Right from finalizing a product to liquidating it, every step in the insurance purchase process involves perplex calculations. LIC features premium and maturity calculators on its website to make these calculations easy. LIC Jeevan Saral 165 maturity calculator is one such tool that allows users to calculate the maturity benefit before actually purchasing the plan. This information further helps in financial planning for the future.Read more
The LIC Jeevan Saral 165 maturity calculator simplifies the calculation of the maturity benefit amount and the premium charged against it. This helps you understand if the coverage is even affordable to you and if you can keep up with the premiums.
Available on multiple platforms, this online tool provides instant answers to most of your queries regarding the policy benefits.
The calculator can be used multiple times to gain insight into how the premium varies on increasing or decreasing the maturity value.
It comes in handy to gauge the premium amount with and without taxes against the unique needs of each user.
Users get personalised results based on their unique inputs on factors such as the frequency of premium, policy term.
It prevents miscommunication by eliminating third-party agents.
It is free of cost and can be used from the comfort of one’s home.
The calculator uses the following details to give accurate estimates of the benefit amount –
Entry age – The age at which the policyholder wants the cover to start.
Policy term – This is the duration for which the policy will last.
Sum assured – This is the amount that the user wants to receive as maturity benefit at the end of the policy term.
Premium amount – Policyholders can choose how much premium they can afford to pay for the desired sum assured.
The LIC Jeevan Saral calculator will require you to fill the above details based on the fixed eligibility criteria of the policy.
To be able to buy the LIC Jeevan Saral Policy, one must adhere to the following conditions –
Maximum: 35 years
|Entry age of the policyholder
|Minimum: 12 years
Maximum: 60 years
|Maximum Maturity age
|Minimum Rs.250, Maximum Rs. 10,000
|Minimum Sum Assured
The following is an illustration of the benefits calculated by LIC’s premium and maturity calculator on inserting the basic sum assured, policy term, your age, etc.
For example: Monthly premium: Rs. 400
Term: 30 years
Entry Age: 35 years
Total premium paid in 30 years = Rs. 400*12*30 = Rs. 1,44,000
Guaranteed sum assured: Rs. 1,62,416
Loyalty addition: Rs. 76,480
Total benefit: Rs. 2,38,896
It is one of the endowment assurance plans introduced by the LIC of India. It offers the customers flexibility in choosing the premium amount, tenure of the plan, and mode of the premium payment (monthly/half-yearly/quarterly/yearly). Based on these criteria, the Company will pay the maturity amount (if the policyholder survives the entire term) or the death benefit (if the policyholder dies within the policy term).
The sum assured on death is equal to 250 times the monthly premium.
If the policyholder survives the entire policy term, loyalty additions will be provided to him/her and the sum assured. Loyalty benefits are awarded only if the insured continues the policy for a minimum of 10 years.
The policy will acquire the surrender value from the 4th year of the policy tenure. This means that the insured can surrender the policy only after the completion of the 3rd year.
If the policy is surrendered after the 5th year, then the surrender penalty will not be imposed.
Visit LIC’s official website.
Go to the Online Customer Portal.
Visit the Calculator section. This takes you to an external site.
Enter the policyholder's age, DOB, and contact details.
Choose LIC Jeevan Saral Policy on the next page.
Input requested policy details as per your needs.
The calculator will display the maturity amount / the death claim amount and premiums payable against it.
Based on the results, they can opt for the most optimal policy benefits that will fit within a reasonable premium range.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
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