LIC Jeevan Saral Calculator: Calculate Your Maturity Amount Effortlessly

The LIC Jeevan Saral policy is a flexible and popular life insurance plan offered by the Life Insurance Corporation of India (LIC). It provides an excellent mix of savings and protection, allowing policyholders to customize their premium and benefits according to their financial goals. One of the standout features of this plan is the loyalty addition and maturity benefits, which can be calculated using our LIC Jeevan Saral Calculator.

This guide explains how the maturity amount is calculated step by step and provides a real-life example to help you understand the process.

What is LIC Jeevan Saral?

LIC Jeevan Saral is a traditional endowment plan that offers:

• Flexibility: Policyholders can choose their premium amount.
• Maturity Benefit: A guaranteed sum at maturity based on your premiums and policy term.
• Loyalty Additions: Bonus amounts added to the maturity benefit.
• Death Benefit: A lump sum amount paid to the nominee in case of the policyholder’s demise.

How Does the LIC Jeevan Saral Calculator Work?

The calculator determines the maturity amount, including the loyalty additions, based on the following inputs:

1. Age at Entry: The age of the policyholder when the policy begins.
2. Policy Term: The number of years for which the policy will be active.
3. Monthly Premium Amount: The premium amount chosen by the policyholder.
4. Maturity Factor: A predefined value provided by LIC that depends on the policyholder’s age and term.
5. Loyalty Addition Factor: A percentage-based bonus added to the maturity amount.

Calculation Steps with an Example

Let’s calculate the maturity amount for a policyholder with the following details:

• Age at Entry: 30 years
• Policy Term: 20 years
• Monthly Premium: ₹500

Step 1: Total Premiums Paid

The total premiums paid over the policy term are calculated as:Total Premiums Paid=Monthly Premium×12×Policy Term\text{Total Premiums Paid} = \text{Monthly Premium} \times 12 \times \text{Policy Term}Total Premiums Paid=Monthly Premium×12×Policy Term =500×12×20=₹120,000= 500 \times 12 \times 20 = ₹120,000=500×12×20=₹120,000

Step 2: Maturity Sum Assured

The Maturity Sum Assured is derived using the maturity factor, which depends on the policyholder’s age and policy term. For simplicity, let’s assume the maturity factor is ₹250 per ₹1 premium.Maturity Sum Assured=Monthly Premium×Maturity Factor\text{Maturity Sum Assured} = \text{Monthly Premium} \times \text{Maturity Factor}Maturity Sum Assured=Monthly Premium×Maturity Factor =500×250=₹125,000= 500 \times 250 = ₹125,000=500×250=₹125,000

Step 3: Loyalty Addition

Loyalty additions are calculated as a percentage of the maturity sum assured. Let’s assume a loyalty factor of 10%.Loyalty Addition=Maturity Sum Assured×Loyalty Factor\text{Loyalty Addition} = \text{Maturity Sum Assured} \times \text{Loyalty Factor}Loyalty Addition=Maturity Sum Assured×Loyalty Factor =125,000×0.1=₹12,500= 125,000 \times 0.1 = ₹12,500=125,000×0.1=₹12,500

Step 4: Total Maturity Amount

Finally, the total maturity amount is the sum of the maturity sum assured and the loyalty addition:Total Maturity Amount=Maturity Sum Assured+Loyalty Addition\text{Total Maturity Amount} = \text{Maturity Sum Assured} + \text{Loyalty Addition}Total Maturity Amount=Maturity Sum Assured+Loyalty Addition =125,000+12,500=₹137,500= 125,000 + 12,500 = ₹137,500=125,000+12,500=₹137,500

Final Output for the Example

• Total Premium Paid: ₹120,000
• Maturity Sum Assured: ₹125,000
• Loyalty Addition: ₹12,500
• Total Maturity Amount: ₹137,500

Why Use the LIC Jeevan Saral Calculator?

Using a calculator simplifies the process and eliminates errors when calculating your maturity amount. It provides:

• Accurate and instant results.
• Insight into the benefits of your policy.
• A better understanding of how your premiums and terms affect your maturity amount.

Try the LIC Jeevan Saral Calculator Now!

You can easily calculate your LIC Jeevan Saral maturity amount by entering your age, policy term, and premium in our custom HTML-based calculator. This tool ensures accurate and fast results, helping you plan your financial future confidently.

Disclaimer:

This calculator is for informational purposes only. The actual maturity and loyalty addition factors are determined by LIC and may vary based on their policies.