LIC New Jeevan Shree Plan 151 Calculator
Policy Details
Leave premium blank if unknown. Eligible brochure sample premiums are used automatically; other premium results require the original policy premium.
Death and Optional Benefits
Term Assurance and Accident Benefit
Term Assurance: minimum ₹1 lakh, maximum twice Basic Sum Assured, subject to ₹25 lakh overall limit. Accident Benefit: maximum aggregate ₹10 lakh across applicable LIC policies.
Calculation Result
Year-wise Benefit Schedule
| Year | Premium Status | Cumulative GA | Death Cover* | Maturity |
|---|
*Schedule shows cover at the end of each completed policy year and includes entered Loyalty Addition from year 4 onward. Actual eligibility remains subject to the policy being in force and LIC’s claim conditions.
The LIC New Jeevan Shree Plan 151 Calculator estimates the benefits of an existing New Jeevan Shree policy. It can calculate Guaranteed Additions, maturity value, year-specific death benefit, and eligible additional cover using the policy rules provided by LIC in the original LIC brochure.
New Jeevan Shree Plan 151 was a limited-premium endowment policy. Premiums could be paid for a shorter period while life cover continued for the full policy term. The policy provided a Guaranteed Addition of ₹70 per ₹1,000 Basic Sum Assured for every policy year and could also receive a Loyalty Addition declared by LIC.
This plan is withdrawn from new sales. But existing policyholders want to check the estimated values of their policy through this calculator; we have tried to help them using LIC official sources more simply way. Calculator results are estimates because the final amount depends on the policy status, premiums paid, optional benefits, applicable Loyalty Addition, and LIC’s official records.
Table of Contents
New Jeevan Shree Plan 151 Overview
| Plan information | Details |
|---|---|
| Plan name | LIC New Jeevan Shree |
| Plan number | 151 |
| UIN | 512N208V01 |
| Plan type | Limited-premium endowment assurance |
| Minimum entry age | 18 years completed |
| Maximum entry age | 60 years, age nearer birthday |
| Maximum maturity age | 70 years, age nearer birthday |
| Minimum Basic Sum Assured | ₹5,00,000 |
| Sum Assured multiples | ₹1,00,000 after the minimum amount |
| Policy terms | 5, 10, 15, 20 or 25 years |
| Guaranteed Addition | ₹70 per ₹1,000 Sum Assured per year |
| Current availability | Withdrawn |
What Is LIC New Jeevan Shree Plan 151?
LIC New Jeevan Shree Plan 151 was a life insurance and savings policy introduced in 2002. It paid the Basic Sum Assured with accumulated Guaranteed Additions on maturity, provided the policy remained in force. A Loyalty Addition could also be paid when declared by LIC, and the policy met the required conditions.
If the life assured died during the policy term, the Basic Sum Assured and Guaranteed Additions earned up to the applicable policy anniversary were payable. An eligible Loyalty Addition could also be included. The policy offered optional Term Assurance and Accident Benefit for additional protection on payment of an extra premium.
The available premium-paying term depended on the selected policy term:
| Policy term | Available premium-paying terms |
|---|---|
| 5 years | 1, 2 or 3 years |
| 10 years | 1, 2, 3, 4 or 6 years |
| 15 years | 1, 2, 3, 4, 6, 8 or 10 years |
| 20 years | 1, 2, 3, 4, 6, 8, 10 or 12 years |
| 25 years | 1, 2, 3, 4, 6, 8, 10, 12 or 16 years |
What Is the LIC New Jeevan Shree Plan 151 Calculator?
The calculator converts policy details into a simple benefit estimate. It uses the basic sum assured, policy term, completed policy years, and selected optional benefits to display the known components of the maturity or death benefit.
Guaranteed and non-guaranteed amounts are displayed separately. The Guaranteed Addition is calculated automatically, while Loyalty Addition is included only when a confirmed or assumed rate is entered. An assumed rate is clearly marked as an estimate.
The calculator will also generate a year-wise schedule showing how Guaranteed Additions build after each completed policy anniversary. This is useful for checking why the death benefit in an earlier policy year is lower than the final maturity amount.
Calculator Highlights
The calculator provides separate maturity and death calculations, automatically calculates Guaranteed Additions and checks the permitted age, policy term and premium-paying term. It can also include Term Assurance and Accident Benefit when these options were selected in the original policy.
The Loyalty Addition field remains blank by default. When no rate is entered, the calculator shows the guaranteed amount without Loyalty Addition. Premium can be entered from the policy schedule to estimate the total scheduled basic premium, but the calculator does not guess a premium for combinations missing from LIC’s historical illustration.
How to Use New Jeevan Shree Plan 151 Calculator?
Select the required calculation type first. The full overview shows maturity and death-related estimates together, while the individual options focus on one policy event.
Enter the entry age, Basic Sum Assured, policy term, and premium-paying term exactly as shown in the policy schedule. The calculator checks that the maturity age does not exceed 70 years and that the Sum Assured follows the plan limits.
Select the premium mode and enter the basic premium per instalment when it is available. Tax, Accident Benefit premium, Term Assurance premium, late fee, and any extra premium should not be included in this field.
For a death calculation, select the policy year in which death is assumed to occur. Enter the Term Assurance Sum Assured or Accident Benefit Sum Assured only if that benefit was selected and remained active. Enter a Loyalty Addition rate only when it has been obtained from an applicable LIC declaration or is being used as a clearly labelled example.
