LIC Jeevan Saral Maturity Calculator – Benefits and How to Use Jeevan Saral (Plan-165) Maturity Calculator?

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Updated on Jan 19, 2024

Jeevan Saral Plan comes from the house of LIC, Life Insurance Corporation of India. Also, referred to as Plan 165, Jeevan Saral Policy is one of the most convenient and flexible endowment assurance plans. Sadly, it is no longer available for purchase, and only existing policyholders can enjoy its numerous benefits. Moreover, since it is not available now, there is a lot of confusion among the existing policyholders to calculate its maturity amount. So, a lot of people search for a LIC Maturity Calculator App or online tool.

Let us read on to understand all about this LIC Plan 165, and how to use the Jeevan Saral Calculatorto calculate the maturity amount.

What is Jeevan Saral 165 LIC Policy?

LIC Jeevan Saral 165 Plan comes packed with many special features not available in any other endowment assurance plan. It offers sturdy financial protection upon the death of the life assured throughout the tenure. The death benefit reaped in LIC 165 plan is directly proportionate to the premiums paid by the policyholder.

Main Highlights and Features of Jeevan Saral Plan 165

Here are some salient features of the LIC 165 Jeevan Saral Plan:

  • Flexibility for the policyholder to choose the premium
  • Sum assured is 250 times the monthly premium paid except the premium paid for the 1st years
  • Loyalty Addition Rates for term plans of up to 18 years
  • Option to get higher coverage through Accidental Death, Term Rider, and Disability Benefit
  • Advantage of an Auto Cover for 1 year after paying a 3-year premium payment
  • Option to surrender the plan after 3 active years

Benefits of Jeevan Saral LIC Plan 165

Listed below are the numerous benefits of LIC Plan 165:

Benefit

Explanation

Death Benefit

In case of an untimely death of the life assured, the nominee will get 250 times of the monthly premium along with loyalty additions

Maturity Benefit

The policyholder enjoys a maturity benefit along with loyalty addition benefits

Income Tax Benefit

All the premiums paid for Jeevan Saral Plan 165 are tax-free under the Income Tax Section 80C

Flexible-Premium Benefit

Flexibility to pay the premium on a monthly, quarterly, half-yearly, or annual basis through salary deductions

Guaranteed Surrender

Option to surrender the plan after 3 years of paying the premium

Loyalty Addition Benefit

Depending on the policyholder’s experience with LIC, loyalty additions are available from the 10th year of the policy

Extra Benefits

Optional additional benefits can be reaped by the policyholder by paying extra premium

LIC Jeevan Saral Premium and Maturity Calculator

To make it easy for policyholders to calculate the LIC premium amount and the maturity benefits, LIC offers the LIC Jeevan Saral Premium and Maturity Calculator. This freely available online tool helps customers estimate the premium amounts to be paid and the maturity amount accrued at the end of the term of LIC Jeevan Saral Policy. To calculate the amounts, the policyholder is required to input some key details like;

  • Policy term
  • Sum assured
  • Premium payment term
  • Age of policyholder

The users can provide the above details in the calculator to get the approximate estimate of the premium and the maturity amounts to be accrued under the plan.

You may note that the LIC Jeevan Saral plan has been withdrawn by LIC and is no longer available for purchase. However, those who have already purchased the plan earlier can check the maturity value of the policy by using the LIC Jeevan Saral maturity calculator.

How To Use Jeevan Saral 165 Maturity Calculator?

Step 1: Visit the official LIC portal and go to the Jeevan Saral Maturity Calculator Page

Step 2: Fill in the policy term, age of the policyholder, premium payment term, sum assured and other details

Step 3: Click on the ‘Calculate’ option to know your maturity benefits

Step 4: Criss verify the details shown and make changes if required

Step 5: Policyholder can now download the maturity benefit calculation report

What are the benefits of using the Maturity Calculator of LIC Jeevan Saral 165 Plan?

For policyholders, the LIC Jeevan Saral Maturity Calculator is an important tool as it helps them in different ways as mentioned below:

  • Compare policies – One of the benefits of the Jeevan Saral Maturity Calculator is that it helps policyholders compare premiums of various policies offered by LIC. Especially, people who are considering investing in multiple LIC plans can use the tool to compare policies and the benefits that they can avail at maturity. This helps the policyholder make an informed decision.
  • Informed Decision – Financial decisions are tricky and sometimes risky too. Many users fear the uncertainty of plans in terms of returns that they can earn. To ease their worries, they can use the premium and maturity calculator to know the accrued benefits and to make better decisions. This helps in aligning their long-term financial goals.
  • Long-term monetary planning – This includes getting an assessment of the returns on the investment. Here again, the calculator can support the policyholder to plan better finances with the help of the calculator.

