LIC Jeevan Shree-I Plan 162 Calculator
Withdrawal Date: 01 January 2014
Guaranteed Additions: ₹50 per ₹1,000 Sum Assured for first 5 years
Bonus: Simple Reversionary Bonus from 6th year onward
Important Note
This calculator provides estimated values based on historical bonus declarations and valuation assumptions. Actual premium amounts, bonus accruals, surrender values, and maturity proceeds may vary according to LIC’s official calculations.
LIC Jeevan Shree-I Plan 162 has been withdrawn from new sales and is no longer available for purchase. This calculator is intended primarily for existing policyholders who wish to estimate policy benefits, maturity values, and bonus accumulations.
LIC Jeevan Shree-I Plan 162 Calculator
Life insurance serves as an important financial tool for protecting loved ones while building long-term savings. Among LIC’s traditional insurance products, LIC Jeevan Shree-I Plan 162 was a well-known endowment policy that offered a combination of life cover, bonus participation, and maturity benefits.
Although the plan has been discontinued, it continues to be relevant for existing policyholders who want to understand their policy value and projected benefits.
What is LIC Jeevan Shree-I Plan 162?
LIC Jeevan Shree-I Plan 162 was a participating endowment assurance plan that combined life insurance protection with long-term savings. The policy provided financial security during the policy term and rewarded policyholders with a lump-sum maturity benefit upon successful completion of the policy period.
Being a with-profits plan, it was also eligible for LIC’s Simple Reversionary Bonuses and other applicable bonus benefits declared from time to time.
Launch Date and Withdrawal Date
LIC Jeevan Shree-I Plan 162 was introduced during the early 2000s as part of LIC’s endowment insurance portfolio.
- Launch Period: Early 2000s
- Withdrawal Date: 1 January 2014
After its withdrawal, no new policies were issued under this plan. However, existing policies continue to remain active and receive benefits according to the original policy conditions.
Key Features of LIC Jeevan Shree-I Plan 162
- Traditional participating endowment insurance plan.
- Provides both life insurance protection and savings benefits.
- Policy term ranging from 8 years to 20 years.
- Limited premium payment structure.
- Eligible for Simple Reversionary Bonuses declared by LIC.
- Maturity benefit includes Sum Assured along with accrued bonuses.
- Death benefit includes insurance cover plus bonus additions.
- Loan facility available after acquiring surrender value.
- Surrender value available after completion of the required premium-paying period.
- Tax benefits available under applicable income tax provisions.
Eligibility Criteria
| Particulars | Details |
|---|---|
| Plan Type | Participating Endowment Plan |
| Minimum Policy Term | 8 Years |
| Maximum Policy Term | 20 Years |
| Minimum Sum Assured | ₹50,000 |
| Sum Assured Multiples | ₹1,000 |
| Premium Payment | Limited Premium |
| Bonus Eligibility | Yes |
| Loan Facility | Available |
Benefits of LIC Jeevan Shree-I Plan 162
Life Insurance Protection
The policy provides financial protection to the nominee in the event of the life assured’s death during the policy term.
The death benefit generally consists of:
- Basic Sum Assured
- Accrued Reversionary Bonuses
- Any applicable additional bonus benefits
Maturity Benefit
If the life assured survives the entire policy term, LIC pays the maturity benefit comprising:
- Basic Sum Assured
- Accrued Simple Reversionary Bonuses
- Any applicable terminal or additional bonuses
This creates a substantial lump-sum corpus at maturity.
Bonus Participation
As a participating policy, LIC Jeevan Shree-I Plan 162 shared in LIC’s profits through bonus declarations.
These bonuses accumulated throughout the policy term and significantly enhanced the final payout value.
Loan Facility
Policyholders could avail loans against the policy after it acquired surrender value, providing liquidity during financial emergencies without terminating the policy.
Tax Benefits
Premiums paid and eligible policy proceeds qualified for tax benefits under prevailing provisions of the Income Tax Act, subject to applicable rules and regulations.
Eligibility Criteria
To purchase LIC Jeevan Shree-I Plan 162, applicants were required to satisfy the eligibility conditions prescribed by LIC at the time of policy issuance.
- Minimum Entry Age: 8 years.
- Maximum Entry Age: 55 years.
- Policy Term: Available from 8 years to 20 years.
- Premium Payment Term: Limited premium payment term depending upon the selected policy duration.
Eligibility Criteria for LIC Jeevan Shree-I Plan 162 Calculator
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 Years (Completed) | 65 Years (Nearer Birthday) |
| Policy Term | 5 Years | 25 Years |
| Premium Payment Term | Limited Pay Option | Up to 16 Years for a 25-Year Policy Term |
| Basic Sum Assured | ₹5,00,000 and thereafter in multiples of ₹1,00,000 | No Upper Limit (Subject to Underwriting) |
| Accidental Death Benefit Rider | Optional | Up to ₹50,00,000 |
| Premium Payment Modes | Single, Yearly, Half-Yearly, Quarterly, Monthly, SSS | As Allowed by LIC |
Understanding the LIC Jeevan Shree-I Plan 162 Calculator
The LIC Jeevan Shree-I Plan 162 Calculator is designed to help policyholders estimate policy benefits and financial commitments based on selected inputs.
The calculator can provide projections for:
- Annual or periodic premium payable.
- Expected maturity proceeds.
- Death benefit estimates.
- Bonus accumulation over the policy term.
- Overall policy value at maturity.
How the Calculator Works
The calculator uses policy details along with LIC’s premium structures and historical bonus assumptions to generate projections.
