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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:
|
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 |
To ease it for policyholders to calculate the maturity benefits, there is a LIC Jeevan Saral Plan Value Maturity Calculator. It is an online tool that calculates the maturity benefits using specific information such as the policy term, the age of the policyholder, the premium payment term, the sum assured, and so on.
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
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.
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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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.
PayBima Team
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.
An overview of LIC’s popular comprehensive insurance policy - Jeevan Saral - its benefits to the policyholder, and its special feature - the maturity calculator.
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