Process in which the LIC Jeevan Saral Maturity Calculator Work

LIC Jeevan Saral Plan calculator estimates the maturity amount taking into account the applicable bonus rate. This allows the policyholder to get an idea about the benefits they can earn at maturity and if the accumulated benefits are enough to cover their family’s needs.

To calculate the maturity benefit of the LIC Jeevan Saral plan, some factors need consideration as mentioned in the section below.

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Factors to Consider to Calculate Maturity Amount by the LIC Jeevan Saral 165 Maturity Calculator

Here are the different details that the LIC Jeevan Saral Maturity calculator requires to estimate the benefits that a policyholder can accrue at maturity:

  • Policy entry age – The tool considers the current age of the policyholder while starting the policy coverage
  • The term of the policy – The policyholder also must state the accurate term or duration of the policy to calculate the maturity amount. E.g., 15/20/25 years policy.
  • Assured Sum amount – The sum of money that the policyholder wants to gain from the policy at maturity is known as the sum assured and is an important input considered
  • Year of purchase of the plan – The year of buying the plan is another factor that is taken into consideration while calculating the maturity amount
  • Premium paid – Premium payment made towards the plan is also considered while choosing the plan to ensure the exact premium that the policyholder can afford to get the desired sum assured

LIC Jeevan Saral Surrender Value Calculator

A policyholder who has paid the three-year premium of LIC Jeevan Saral 165 can opt to surrender the plan. Upon surrender, the policyholder becomes eligible to get the surrender benefits of Jeevan Saral 165.

The Special Surrender Value (SSV) or Guaranteed Surrender Value (GSV) = 30% of Total Premiums Paid – (premium paid in the first year + rider benefit payment)

The surrender value on Jeevan Saral 165 Plan is calculated in the following manner:

  • 5 Years Premium Paid 100% of Maturity Sum Assured
  • 4 – 5 Years Premium Paid 90% of Maturity Sum Assured
  • 3 – 4 Years Premium Paid 80% of Maturity Sum Assured

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What are Jeevan Saral Loyalty Addition Rates?

LIC offers loyalty addition rates for Jeevan Saral Plan 165 for a term of over 18 years. These loyalty addition rates are applicable only for Jeevan Saral Plans for terms up to 18 years. However, since this plan is no longer available for purchase, these rates are obtained using the ‘trends’ function.

Sample Maturity Calculation of LIC Jeevan Saral Plan

Below is a sample calculation of the LIC Jeevan Saral Plan for your understanding. The table calculates the sum assured of the plan by using a hypothetical premium amount (INR 100) and a similar policy term and age at entry.

Entry age  Policy term (in years) Policy term (in years) Policy term (in years) Policy term (in years)
10 15 20 25
20 11, 156 19, 628 28, 039 36, 839
30 11, 053 19, 300 27, 345 35, 492
40 10, 431 17, 839 24, 598 30, 854

The above sample does not take into consideration loyalty additions.

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Conclusion
Secure the life of your loved ones by buying Jeevan Saral 165 Plan. Using the Jeevan Saral 165 Maturity Calculator, you can easily make informed decisions about your investment. The same calculator can also be used to check the results for different scenarios for better financial planning.

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FAQs: LIC Jeevan Saral Maturity Calculator

What happens if the premium payment of the LIC Saral 165 plan is stopped?

If a policyholder stops to pay the premium, then he/ she will acquire a paid-up value for a reduced sum assured of the policy. The policy can only be surrendered after 3 active years.

What are the documents required for LIC Jeevan Saral 165 Policy?

A person can apply for LIC 165 plan by submitting the following documents:
~ A duly-filled application form
~ Proof of address
~ Updated medical details
~ KYC details

How is Jeevan Saral Plan 165 calculated?

According to Jeevan Saral Calculator, the death coverage = 250 times the Monthly Premium + Premium Paid except for the first-year premium and rider premiums + Loyalty Benefits (if any, applicable).

Is Jeevan Saral a good policy?

LIC 165 Jeevan Saral Plan is a special endowment plan offering a lot of flexibility in selecting the tenure, premium, and tax benefits. There are guaranteed returns on this investment.

Who can buy LIC Jeevan Saral 165 Policy?

Any individual aged 35 to 60 years can buy the LIC Plan 165 Jeevan Saral. It offers comprehensive insurance to your family in case of your untimely demise.

What type of plan is Jeevan Saral?

Jeevan Saral is an endowment assurance plan, where the policyholder can easily choose the amount to be paid as a premium and the mode of premium payment. It aims to provide financial aid against a death scenario anytime throughout the policy tenure.

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May 22, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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