- What is LIC’s Jeevan Saral Plan (165)?
- LIC’s Jeevan Saral Plan 165 Features
- LIC’s Jeevan Saral Plan 165 Benefits
- Eligibility Criteria for LIC Jeevan Saral Policy
- LIC Jeevan Saral Maturity Calculator
- Jeevan Saral Maturity Calculator 2024
- Jeevan Saral Maturity Calculator – Surrender Benefit
- Calculation of Surrender Benefit
- Claiming the Maturity Benefits of LIC Jeevan Saral Plan
- Other Endowment Plans with Guaranteed Benefits
- Things to Remember Before Buying LIC Jeevan Saral Policy
- Exclusions under LIC Jeevan Saral Policy
- Documents Required for LIC Jeevan Saral Policy
- What Happens if you Stop Making the Payment of the Premium?
- What Happens if you Want to Avail of a Loan Against the Policy?
The Life Insurance Corporation of India (LIC) offers a range of life insurance plans which promise attractive benefits. Both traditional, as well as market-linked insurance plans, are offered by LIC. One such policy is LIC’s Jeevan Saral policy which was quite popular among individuals when it was offered. The policy, however, has been withdrawn by the company. However, the company offers several life insurance plans, some of them combined with attractive investment options that make for a great overall package. The list of plans along with their briefly explained features can be found here.
We at Turtlemint also offer a number of life insurance plans combined with investment options suited to your personal needs. Click the link below to browse the most relevant plans at attractive premiums LIC Jeevan Saral is a traditional life insurance plan promising guaranteed death and maturity benefits. The plan promised a secured corpus which was why many individuals invested in it.
Let’s understand how –
What is LIC’s Jeevan Saral Plan (165)?
LIC’s Jeevan Saral Plan is a traditional endowment plan which has a guaranteed death or maturity benefit. The plan requires you to pay a premium depending on which the death and maturity benefits are calculated.
LIC’s Jeevan Saral Plan 165 Features
- You could choose the amount of premium that you wanted to pay and the premium payment mode
- This is a participating endowment plan wherein you get loyalty additions when the plan matures or in case of death
- The death benefit is 250 times the monthly premium that you pay along with the loyalty additions
- There are riders under the plan which you could choose as per your coverage requirements
LIC’s Jeevan Saral Plan 165 Benefits
LIC’s Jeevan Saral Plan gives you the following benefits –
- You can get the guarantee of death benefit throughout the policy tenure. Thus, the plan provides financial security
- Loyalty additions enhance the corpus and give you additional returns
- Since you can choose the premium you have the flexibility of choosing the amount that you want to invest under the plan
- The plan can be surrendered if you have paid at least three full years’ premium. The surrender benefit is guaranteed and depends on the number of premiums that you have paid
Being the largest life insurer in India, LIC has a variety of plans that combine the unique benefits of the Jeevan Saral Plan and other important features of life insurance that can easily be compared for their pros and cons here.
Eligibility Criteria for LIC Jeevan Saral Policy:
| Entry age | 12 years |
| Maturity Age | 60 years |
| Premium payment term- | Minimum – 10 years
Maximum – 35 years |
| Policy Term | Minimum – 10 years
Maximum – 35 years |
| Minimum monthly premium | (a) For 12 to 49 years- INR 250,
(b) For 50 to 60 years- INR 400 |
| Maximum monthly premium | INR 10,000 |
LIC Jeevan Saral Maturity Calculator
LIC’s Jeevan Saral is a beneficial plan which gives a lot of benefits to policyholders. Let’s understand how the death and maturity benefits of the plan are calculated.
Jeevan Saral calculator – death benefit The death benefit under the plan is calculated using the following formula-
Death benefit = (250 * monthly premium paid) + Loyalty Additions paid on death
Jeevan Saral maturity calculator benefit – The maturity sum assured is calculated based on your entry age and the premium that you have paid. It also depends on the policy tenure. On maturity, the benefit paid would be calculated as follows –
Maturity benefit = maturity sum assured + loyalty additions Let’s understand the working of the plan with the help of an illustration –
Illustration Suppose a 35-year-old male buys the plan for a term of 25 years. The premium is paid yearly and the amount of annual premium is INR 4704. Given these details, let’s check the maturity and death benefit promised by the plan –
Jeevan Saral Maturity Calculator 2024
| Policy year | Annual premium | Cumulative premium | Loyalty Additions* | Guaranteed Death Benefit | ||
|---|---|---|---|---|---|---|
| Case 1 | Case 2 | Case 1 | Case 2 | |||
| Year 1 | INR 4704 | INR 4704 | NA | NA | INR 100,000 | INR 100,000 |
| Year 5 | INR 4704 | INR 23,520 | NA | NA | INR 119,200 | INR 119,200 |
| Year 10 | INR 4704 | INR 47,040 | INR 7000 | INR 18,000 | INR 150,200 | INR 161,200 |
| Year 15 | INR 4704 | INR 70,560 | INR 13,000 | INR 41,000 | INR 180,200 | INR 208,200 |
| Year 20 | INR 4704 | INR 94,080 | INR 30,000 | INR 100,000 | INR 221,200 | INR 291,200 |
| Year 25 | INR 4704 | INR 117,600 | INR 65,000 | INR 211,000 | INR 280,200 | INR 426,200 |
(*Loyalty additions are not guaranteed. That is why they have been calculated at an assumed rate for calculation purposes.) When the policy matures after 25 years, you get the guaranteed benefit of INR 280,200 or INR 426,200 depending on the loyalty addition added under the policy.
