6 min read
Updated on Oct 12, 2023
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.
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.
Here are some salient features of the LIC 165 Jeevan Saral Plan:
Listed below are the numerous benefits of LIC Plan 165:
In case of an untimely death of the life assured, the nominee will get 250 times of the monthly premium along with loyalty additions
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
Flexibility to pay the premium on a monthly, quarterly, half-yearly, or annual basis through salary deductions
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
Optional additional benefits can be reaped by the policyholder by paying extra premium
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;
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.
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
For policyholders, the LIC Jeevan Saral Maturity Calculator is an important tool as it helps them in different ways as mentioned below:
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.
Here are the different details that the LIC Jeevan Saral Maturity calculator requires to estimate the benefits that a policyholder can accrue at maturity:
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)
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.
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)|
|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.
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.
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.
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
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).
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.
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.
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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