LIC Jeevan Saral Plan 165 Calculator
Plan Name: LIC Jeevan Saral (Plan 165)
Launch Date: 2004
Withdrawal Date: 31 Dec 2014
LIC Jeevan Saral Plan 165 was introduced by the Life Insurance Corporation of India (LIC) as a flexible endowment assurance plan that combined life insurance protection with long-term savings benefits.
The plan allowed policyholders to choose their premium amount according to their financial capacity, making it different from many traditional LIC plans where premiums were determined primarily by the selected sum assured.
Although LIC Jeevan Saral Plan 165 was withdrawn from new sales on 31 December 2014, existing policyholders continue to receive benefits as per the policy conditions until maturity.
LIC Jeevan Saral Plan 165 Calculator
The LIC Jeevan Saral Plan 165 Calculator helps policyholders estimate premium payments, maturity values, death benefits, surrender values, and other policy benefits based on the plan’s provisions.
Launch and Withdrawal Dates
- Launch Date: 2004
- Withdrawal Date: 31 December 2014
While the plan is no longer available for new purchases, policies issued before the withdrawal date remain valid and continue according to their original terms and conditions.
Key Features of LIC Jeevan Saral Plan 165
- Flexible Premium Payment: Policyholders could choose the premium amount based on their affordability and financial goals.
- Sum Assured Linked to Premium: The death benefit and maturity benefit were linked to the premium selected under the policy.
- Policy Term: The available policy term ranged from 10 years to 35 years.
- Auto Cover Benefit: After payment of premiums for at least three years, an automatic cover benefit remained available for a limited period even if premiums were discontinued.
- Optional Riders: Additional protection could be obtained through rider benefits such as Accidental Death and Disability Benefit Rider and Term Assurance Rider.
- Loyalty Additions: Non-guaranteed loyalty additions could be declared by LIC and paid at maturity or death, subject to the corporation’s experience.
- Surrender Facility: The policy could be surrendered after payment of at least three years’ premiums, subject to surrender value rules.
Eligibility and Other Plan Details
| Eligibility Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 12 years | 60 years (nearest birthday) |
| Policy Term | 10 years | 35 years |
| Premium Payment Modes | Monthly, Quarterly, Half-Yearly, Annually | — |
| Minimum Premium | ₹250 per month (below age 50) ₹400 per month (age 50 and above) | No upper limit |
What Does LIC Jeevan Saral Cover?
Death Benefit
If the life assured passes away during the policy term, the nominee becomes eligible to receive the death benefit under the policy.
The death benefit consists of:
- Death Sum Assured equal to 250 times the monthly premium.
- All premiums paid, excluding first-year premiums and rider premiums.
- Applicable Loyalty Additions, if declared.
Maturity Benefit
If the policyholder survives the entire policy term, the maturity benefit payable includes:
- Maturity Sum Assured determined according to the age at entry and policy term.
- Loyalty Additions, if applicable.
Why Use LIC Jeevan Saral Plan 165 Calculator?
The maturity value and death benefit under LIC Jeevan Saral depend on several variables, including age at entry, premium amount, policy term, and loyalty additions. The calculator helps simplify these calculations and provides estimated policy benefits.
The calculator can help users:
- Estimate premium payments.
- Understand expected maturity benefits.
- Calculate death benefit projections.
- Check surrender value eligibility.
- Plan policy tenure and premium commitments more effectively.
How Does the LIC Jeevan Saral 165 Calculator Work?
To generate benefit estimates, the calculator generally requires the following information:
- Age of the policyholder.
- Monthly premium amount.
- Policy term.
- Premium payment frequency.
Based on these inputs, the calculator estimates:
- Death Sum Assured.
- Maturity Sum Assured.
- Applicable Loyalty Additions.
- Estimated surrender value.
Understanding Loyalty Additions
Loyalty Additions are non-guaranteed benefits that may be declared by LIC based on its experience and financial performance. These additions are payable either at maturity or upon death, subject to the policy conditions.