Since the policy has been withdrawn, you cannot apply for a fresh plan.
However, if you have already invested in the plan when it was sold, you can check your maturity value and death benefit using the Jeevan Saral Calculator.
Moreover, you have two options for managing your policy. You can either continue the coverage by paying the premium or you can surrender the plan and apply for a new endowment policy offered by LIC as well as other leading life insurance companies.
When you surrender the Jeevan Saral plan, you get a surrender value if you have paid at least the first three years’ premiums. Do you know how the surrender value is calculated?
Jeevan Saral Maturity Calculator – Surrender Benefit
If you have paid three full years’ premiums, you can surrender the plan. On surrender, the policy pays the surrender benefit. This benefit is calculated to be higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV). Special Surrender Value is applicable when premiums for more than three years have been paid. The values are calculated as follows – GSV = 30% of total premiums paid – first-year premium SSV depends on the number of premiums paid and is calculated as follows –
- 80% of the maturity sum assured if premiums for more than 3 years but less than 4 years have been paid
- 90% of the maturity sum assured if premiums for more than 4 years but less than 5 years have been paid
- 100% of the maturity sum assured if premiums for more than 5 years have been paid
So, if the above illustration is considered, here are the surrender values which you can expect from the policy –
LIC Jeevan Saral Plan 165 Surrender Value Calculator – Calculation of Surrender Benefit
| Policy year | Annual premium | Cumulative premium | Loyalty Additions* | Guaranteed Surrender Value | ||
|---|---|---|---|---|---|---|
| Case 1 | Case 2 | Case 1 | Case 2 | |||
| Year 3 | INR 4704 | INR 14,112 | NA | NA | INR 8099 | INR 8099 |
| Year 5 | INR 4704 | INR 23,520 | NA | NA | INR 18,660 | INR 18,660 |
| Year 10 | INR 4704 | INR 47,040 | INR 7000 | INR 18,000 | INR 50,360 | INR 61,360 |
| Year 15 | INR 4704 | INR 70,560 | INR 13,000 | INR 41,000 | INR 88,200 | INR 116,200 |
| Year 20 | INR 4704 | INR 94,080 | INR 30,000 | INR 100,000 | INR 136,124 | INR 206,124 |
| Year 25 | INR 4704 | INR 117,600 | INR 65,000 | INR 211,000 | INR 200,296 | INR 346,296 |
(*Loyalty additions are not guaranteed. That is why they have been calculated at an assumed rate for calculation purposes.)
Claiming the Maturity Benefits of LIC Jeevan Saral Plan
If you do not surrender but continue the plan to term, you get the maturity benefit when the term comes to an end. To avail the maturity benefit you would have to fill up a Maturity Discharge Form and submit the same to LIC. You would also have to submit the original policy document for the claim process to be properly completed.
In case you have lost the original policy bond you would have to file a police FIR and fill up an indemnity bond. Your claim would then be processed based on the FIR and the indemnity bond and the maturity amount would be credited to your bank account.
LIC’s Jeevan Saral Policy pays guaranteed benefits and lets you decide on the premium that you want to invest. So, understand the policy benefits before you invest in the plan.
Use LIC Jeevan Saral calculator to calculate the plan benefits so that you know the benefits which you can receive in case of death, early surrender or maturity. LIC Jeevan Saral calculator helps you to quantify the benefits giving you an estimate of the funds which you can create with the plan.
Other Endowment Plans with Guaranteed Benefits
However, the plan has been withdrawn and so if you are looking for other endowment plans which give a guaranteed benefit, here are some of the best options –
LIC’s Jeevan Labh
- It is a participating endowment plan which offers simple reversionary bonuses throughout the policy tenure
- There are two optional riders if you want to increase the scope of coverage under the plan
- You get premium discounts if you pay premiums yearly or half-yearly and also if the chosen sum assured is INR 5 lakhs and above
Plan parameters
| Entry age | 8 years to 59 years |
| Sum assured | INR 2 lakh onwards |
| Premium | Depends on the coverage, age and term selected |
| Policy term | 16, 21 or 25 years |
| Premium payment mode | Limited pay |
HDFC Life Sanchay Plus
- There are four coverage options to choose from
- Two additional riders are available under the plan
- The plan promises guaranteed incomes till 99 years of age if you choose Lifelong income coverage option
Plan parameters
| Entry age | 5 years to 60 years |
| Sum assured | Depends on age, term, premium amount and the coverage option selected |
| Premium | Minimum – INR 30,000/year Maximum – no limit |
| Policy term | 6 years to 20 years |
| Premium payment mode | Limited pay |
HDFC Life offers a number of plans that closely compete with LICs insurance plans. These plans seek to provide the assurance of a secure financial future to the customers. It offers plans with multiple benefits and flexible modes of payments, which can be found here.
