The LIC Jeevan Saral (Plan 165) is a unique endowment policy offered by the Life Insurance Corporation of India (LIC). Known for its flexible premium payments and guaranteed returns, this policy has become a popular choice among policyholders looking for both protection and savings.
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One of the key tools that help policyholders estimate their future maturity benefits is the LIC Jeevan Saral Maturity Calculator. This blog aims to explain how this calculator works and how it can be used to simplify the calculation of your policy’s maturity value.
Overview of LIC Jeevan Saral (Plan 165)
LIC Jeevan Saral (Plan 165) is designed to cater to individuals looking for a flexible, simple, and efficient savings-cum-protection plan.
Key Features of the Jeevan Saral Plan:
Flexible premium payments: You can choose the premium amount depending on your financial ability. The premiums are payable monthly, quarterly, half-yearly, or annually.
Death benefits: In the unfortunate event of the policyholder’s death, the nominee receives 250 times the monthly premium, along with loyalty additions (if applicable).
Maturity benefits: On survival until the end of the policy term, the maturity sum assured plus loyalty additions are paid to the policyholder.
Loyalty additions: These are non-guaranteed bonuses added at the time of maturity, depending on LIC's performance and the policy tenure.
Policy tenure: The policy term ranges between 10 to 35 years, allowing flexibility for different financial planning goals. You can check more official details about the policy on the LIC Jeevan Saral page.
How Does the LIC Jeevan Saral Maturity Calculator Work?
The LIC Jeevan Saral Maturity Calculator is a helpful tool for estimating the maturity value you will receive at the end of your policy term. It takes into account factors like the policyholder’s age, premium amount, and policy tenure.
Steps to Use the LIC Jeevan Saral Maturity Calculator:
Enter the Policyholder’s Age: The age at the time of policy initiation.
Policy Tenure: The number of years you wish to stay invested in the policy.
Premium Amount: Input the monthly or yearly premium being paid.
Loyalty Additions (if applicable): This is typically determined by LIC based on its performance and the duration of your policy.
Once you input these details, the calculator will compute the maturity amount, including the loyalty additions, giving you an accurate estimation of your returns at the end of the policy term.
What Factors Affect the Maturity Value?
Several factors can influence the final maturity value of the LIC Jeevan Saral plan:
Age of the policyholder: Younger policyholders are likely to receive higher returns compared to older policyholders.
Policy tenure: The longer the tenure, the higher the maturity value, primarily due to the inclusion of loyalty additions.
Premium amount: Higher premiums directly result in higher maturity benefits.
The LIC Jeevan Saral Maturity Calculator considers all these factors to provide a precise estimate of the returns.
Example Maturity Calculations Using LIC Jeevan Saral Maturity Calculator
Here are some examples of maturity value calculations based on different premiums, ages, and policy terms. These examples will help you understand how the maturity value changes with different inputs.
Example 1: Age vs. Maturity Value
| Age | Policy Term (Years) | Monthly Premium (₹) | Maturity Value (₹) |
|---|---|---|---|
| 25 | 20 | 4,000 | 12,20,000 |
| 35 | 20 | 4,000 | 11,50,000 |
| 45 | 20 | 4,000 | 10,80,000 |
Example 2: Premium vs. Maturity Value
| Monthly Premium (₹) | Policy Term (Years) | Age | Maturity Value (₹) |
|---|---|---|---|
| 2,000 | 15 | 30 | 6,50,000 |
| 3,000 | 15 | 30 | 8,75,000 |
| 4,000 | 15 | 30 | 10,90,000 |
These tables give a clear idea of how the maturity value can vary depending on factors like age, premium, and policy tenure. The calculator is useful for policyholders to gauge their expected returns.
Benefits of LIC Jeevan Saral Plan (Plan 165)
Flexible Premium Payments: You can choose the premium amount based on your financial comfort, and it can be paid monthly, quarterly, or annually.
High Maturity Returns: The plan offers high returns, including loyalty additions, which are added at the end of the policy term.
Loyalty Additions: These bonuses enhance your final maturity payout, making the policy more beneficial for long-term holders.
Death Benefits: In case of an unfortunate event, your nominee will receive a substantial sum assured (250 times the monthly premium) plus any loyalty additions.
Using the LIC Jeevan Saral Maturity Calculator, you can easily assess these benefits and plan your financial future accordingly.
Conclusion
The LIC Jeevan Saral Maturity Calculator is a handy tool for policyholders looking to estimate their maturity benefits. Whether you are just starting your policy or nearing its completion, the calculator helps you make informed decisions about your financial planning. By inputting your age, policy term, and premium amount, you can get a clear idea of the returns you will receive at the end of your policy.
Use the LIC Jeevan Saral Maturity Calculator today to ensure you are on the right track to achieving your financial goals.
