2189
6 min read
The popular insurance company, LIC, has a wide array of life insurance plans in its kitty. One of its most popular offerings was the traditional endowment plan called the Jeevan Saral Plan. This policy has now been withdrawn by LIC; however, its investors can continue to reap its rewards by way of death and maturity benefits. As the name suggests, the plan was indeed aimed at simplifying your life, not just within your lifespan but also beyond it. LIC Jeevan Saral Plan promised a decent death or maturity financial benefit to the surviving family of the policyholder after the latter’s death.
This is one of the key reasons why several people invested in it. And, these investors can continue to enjoy its multiple benefits. The blog below throws more light on this plan, its benefits, and the maturity calculator that helps simplify the calculation of the maturity amount due under the plan.
LIC plan 165 was the company’s traditional life insurance endowment policy that guaranteed the investor or policyholder an assured death or maturity benefit, as applicable. The policyholder or the investor would pay a certain amount of premium regularly and the death and/or maturity benefits would be calculated based on the premium paid.
LIC Jeevan Saral Plan had the following salient features for investors:
Though LIC withdrew the plan, its benefits can still be availed by its investors in the following ways:
One of the most promising features of the LIC Jeevan Saral Plan is its maturity calculator, an online tool that can help a prospective investor assess the exact premium amount payable under the plan as also the value received upon plan maturity.
Jeevan Saral maturity calculator works in the following way:
Maturity amount = Sum Assured + Loyalty Additions
As stated earlier, LIC has withdrawn its Jeevan Saral Plan with effect from 2014. Those investors who had invested in the policy before its withdrawal can surrender the same against cash. You can use the LIC Jeevan Saral Surrender Value Calculator easily available online to view the total amount that you would receive upon policy surrender.
If you choose to surrender your LIC Jeevan Saral plan upon completion of 10 years, you will be entitled to a minimum of 30% of all the premiums paid so far.
LIC Jeevan Saral (with profits) online maturity calculator is a highly effective tool that allows the investor to get a fair and accurate idea of the amount due to him/her upon plan maturity. Some of the key benefits of using this tool are:
To give you a better picture of how the maturity calculator works, here’s a small sample illustration. The table below enlists the maturity sum assured on a premium payment of Rs. 100 per month. The term of the policy and the eligible age of entry is also highlighted in the table:
Age of Entry (in years) |
10 Years (Policy Term) |
15 Years (Policy Term) |
20 Years (Policy Term) |
25 Years (Policy Term) |
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 |
Note: The sample above does not include loyalty additions as part of the plan.
Below are the eligibility criteria for LIC Jeevan Saral Policy:
Age at entry | Min – 12 years, Max – 60 years |
Age at maturity | 70 years |
Policy term | Min – 10 years, max – 35 years |
Payment mode | yearly/half-yearly/quarterly/monthly |
Sum Assured | INR 1,00,000 |
Monthly premium | Min – INR 250, Max – INR 10,000 |
Let’s assume that you want to calculate the maturity amount of LIC Jeevan Saral Plan 165 using the calculator. The numbers you enter in the calculator are:
The estimated benefits displayed are:
In 30 years, you pay a total premium of – INR 400*12*30 = INR 1,44,000
Below are some exclusions of the plan:
The below documents are required to submit for purchasing Jeevan Saral Policy of LIC:
LIC Jeevan Saral Plan was a comprehensive insurance product for investors. Most of them still have policies ongoing and they can derive benefit from it either by surrendering it against cash, receiving maturity benefit, or death benefit. All these benefits entitled to the investor can easily be computed with the help of the online tool – Jeevan Saral Maturity Calculator. Visit PayBima today to access this online tool for free and to get an indicative picture of the total amount due to you as part of your LIC Jeevan Saral policy.
Browse Mahindra PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra PayBima to Buy Insurance Online.
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.
The Social Security Pension Management Information System (SSPMIS) Mukhyamantri Vridhjan Pension Yojana is the Bihar Government’s social security scheme. This scheme was initiated to offer.
Filing the ITR within the due date is very important. By doing so, taxpayers can evade penalties and other consequences due to not filing or.
In India, many opt for life insurance as a smart move to protect themselves and their families, given the unpredictable future. It's a practical step,.
Taxpayers can claim tax deductions under section 80DDB of the Income Tax Act, 1961, on the treatment expenses of certain specified diseases. This deduction can.
In most cases, House Rent Allowance (HRA) is a part of employees' salary and they can claim an exemption for HRA. Hence, if an employee.
Taxes are important for the financial well-being and the good governance of a country. Without taxes, the functioning of the country gets disturbed. The tax.
When joining a new organization in the middle of a fiscal year, employees need to fill out Form 12B. This form informs the new employer.
Payment of Income Tax is directly related to the economy of a country. Hence, every taxpayer in India is expected to pay income tax responsibly.
You may already know that a rental income or the money earned from renting a property is subject to TDS or tax deducted at the.
We know that almost every individual owns a savings bank account. We also know that the interest earned on your savings accumulated in a savings.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue