Important: The brochure provides specimen Maturity Sum Assured values only for selected ages and terms, not a complete age-by-age rate table. For this calculator, the maturity figure is an illustrative estimate based on the brochure’s published specimen values. It should not be treated as an official LIC quotation. Death benefit is based on the brochure wording: total premiums payable during the entire term, plus vested bonuses, if any.
LIC Jeevan Madhur Plan 182 Calculator
LIC Jeevan Madhur Plan 182 was a microinsurance policy created to offer affordable life insurance protection, particularly for individuals from low-income groups. It provided flexible premium payment options, death benefits, and participation in LIC's profits through bonuses, making it a practical option for people looking for basic financial protection.
Introduction to LIC Jeevan Madhur Plan 182
LIC's Jeevan Madhur Plan 182, also referred to as Table No. 182, was a microinsurance plan introduced by the Life Insurance Corporation of India (LIC). The policy was designed to make life insurance accessible to lower-income sections of society through small premium amounts and flexible payment frequencies. Its primary objective was to provide financial protection at a modest and affordable cost.
Key Features
- Affordable Premiums: Premiums started from as little as Rs. 25 per week.
- Death Benefit: The death benefit was 12 times the annual premium, along with applicable bonuses.
- Policy Term: The available policy duration ranged from 5 to 15 years.
- Flexible Premium Modes: Payments could be made weekly, fortnightly, monthly, quarterly, half-yearly, or yearly.
- Entry Age: The plan was available to individuals between 18 and 60 years.
- Death or Maturity Benefit: Depending on the policy conditions, a benefit was payable on death or maturity.
- Profit Participation: Policyholders could receive bonuses declared by LIC.
Launch and Withdrawal Dates
Launch Date
LIC Jeevan Madhur Plan 182 was officially introduced on 28th September 2006. The plan was designed as a simple and affordable insurance solution, particularly for economically weaker sections of society.
Withdrawal Date
LIC withdrew the plan with effect from 1st January 2014. After this date, new policies could no longer be purchased under this plan, although existing policyholders continued to receive benefits according to their policies.
Benefits of LIC Jeevan Madhur Plan 182
Death Benefit
If the insured person dies due to natural or accidental causes during the policy term, the nominee receives the total premiums paid throughout the policy, together with any vested bonuses. This provides basic financial support to the policyholder's family in the event of death.
Maturity Benefit
When the policyholder survives until the end of the policy term, the Maturity Sum Assured is payable along with any vested bonuses. The final amount depends on factors such as the premiums paid and the selected policy term.
Bonuses
LIC declares bonuses periodically based on the corporation's financial performance. These bonuses are added to the policy benefits and can increase the amount payable at maturity or upon death.
Accident Benefit
The policy also provided an additional benefit equal to the death benefit Sum Assured during the policy term in the event of accidental death, without requiring an additional premium. This offered extra protection to the insured's family.
Participation in Profit
Policyholders were eligible to participate in LIC's profits through bonuses declared according to the corporation's financial performance. These bonuses could increase the overall benefits payable under the policy.
Eligibility Conditions and Restrictions
| Condition | Details |
|---|---|
| Minimum Age at Entry | 18 years (completed) |
| Maximum Age at Entry | 60 years (nearest birthday) |
| Maximum Age at Maturity | 65 years (nearest birthday) |
| Policy Term | 5 to 15 years |
| Minimum Sum Assured | Rs. 5,000/- |
| Maximum Sum Assured | Rs. 30,000/- |
Premium Payment
The plan was designed with very affordable premium amounts to make insurance accessible to a wider population:
- Weekly: Rs. 25
- Fortnightly: Rs. 50
- Monthly: Rs. 100
- Quarterly/Half-yearly/Yearly: Rs. 250
Premiums were payable regularly throughout the policy term, while the amount received on death or maturity depended on the premium amount and selected policy term.
How to Calculate Premiums and Benefits
Calculating the premium for LIC Jeevan Madhur Plan 182 is relatively straightforward. The premium depends primarily on:
- Selected payment frequency.
- Policy term.
- Sum Assured.
For example, consider a Rs. 5,000 Sum Assured policy with a 10-year term and a weekly premium of Rs. 25. The total premiums paid would be:
Rs. 25 × 52 weeks × 10 years = Rs. 1,300
The death benefit would be 12 times the annual premium, along with applicable bonuses, which may vary from year to year.
Example Calculation
Suppose a policyholder pays Rs. 100 per month for 10 years:
- Total premiums paid over 10 years: Rs. 12,000
- Death benefit without bonuses: Rs. 12 × Rs. 12,000 = Rs. 144,000
- Maturity: The Sum Assured is payable along with applicable bonuses.
Other Critical Aspects of LIC Jeevan Madhur Plan 182
Premium Mode and Restrictions
Although the plan provided several flexible premium payment options, policyholders were required to maintain regular payments throughout the policy term to receive the full applicable benefits. Bonuses were declared annually based on LIC's profitability and could increase the overall policy benefit.
Nominations and Assignments
Policyholders were advised to make a nomination when submitting the proposal. If they wanted to make changes later, the required form could be submitted to LIC.
Reinstatement and Surrender
If a policyholder wanted to discontinue the policy before maturity, surrender was possible. The surrender value was based on the discounted value of vested bonuses, if any.
In addition, if the policyholder was dissatisfied with the policy, it could be returned within 15 days of receipt under the cooling-off period.
Frequently Asked Questions
What is LIC Jeevan Madhur Plan 182?
LIC Jeevan Madhur Plan 182 was a microinsurance product designed primarily for low-income individuals. It offered affordable life insurance protection along with flexible premium payment options.
When was LIC Jeevan Madhur Plan 182 launched?
The plan was launched on 28th September 2006.
Is LIC Jeevan Madhur Plan 182 still available for new policyholders?
No. LIC withdrew the plan from new sales on 1st January 2014.
What is the minimum Sum Assured under this plan?
The minimum Sum Assured was Rs. 5,000.
What are the premium payment modes available?
Premiums could be paid weekly, fortnightly, monthly, quarterly, half-yearly, or yearly.
What happens if the policyholder dies during the policy term?
The nominee receives the total premiums paid up to the date of death, along with any vested bonuses applicable under the policy.
Conclusion
LIC Jeevan Madhur Plan 182 was a microinsurance policy introduced on 28th September 2006 to provide an affordable and straightforward life insurance option, particularly for lower-income groups in India. With flexible premium payment frequencies, death and maturity benefits, and participation in LIC's profits through bonuses, the plan was designed to provide basic financial protection at a modest cost.
Although LIC withdrew the plan on 1st January 2014, existing policyholders can continue to receive the benefits applicable to their policies. The plan also remains an important example of LIC's efforts toward expanding financial inclusion and making insurance accessible to economically weaker sections of society.
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