LIC Jeevan Saral Plan 165
Premium & Maturity Calculator with Loyalty Addition
LIC Jeevan Saral Plan 165 Overview
LIC Jeevan Saral Plan 165 was a unique endowment plan with high flexibility, where the premium was chosen by the policyholder and the Sum Assured was determined based on age. It provided death cover and loyalty additions. (Note: Plan is withdrawn from new sales).
Eligibility & Rules
- Minimum Premium: ₹250 per month
- Policy Term: 10 to 35 Years
- Entry Age: 12 to 60 Years
- Status: Withdrawn Plan (calculator for existing policyholders).
Key Plan Benefits
- Death Benefit: 250 times monthly premium + Return of premiums (excluding extra) + Loyalty Addition.
- Maturity Benefit: Maturity Sum Assured (depends on age/term) + Loyalty Addition.
Detailed Maturity Benefit
Maturity Sum Assured (which depends on age at entry and term) + Loyalty Addition (if any).
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹Based on Premium |
| Age / Policy Term | 30 / 20 Years |
| Yearly Premium (Approx) | ₹12,000 (1000/mo) |
| Total Paid Premium | ₹2,40,000 |
| Maturity / Total Benefits | ₹As per Maturity SA Table + Loyalty |
Calculating…