting period.
Revival and Lapse Conditions
If premium payments are missed, the policy may lapse. However:
- Revival is possible within 5 years of the first unpaid premium.
- All due premiums, along with interest, must be paid for revival.
- Lapsed policies do not get bonuses during the lapsed period.
Important Terms and Conditions
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- Minimum entry age: 12 years.
- Maximum entry age: 60 years.
- Maximum maturity age: 70 years.
- Policy terms range from 10 to 30 years.
- Limited premium payment duration (3-5 years) applicable.
- The sum assured is a minimum of Rs. 1 lakh and no upper limit.
- Loans are available on policy after a certain waiting period.
- Grace and free look periods apply as per LIC norms.
Frequently Asked Questions
What is LIC Jeevan Amrit Plan 186?
It is a limited premium payment endowment plan by LIC where you pay premiums for 3, 4, or 5 years but get insurance coverage and maturity benefits for a longer period (10 to 30 years).
LIC Endowment Plans
When was LIC Jeevan Amrit Plan 186 launched?
The plan was launched on 28th May 2007.
Is LIC Jeevan Amrit Plan 186 still available for new policyholders?
No, this plan was withdrawn from sale on 8th December 2013. Existing policyholders can continue their policies.
What are the premium payment options available in this plan?
Premiums can be paid yearly or half-yearly for the selected 3, 4, or 5 years.
What happens if the policyholder dies during the policy term?
The nominee receives the sum assured plus the bonuses accrued till that date as a death benefit.
Final Thoughts
Though the LIC Jeevan Amrit Plan 186 is withdrawn for new policyholders, it remains a good example of a limited premium endowment plan with long-term benefits. For those who still have active policies, understanding the premium payment and maturity benefits through the LIC Jeevan Amrit Plan 186 Calculator is essential for financial planning.
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If you are looking for newer plans with similar features, LIC offers other limited premium endowment plans. Always consider your financial goals, premium affordability, and risk coverage before choosing a plan.
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