LIC Jeevan Shree – 1 (Plan 162)- maturity calculator with details
LIC’s Jeevan Shree – 1 (Plan 162) -Premium, maturity benefit and insurance calculator with all details you need to know. This plan was the successor of LIC’s popular plan, Jeevan Shree (112) specially designed for high net worth individuals. Jeevan Shree 1 was introduced in 1st September 2003 and varies widely when compared to the original Jeevan Shree plan.
Here at InsuranceFunda, we get a lot of queries on the benefit pattern of ‘Jeevan Shree -1’ plan and we see that many people get confused with the original Jeevan Shree (112) plan which was withdrawn on 1/02/2002. This post will give you a benefit pattern comparison of both these plans.
Table of Contents
LIC’s Jeevan Shree – 1 (Plan 162)|Salient Features
- Limited Payment (Premium payment period shorter than term) Endowment Assurance Plan
- Guaranteed additions of Rs. 50 per 1000 Sum Assured for the first five policy years and bonuses (as per the declared rates ) thereafter.
- Accident Benefit shall be available up to a maximum sum assured of 50 lakhs.
- The policy will acquire special surrender value after payment of at least 1/10th of the premium paying term (Subject to the payment of one full year premium).
Eligibility conditions and restrictions
| Jeevan Shree-1 (162) Eligibility and restrictions | ||
|---|---|---|
| Minimum | Maximum | |
| Age at entry | 18 Years Completed | 65 Years Nearer Birthday |
| Sum Assured | 5 Lakh and multiple of 1 lakh there after | No Limit |
| Policy Term and Premium Paying Term | ||
| Term | Premium Paying Term | |
| 5 | 1, 2, 3 | |
| 10 | 1, 2, 3, 4, 6 | |
| 15 | 1,2, 3, 4, 6, 8,10 | |
| 20 | 1, 2, 3, 4, 6, 8,10, 12 | |
| 25 | 1, 2, 3, 4, 6, 8, 10,12, 16 | |
Jeevan Shree – 1 (Plan 162) Premium and Benefit Calculator
The online premium and benefit calculator for the plan can help you in understanding the benefit pattern of the plan easily. Just provide the details such as age,
Jeevan Shree – 1 (Plan 162) – Benefit Pattern
Guaranteed Additions for first 5 years
Unlike Jeevan Shree (Plan 112), which has guaranteed additions for its entire term, this plan has Guaranteed additions only up to the first five policy years. The rate of guaranteed additions will be Rs 50 per 1000 SA. Let us consider an example of 5,00,000 sum assured.
So the total guaranteed additions for a 5 lakh sum assured plan will be 1,25,000 only.
Bonus after 5 years, and rates applicable
As mentioned earlier, after the guaranteed addition period, the Life insurance corporation of India (LIC) will share its profits to the policy account in the form of Simple Reversionary Bonus, which is declared every year. The latest bonus rates applicable for the plan is given below.
| Bonus rates for Jeevan Shree -1 (Plan 162) | ||
| Term of the plan | 2018 Valuation | 2019 Valuation |
| 10 | 45 | 45 |
| 15 | 46 | 46 |
| 20 | 49 | 49 |
| 25 | 53 | 53 |
Maturity benefit
The maturity benefit of the plan includes following components.
- Sum Assured of the plan.
- Guaranteed Additions at the rate of Rs 50 per 1000 sum assured.
- Bonus accrued for the remaining years as per the rate declared by LIC of India.
In order to understand the plan better, let us consider an example of a person with following details taking the plan.
| Age | 30 Years | Sum Assured | 10,00,000 |
| Term | 25 Years | Premium Paying Term | 16 Years |
| Maturity Benefit Calculation |
| Sum Assured | 10,00,000 | |
| Guaranteed Additions | (25000 X 5) | 1,25,000 |
| Bonus* (@ 53/1000 SA) | (53000 X 20) | 10,60,000 |
| Total (Expected Maturity Benefit*) | 21,85,000 | |
| Total Premium Paid (in 16 Years) |
Insurance Coverage/Death Benefit
On death of the life assured during the term of the plan, provided the policy is in full force on the date of death, following benefits shall become payable.
