LIC Jeevan Saral (Plan 165) – Details, Calculators, Review and Illustrations

LIC Jeevan Saral (Plan 165) – Details, Calculators, Review and Illustrations. Jeevan Saral (plan 165) is one of the most ‘flexible’ and ‘feature rich’ conventional endowment type plan ever launched by LIC of India. Due to the high flexibility it offers to the customer, it is often referred as a conventional plan, with the flexibility of Unit Linked Plans. High insurance coverage and liquidity are the highlights of the plan.

LIC Jeevan Saral (Plan 165) – Key features
  • The policyholder can choose his own premium amount and Maturity Sum Assured as well as Death Sum Assured is subsequently determined based on the premium paid by him.
  • Death coverage shall be the sum of, 250 times the monthly basic premium (Death Sum Assured) + Premium paid (excluding the first year premium and rider premiums.) + Loyalty Additions (if any).
  • Maturity amount of the plan shall be the sum of, the Maturity Sum Assured (which varies based on the age at entry and term of the plan) + Loyalty additions (if any).
  • Complete or Partial surrender of the plan can be done any time after the completion of 3 years, provided, premiums have been paid for at least three full years.
  • Auto cover shall be available for a period of 12 months if the policy has been in force for 3 or more full years. (Auto cover will not be available for rider benefits)
  • Term Rider and Accident benefit rider available (based on certain conditions and restrictions).

Please Note: LIC’s Jeevan Saral plan was withdrawn from sale with effect from 31/12/2014. And hence you cannot purchase it any more. But all the policy holders who have purchased it before the withdrawal date will continue to enjoy the benefits of the policy.

LIC Jeevan Saral (Plan 165) – Eligibility conditions and Restrictions
LIC’s Jeevan Saral (Plan 165) – Eligibility conditions and restrictions
Condition Minimum Maximum
Age at entry 12 years (completed) 60 Years (nearer birth day)
Term of the plan 10 years 35 years
Premium Rs 250/ month (entry up to 49 years) No Limit
Rs 400/ month (50 years and above)
Accident benefit rider
(Age allowed)
18 years (completed) 60 Years (nbd)
Term Rider 18 Years (completed) 50 Years
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LIC Jeevan Saral (Plan 165) – Premium and Benefit Calculator

Premium and Benefit Calculator for LIC Jeevan Saral is a powerful tool to understand all the benefits of the plan in a simple and comprehensive way. You can provide parameters such as age, basic monthly premium, riders etc based on your own needs to get all the details of the plan including, insurance coverage surrender value maturity benefit etc. This online calculator can be used in mobile platforms also and do not need any installations.

Click the button provided below to open LIC Jeevan Saral ( Plan 165) Premium and Benefit calculator.

LIC Jeevan Saral Plan 165 Premium and Benefit Calculator

LIC Jeevan Saral (Plan 165) – Maturity Sum Assured Vs Death Sum Assured

Generally in Endowment Assurance type of plans, Death Sum Assured will be equal or a multiple of, maturity sum assured. But in Jeevan Saral plan Maturity Sum Assured and Death Sum assured are entirely different entities. Death sum assured is defined as, 250 times basic monthly premium, where as Maturity Sum Assured  is calculated based on a table supplied by LIC of India. Maturity Sum Assured considerably varies depending on the age at entry. You can check the chart given below to understand the variation pattern of Maturity Sum Assured with age.

LIC Jeevan Saral 165 Maturity Sum Assured Vs Death Sum Assured

From the above chart, you may notice the fact that lower age group people will get more maturity benefit compared to higher age group where as the premium paid and the death sum assured remains same for all.

LIC Jeevan Saral (Plan 165) – Surrender value

The surrender value of the Jeevan Saral plan plan is the higher of Guaranteed surrender value(GSV) and special surrender value (SSV) applicable at the time of surrender.

GSV = 30% of (total amount of premium paid – (First year premium and riders))

Special Surrender value (SSV) = Accumulated value of the policy + Loyalty additions (If any)

LIC Jeevan Saral – Accumulated value chart
Premium Paid Period Value
Less than 4 Year premium paid 80 % of Maturity Sum Assured
4 Year premium paid 90% of Maturity Sum Assured
5 or more year premium paid 100% of Maturity Sum Assured
LIC Jeevan Saral (Plan 165) – Example of benefits

In order to understand the plan better, let us consider an example of a person taking Jeevan Saral Plan. Let the details of the person taking the plan be as follows.

Details of the person considered for example
Age 25 Term 16 Years
Basic Monthly Premium Rs.4000 Death Sum Assured Rs. 100,00,00
Double Accident Benefit Opted Income Tax Slab 30 %

The Premium and the benefits of the example considered will be as given below. The Maturity Sum Assured of the plan is considerably higher, when compared to the premium paid, for younger age group. In this example you can see that the maturity sum assured is Rs. 8,45,480 where as the total premium paid is just Rs. 7,68,640. LIC has declared loyalty addition rates up to 16 year term and the loyalty addition rate shown here is as per the rate declared by LIC for current year.LIC Jeevan Saral plan 165 example of benefitsLIC Jeevan Saral 165 example of benefits

The illustration shown here is based on the example considered. If you want to calculate the details based on your own details, use – Jeevan saral – complete calculator.

If you have any doubts or require more clarifications, drop a comment on the ‘Comment’ section given below.

Anish L J
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Anish L J

Anish L J is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'INSURANCE FUNDA' (www.insurancefunda.in) is his endeavour to provide simple and solid solutions in the Insurance and Finance sectors.
Anish L J
Follow me

Anish L J

Anish L J is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'INSURANCE FUNDA' (www.insurancefunda.in) is his endeavour to provide simple and solid solutions in the Insurance and Finance sectors.

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