For shorter policy terms, LIC may declare specific loyalty addition rates, while longer-duration policies are generally assessed according to prevailing rates and experience.
Surrender Value in LIC Jeevan Saral Plan 165
The policy acquires surrender value after payment of premiums for at least three years.
- After 3 years: Policy becomes eligible for surrender value.
- After 4 years: Surrender value generally increases depending on policy duration and premium history.
- After 5 years or more: Higher surrender values may become available according to policy conditions.
Early surrender may result in lower overall benefits compared to holding the policy until maturity.
Benefits of LIC Jeevan Saral Plan 165
- Life Protection: Provides financial protection through death benefit coverage.
- Flexible Premium Structure: Allows policyholders to select premium amounts according to their affordability.
- Savings Component: Offers maturity benefits along with insurance coverage.
- Tax Benefits: Premiums and eligible benefits may qualify for tax treatment under prevailing tax laws.
- Optional Riders: Additional protection can be obtained through available rider options.
- Auto Cover Benefit: Limited continuation of risk cover may be available after payment of premiums for the required minimum period.
- Loan Facility: Loans may be available after the policy acquires the required value under LIC rules.
Limitations of LIC Jeevan Saral Plan 165
- The plan is no longer available for new purchases.
- Loyalty Additions are not guaranteed.
- Maturity benefits vary according to age and policy term.
- Benefit calculations can be complex without using a dedicated calculator.
Example Calculation
Illustrative assumptions:
- Age at Entry: 30 years
- Monthly Premium: ₹3,000
- Policy Term: 25 years
Under these assumptions:
- Death Sum Assured = 250 × ₹3,000 = ₹7,50,000
- Additional benefits may include eligible premiums paid and Loyalty Additions.
- Maturity benefit consists of the applicable Maturity Sum Assured and Loyalty Additions.
- Surrender value, if applicable, depends on policy duration and premiums paid.
The figures above are illustrative and actual benefits depend on policy terms and LIC declarations.
How to Access LIC Jeevan Saral Plan 165 Calculator Online
Several websites provide LIC Jeevan Saral Plan 165 calculator tools that help policyholders estimate premiums, maturity benefits, death benefits, and surrender values based on policy details.
Commonly used sources include:
- LIC India official website for policy information and servicing.
- Insurance-related portals offering LIC plan calculators.
- Insurance comparison websites with premium estimation tools.
- Financial planning platforms providing maturity and benefit projections.
Most calculators are available online and can be accessed through desktop and mobile devices without additional software.
Frequently Asked Questions
What is LIC Jeevan Saral Plan 165?
LIC Jeevan Saral Plan 165 is a flexible endowment assurance plan that combines life insurance protection with savings benefits. The plan allows policyholders to select premium amounts according to their financial requirements.
Is LIC Jeevan Saral Plan 165 available for purchase today?
No. LIC Jeevan Saral Plan 165 was withdrawn from new sales on 31 December 2014. Existing policies, however, continue according to their original terms and conditions.
How is the premium decided under this plan?
The premium amount is chosen by the policyholder within LIC’s prescribed limits, allowing flexibility based on affordability and financial objectives.
What is the available policy term?
The policy term ranges from a minimum of 10 years to a maximum of 35 years, subject to eligibility conditions.
What happens if the life assured dies during the policy term?
In the event of death during the policy term, the nominee becomes eligible for the death benefit, which includes the Death Sum Assured, eligible premiums paid as per policy conditions, and applicable Loyalty Additions, if declared.
Conclusion
Although LIC Jeevan Saral Plan 165 is no longer available for new purchases, it remains one of LIC’s well-known flexible endowment plans. The plan offered policyholders the freedom to choose premium amounts according to their financial requirements while providing both insurance protection and long-term savings benefits.
For existing policyholders, the LIC Jeevan Saral Plan 165 Calculator serves as a useful tool for estimating maturity benefits, death benefits, loyalty additions, and surrender values. By providing a clearer understanding of policy benefits, the calculator helps policyholders evaluate their coverage and plan their finances more effectively.
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