Key inputs generally include:
- Age of the Life Assured.
- Basic Sum Assured.
- Policy Term.
- Premium Payment Term.
- Applicable Bonus Assumptions.
Based on these factors, the calculator estimates future benefits and expected policy values.
Step-by-Step Guide to LIC Jeevan Shree-I Plan 162 Calculation
Step 1: Select Entry Age and Policy Term
Begin by entering the age of the life assured and selecting the desired policy duration.
Step 2: Choose the Basic Sum Assured
Select a suitable Sum Assured according to financial goals, insurance requirements, and eligibility conditions.
Step 3: Calculate Premium Payable
The calculator estimates the premium amount based on the chosen Sum Assured, age, and policy term.
Step 4: Estimate Maturity Value
Using assumed bonus rates and policy conditions, the calculator projects the maturity amount payable at the end of the policy term.
The estimated maturity benefit generally consists of:
- Basic Sum Assured
- Accumulated Reversionary Bonuses
- Applicable Terminal or Additional Bonuses
Step 5: Review Death Benefit Projection
The calculator also estimates the amount payable to the nominee in case of the life assured’s death during the policy term.
Illustrative Example
Consider the following hypothetical scenario:
| Particulars | Details |
|---|---|
| Age at Entry | 30 Years |
| Basic Sum Assured | ₹5,00,000 |
| Policy Term | 15 Years |
| Premium Payment Term | 15 Years |
Projected Values
- Estimated Annual Premium: Approximately ₹35,000.
- Projected Maturity Benefit: Approximately ₹7,50,000 including bonus additions.
- Estimated Death Benefit: Basic Sum Assured plus accrued bonuses.
The above figures are illustrative only and actual policy benefits depend on LIC’s declared bonuses and applicable policy conditions.
Benefits of Using the LIC Jeevan Shree-I Plan 162 Calculator
- Provides quick premium estimates.
- Helps understand expected maturity proceeds.
- Assists in long-term financial planning.
- Shows the impact of bonus accumulation.
- Helps compare policy options before making financial decisions.
How to Use the LIC Jeevan Shree-I Plan 162 Calculator Online
Several LIC-related websites and insurance portals provide online calculators for LIC Jeevan Shree-I Plan 162. These tools allow policyholders to quickly estimate premiums, bonuses, and maturity benefits by entering a few basic policy details.
Steps to Use the Calculator
- Enter the age of the Life Assured.
- Select the desired policy term.
- Provide the Basic Sum Assured.
- Click on the calculate option.
After processing the inputs, the calculator typically displays:
- Estimated annual premium.
- Projected maturity proceeds.
- Expected bonus accumulation.
- Overall policy benefit illustration.
These projections help policyholders evaluate benefits and make informed financial decisions.
Important Things to Know About LIC Jeevan Shree-I Plan 162
- This plan is no longer available for new policy purchases.
- Existing policyholders continue to receive all benefits according to the original policy conditions.
- Maturity and death benefits depend partly on LIC’s declared bonus rates.
- The plan was designed to provide both life insurance protection and long-term savings.
- Policy loan and surrender value facilities offered additional financial flexibility.
Alternative LIC Plans Similar to Jeevan Shree-I Plan 162
Since LIC Jeevan Shree-I Plan 162 is no longer available, individuals looking for similar protection and savings benefits may explore other LIC products.
- LIC Jeevan Shree (Plan 112) – Traditional endowment plan with life cover and bonus participation.
- LIC New Endowment Plus (Plan 835) – Combines insurance protection with long-term savings.
- LIC Jeevan Anand – Offers endowment benefits along with lifelong risk cover.
- LIC Money Back Plans – Provide periodic survival benefits during the policy term.
Premiums and benefits under these plans can be evaluated through LIC calculators and authorized insurance platforms.
Tax Advantages Under LIC Jeevan Shree-I Plan 162
The plan offered various tax benefits under the Income Tax Act, subject to prevailing rules and conditions.
- Premiums paid qualified for deduction under Section 80C.
- Maturity proceeds were generally exempt under Section 10(10D), subject to applicable provisions.
- Death claim benefits paid to nominees were also eligible for tax exemption as per prevailing tax laws.
Frequently Asked Questions (FAQs)
What is LIC Jeevan Shree-I Plan 162?
LIC Jeevan Shree-I Plan 162 was a traditional endowment insurance plan that combined life insurance protection with long-term savings and bonus benefits.
Can I still purchase LIC Jeevan Shree-I Plan 162?
No. The plan has been withdrawn from sale and is no longer available for new customers. Existing policyholders continue to receive benefits as per policy conditions.
What was the minimum Sum Assured under the plan?
The minimum Basic Sum Assured started at ₹5,00,000 and could be increased in multiples of ₹1,00,000 thereafter.
What bonus benefits were available under the policy?
The plan offered Guaranteed Additions during the initial policy years and also participated in LIC’s bonus declarations through Simple Reversionary Bonuses.
What is included in the maturity benefit?
The maturity amount generally consisted of the Basic Sum Assured together with accrued Guaranteed Additions and vested bonuses declared during the policy term.
Conclusion
LIC Jeevan Shree-I Plan 162 was a comprehensive endowment insurance solution that successfully combined life protection, disciplined savings, and bonus-based wealth accumulation. Although the plan is no longer open for new business, it continues to remain important for existing policyholders who are approaching maturity or evaluating their policy benefits.
The LIC Jeevan Shree-I Plan 162 Calculator serves as a useful planning tool by helping policyholders estimate premiums, projected maturity values, and bonus benefits, enabling better financial management throughout the policy tenure.
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