ICICI Pru Life Cash Advantage Plan
- The plan offers guaranteed incomes every year for 10 years during the term of the plan
- Premiums are payable for a limited tenure after which the guaranteed incomes start
- A guaranteed maturity benefit is paid when the plan matures
Plan parameters
| Entry age | 0 years to 60 years |
| Sum assured | 7 or 10 times the annual premium depending on the age |
| Premium | Minimum – INR 12,000/year Maximum – no limit |
| Policy term | 15, 17 or 20 years |
| Premium payment mode | Limited pay |
Bajaj Allianz POS Goal Suraksha
- The policy offers guaranteed additions which help in enhancing the corpus
- On maturity, the benefit payable is guaranteed
- You can avail a policy loan for financial needs
- You can choose to change the premium payment mode during the policy tenure
Plan parameters
| Entry age | 18 years to 55 years |
| Sum assured | Minimum – INR 30,000 Maximum – INR 10 lakhs |
| Premium | Minimum – INR 3000/year Maximum – depends on the maximum sum assured, age and term |
| Policy term | 10 or 15 years |
| Premium payment mode | Limited pay |
Bajaj Allianz is counted among India’s leading life insurance companies. Its POS Goal Suraksha plan has additional features to benefit the customer. Along with it, the company offers other diverse variety of plans for life insurance which can be found here.
Still confused about which life insurance linked investment option to choose from?
Choose the best investment plan from a wide variety of insurance providers & compare them for the best features suitable to you at Turtlemint’s investment comparison portal. You can choose from these top endowment plans and create a good maturity corpus.
To buy any of these plans you can choose Turtlemint which allows you to buy the policy online through some simple steps. Visit Turtlemint and compare the available endowment plans. Choose the best plan as per your coverage requirements and you can buy the plan with some simple clicks of the mouse. It’s as simple as that!
Things to Remember Before Buying LIC Jeevan Saral Policy
While buying a LIC Jeevan Saral Policy, you need to keep certain points in mind-
- The maturity benefit and death benefit amount mentioned in the policy are only applicable for non-smokers, both males, and females. One’s medical certificate, occupation, and lifestyle will be considered checkpoints.
- The loyalty benefits are subject to the prospective benefits and are not guaranteed.
- At the end of the year, the maturity benefits become equal to the amount assured.
- A lump sum amount is paid to the family of the policyholder as long as the policy is continued.
Exclusions under LIC Jeevan Saral Policy
- The policy will be termed void if the policyholder dies by committing suicide
- The policy will be nullified if the person commits suicide after the risk under the policy has started but within one year of the risk acceptance during the policy term
Documents Required for LIC Jeevan Saral Policy
To apply for the LIC Jeevan Saral Policy, the person needs to submit a number of documents. They are as follows-
- A filled up application form.
- Accurate medical details.
- Address proof
- KYC details
- Medical test reports might be needed in specific cases, depending upon sum assured and age assured
What Happens if you Stop Making the Payment of the Premium?
The policy can be surrendered only after it has been active for at least 3 years. If you stop making the payment of the premium, a paid-up value will be acquired for a Reduced Sum Assured by the policy.
What Happens if you Want to Avail of a Loan Against the Policy?
You can avail loan against the Jeevan Saral Policy if you wish to. But it is only available after you have paid premiums for 3 years. The maximum loan value you can get is a specified percentage of the Surrender Value. This amount is calculated based on the policy values at the time of making premiums.
Also Read:
- LIC Surrender Value Calculator
- 6 Best LIC Policies to Invest
- Know everything about Loan against LIC policy
- LIC Plans for 10 Years with Returns & Alternatives
FAQs: LIC Jeevan Saral Maturity Calculator, Benefits, and Eligibility
Q: How can I calculate the maturity amount of LIC Jeevan Saral Plan 165?
Ans – The maturity amount of the LIC Jeevan Saral policy is equal to the sum assured plus loyalty additions. The returns can be calculated by using the LIC Jeevan Saral Plan 165 maturity calculator at ease.
Q: How to access the Maturity Calculator of the LIC Jeevan Saral Plan 165?
Ans – You can visit the official website of LIC to access the LIC Jeevan Saral maturity calculator.
Q: How is GSV or guaranteed surrender value calculated with the LIC Jeevan Saral 165 maturity calculator?
Ans – By subtracting the 1st-year premium from 30% of the total premiums, you can get the GSV of the LIC Jeevan Saral Plan 165 using the Maturity Value Calculator.
Q: Is the rider benefit excluded while calculating the death benefit in the LIC Jeevan Saral Maturity Calculator?
Ans – Yes, the rider benefits as well as 1st-time premium are excluded while calculating the death benefit of LIC Jeevan Saral Plan 165 using the Maturity Value Calculator.
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