- On death during the first 5 policy years: Basic sum assured + vested Guaranteed additions at the rate of Rs. 50 per 1000 sum assured shall become payable
- On death after the first five years: Basic sum assured + vested Guaranteed additions at the rate of Rs. 50 per 1000 sum assured for the first five years + reversionary bonus declared after 5th policy year.
Paid up value
The policy will acquire paid-up value after at least one full year premium has been paid where ever the premium paying term is 10 years or less. For premium paying terms of more than 10 years, the policy will acquire paid-up value after 2 full years premium have been paid.
LIC plan 162 S. A. 10,00,000 G..A. Shown Rs. 1,250,000 should be Rs. 2,50,000
I have checked and every thing is showing properly. Can you explain me where it is mentioned. Illustration on guaranteed addition is shown for a sum assured of 5,00,000 so the guaranteed addition will be 25000 * 5 = 125000.
Please check..
Sir
Can I withdraw my policy after 16 years paying term completed. Then how much amount will I get.
Surrender value can be obtained from the nearest branch office. But remember that surrendering a Jeevan Shree policy will bring huge loss.
I have Jeevan Shree which came very first in 2000
Premimu annually was 50 thousand for 25 years paying term 16 years pls tell me how much approx I will get after maturity
Please use the online calculator provided in the post itself to understand the approximate maturity amount of the policy. If you have any difficulty in accessing it, please let me know.
Hi Anish – I will be completing the 16 years payment for LIC’s Jeevan Shree – 1 (Plan 162) in 2020, Sum Assured was 5,00,000 and the maturity amount shown in above calculator is 11,55,000 at the end of 25 years. My question is how much would be the surrender value (approx) if I withdraw now ….. If I am getting the bonus till year 16 then my rough calculation says I will get about 8.5 lakhs now, is the correct (approximately)
Surrendering a policy before the term is a loss to the policyholder. It results in monitory loss as well as a loss of valuable coverage taken at a lower age and naturally with a lower premium. As surrender has to be discouraged we do not provide surrender values of policies. If you need it you can get it from your nearest branch office.
Hi Anish,
I started my LIC policy – Jeevan Shree – 1 (Plan-162) in March 2012.
I was 35 years old when I started this policy in 2012.
Today I’m 43 years old.
The Policy Term is 25 years, and the Policy Paying Term is 16 years.
The Maturity of the policy is in the year 2037.
I also have Accident Benefit coverage.
My assured amount is Rs.25,00,000 (twenty five lakh rupees).
The installment Premium is Rs.1,35,180.00 paid once a year.
The Bonus, Guaranteed Addition shown today in my account when checked online on the LIC customer portal is Rs.10,22,500 (rupees ten lakhs twenty two thousand five hundred)
Questions:
1. On you portal, when I enter my age as 35 years, and enter the policy term as 25 years, policy payment term as 16 years, Sum assured as 25,00,000, Accident benefit-Yes, then I get the following:
Yearly Premium as Rs.1,14,645. This is lower than the installment Premium that I’m paying currently which Rs.1,35,180.00 paid once a year. Could you explain why is this difference?
2. Considering my policy details that I have shared with you, could you provide me a break up of my Maturity amount, which I think may include Total Guaranteed Addition, and Total Bonus ?
3. What will be my GUARANTEED MATURITY Amount?
4. What will be the minimum guaranteed Bonus amount that I will get at maturity?
If you can send the policy number to admin@insurancefunda.in I may be in a better position to answer your query.
Hi Anish..my policy payment completed last year ,it was for 10 years and after completing 5 more years policy will be matured ..I am paying 50000 per year and sum assured is 500000..how much I can expect the total sum
You can get all the details on the maturity benefit of Jeevan Shree plan from the calculator provided in the post itself. Please use it. It is simple and user friendly. If you have any difficulty in using it please let me know.
I’m not comfortable to share my policy number with you. It’s ok if you do not wish to address my query.
It is all right. You can get all the details from the nearest LIC branch office.
Dear Sir, I have a Question on the Premium. I have taken a policy for 10 years starting at age of 46 for 10 Years. paying term was 6 years and sum assured is 10 Lakhs. As per your calculator the premium is 16960. but I paid 1,73,053 per year for 6 years. so what would be the maturity amount i get?
Please select the term and premium payment term properly so that correct premium and maturity amount will be shown…