Press Calculate to see the result and its individual parts. Press Reset to clear all entered information.
Formulas Used in the Calculator
Guaranteed Addition
New Jeevan Shree provides a Guaranteed Addition of ₹70 per ₹1,000 Basic Sum Assured at the end of each policy year.
Annual Guaranteed Addition = (Basic Sum Assured ÷ 1,000) × ₹70
Total Guaranteed Additions at maturity = Annual Guaranteed Addition × Policy Term
For a Basic Sum Assured of ₹5,00,000: ₹5,00,000 ÷ ₹1,000 × ₹70 = ₹35,000 per year
Maturity Benefit
If the policy remains in full force until maturity, the estimated benefit is:
Maturity Benefit = Basic Sum Assured + Total Guaranteed Additions + Applicable Loyalty Addition
The amount excluding Loyalty Addition is based on the guaranteed structure. Loyalty Addition is included only when LIC declares it and the policy meets the conditions.
Death Benefit
Guaranteed Additions accrue at the end of each policy anniversary. Therefore, death during the tenth policy year normally includes additions for nine completed policy anniversaries.
Vested Guaranteed Additions = Annual Guaranteed Addition × Completed Policy Anniversaries
Normal Death Benefit = Basic Sum Assured + Vested Guaranteed Additions + Eligible Loyalty Addition + Term Assurance Sum Assured, if applicableLoyalty Addition may apply to an eligible death claim only after four years from the policy commencement date. The actual rate depends on LIC declaration for the policy term and year of claim.
Term Assurance and Accident Benefit
Term Assurance provides an additional amount on death during the policy term. The amount selected under the original policy should be used. It was available from ₹1,00,000 up to twice the Basic Sum Assured, subject to the overall limit and other conditions that applied when the policy was issued.
Accident Benefit was not automatically included. If it was selected, remained active and the accidental death met its conditions, the eligible Accident Benefit Sum Assured was added to the normal death benefit. The original plan applied a maximum aggregate Accident Benefit limit of ₹10 lakh across applicable LIC policies.
Accidental Death Benefit = Normal Death Benefit + Eligible Accident Benefit Sum Assured
Calculation Example
| Policy detail | Value |
|---|---|
| Entry age | 30 years |
| Basic Sum Assured | ₹5,00,000 |
| Policy term | 25 years |
| Premium-paying term | 16 years |
| Premium mode | Yearly |
| Illustrated yearly premium | ₹31,258 |
| Term Assurance | Not selected |
| Loyalty Addition | Not included |
First, calculate the annual Guaranteed Addition: ₹5,00,000 ÷ ₹1,000 × ₹70 = ₹35,000
Guaranteed Additions for 25 years: ₹35,000 × 25 = ₹8,75,000
Maturity benefit excluding Loyalty Addition: ₹5,00,000 + ₹8,75,000 = ₹13,75,000
Total scheduled basic premium based on the illustration: ₹31,258 × 16 = ₹5,00,128
The ₹31,258 premium applies only to LIC historical illustration for entry age 30, a 25-year policy term, a 16-year premium-paying term, and no Term Assurance. It is not the premium for every ₹5 lakh policy.
Now assume death occurs during the tenth policy year. Nine policy anniversaries have been completed:
Vested Guaranteed Additions = ₹35,000 × 9 = ₹3,15,000
Normal death benefit before Loyalty Addition = ₹5,00,000 + ₹3,15,000 = ₹8,15,000
If additional Term Assurance of ₹5,00,000 had been selected: ₹8,15,000 + ₹5,00,000 = ₹13,15,000
These figures follow the benefit pattern shown in LIC’s historical illustration. An eligible Loyalty Addition would be added separately.
Also Check:
Frequently Asked Questions
Is LIC New Jeevan Shree Plan 151 still available?
No. The plan has been withdrawn from new sales. The calculator is intended for checking an existing policy.
How is the maturity value calculated?
The maturity value includes the Basic Sum Assured, Guaranteed Additions of ₹70 per ₹1,000 Sum Assured for every policy year and any eligible Loyalty Addition declared by LIC.
Is Loyalty Addition guaranteed?
No. Its availability and rate depend on LIC’s declaration for the relevant policy term and year of maturity or death. It should not be estimated as a fixed return.
How is the death benefit calculated?
The normal death benefit includes the Basic Sum Assured, Guaranteed Additions for completed policy anniversaries and eligible Loyalty Addition. Term Assurance and Accident Benefit are added only when they were selected and their conditions are met.
Conclusion
The LIC New Jeevan Shree Plan 151 Calculator provides a simple estimate of Guaranteed Additions, maturity value, and year-specific death benefits. It also explains how Term Assurance, Accident Benefit and Loyalty Addition may affect the final amount.
Amit Kushwaha is a financial content creator and SaaS tool developer based in Lucknow, Uttar Pradesh. He has more than seven years of experience creating insurance-related content, online calculators, and practical digital tools for LIC policyholders, insurance buyers, and LIC agents.
Through LICPolicyCalculator.com, he focuses on simplifying complex LIC policy information into easy-to-understand guides and calculators. His work covers LIC premium estimates, maturity calculations, surrender value tools, policy return calculations, term insurance planning, and plan-specific calculator pages.
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