LIC Bal Vidya Plan 135 Calculator

LIC Bal Vidya is a child-focused insurance policy issued by Life Insurance Corporation of India under Plan No. 135 and UIN 512N121V01. It was designed to provide money at different stages of a child’s education through monthly payments, a lump-sum benefit at age 18 and a final payment at age 23.

This plan is already withdrawn and cannot be purchased now. However, old policies may still require benefit, maturity or surrender calculations. The LIC Bal Vidya Plan 135 Calculator helps existing policyholders understand these amounts using the original plan rules.

Also Check:

• LIC Komal Jeevan Plan 159 Calculator
• LIC Jeevan Vishwas Plan 136 Maturity Calculator
• LIC Jeevan Kishore Plan 102 Calculator

What Is the LIC Bal Vidya Plan 135 Calculator?

The calculator is made specifically for old Bal Vidya policies. It uses the child’s age at entry, Basic Sum Assured, policy commencement details, single premium and applicable Loyalty Addition to estimate the main policy values.

It can show the policy term, monthly survival benefit, age-18 lump-sum payment, Guaranteed Addition, maturity benefit at age 23, death benefit and Guaranteed Surrender Value. It can also show an estimated single premium only when the complete official Plan 135 premium table has been added to the calculator.

If the authenticated premium table is unavailable, the actual single premium printed on the policy schedule should be entered. A general LIC premium rate should not be used because Bal Vidya rates depend on the original age and policy details.

Plan 135 Quick Overview

What Was LIC Bal Vidya Plan 135?

Bal Vidya is launched by LIC to provide money for a child from school age to early adulthood. Instead of paying only one amount at maturity, the plan provided monthly benefits at different ages. The monthly amount increased as the child grew older.

The plan also paid one Basic Sum Assured at age 18. At age 23, it paid another Basic Sum Assured with Guaranteed Addition and Loyalty Addition, if LIC declared one for the eligible policy.

Although the benefits were meant for the child, the insurance cover was on the life of the parent or legal guardian named as the Life Assured. This difference is important when calculating the death benefit.

Who Was Insured Under the Policy?

The parent or legal guardian who took the policy was the Life Assured. The child was the named beneficiary for whom the scheduled education benefits were arranged.

The child’s life was not insured under Bal Vidya. Therefore, the payment made on the death of the parent or guardian should not be confused with a claim arising from the child’s death.

The names of the Life Assured, proposer and child should always be checked on the policy schedule before using the calculator.

Calculator Highlights

The calculator determines the policy term automatically from the child’s age at entry. It applies the correct monthly benefit percentage for each age group and keeps the age-18 payment separate from the maturity payment at age 23.

It also calculates Guaranteed Addition at ₹70 per ₹1,000 Basic Sum Assured for every policy year. Loyalty Addition is included only when an amount or rate confirmed for the policy is entered.

For surrender calculations, survival benefits that had already fallen due are deducted as required by the policy formula. This prevents the calculator from showing the full surrender value after earlier benefits have become payable.

How to Use the LIC Bal Vidya Calculator?

Enter the child’s age at entry, the parent or guardian’s age at entry, Basic Sum Assured, and policy commencement date. Enter the actual single premium from the policy schedule when available.

If LIC has confirmed a Loyalty Addition rate or amount for the policy, enter it in the optional field. Leave this field blank when the rate is unknown. The calculator should not assume that every policy receives the same Loyalty Addition.

Select the required calculation, such as maturity, monthly benefit, death benefit or surrender value, and click Calculate. The result should show the formula and the amounts used. Use Reset to clear the fields.

Formulas Used in the Calculator

Policy Term

The term depends on the child’s age when the policy began:

Policy Term = 23 − Child’s Age at Entry

For a child aged two at entry:

Policy Term = 23 − 2 = 21 years

The exact commencement and maturity dates printed on the policy schedule should be used for servicing or claim purposes.

Single Premium

Bal Vidya required one premium at the beginning of the policy. When an authenticated Plan 135 premium rate is available, the basic calculation is:

Tabular Single Premium =
(Basic Sum Assured ÷ 1,000) × Applicable Plan 135 Rate

The original rate depended on the age and policy details. The calculator should not use a made-up percentage or an incomplete table. Any extra amount charged by LIC for the insured person’s health or other risk should be handled separately.

No automatic high Sum Assured rebate should be applied unless it is supported by the original LIC rate or rebate table used for the policy.

Monthly Survival Benefits

Monthly payments began after two years from the policy commencement date or when the child reached age five, whichever was later. The percentage then changed according to the child’s age.

The formula is:

Monthly Survival Benefit =
Basic Sum Assured × Applicable Monthly Percentage

These payments are separate policy benefits. They should not be deducted from the age-18 or age-23 payment unless a particular policy clause, such as surrender, specifically requires an adjustment.

The exact first and last monthly payment dates depend on the policy anniversary and LIC’s payment records.

Lump-Sum Benefit at Age 18

On the applicable policy anniversary after the child completed age 18, a lump-sum benefit equal to 100% of the Basic Sum Assured became payable.

Age-18 Lump-Sum Benefit = Basic Sum Assured

For a Basic Sum Assured of ₹1,00,000, the age-18 payment is ₹1,00,000. This amount is separate from the monthly benefit payable during the same stage.

Guaranteed Addition

Guaranteed Addition is calculated at ₹70 for every ₹1,000 of Basic Sum Assured for each policy year.

Guaranteed Addition =
(Basic Sum Assured ÷ 1,000) × ₹70 × Policy Term

For a Basic Sum Assured of ₹1,00,000 and a 21-year term:

(₹1,00,000 ÷ 1,000) × ₹70 × 21
= 100 × ₹70 × 21
= ₹1,47,000

Guaranteed Addition forms part of the age-23 maturity payment. It is not added to each monthly survival benefit.

Loyalty Addition

Loyalty Addition was not fixed or guaranteed for every policy. It depended on LIC’s declaration and the conditions applicable when the policy became eligible.

If LIC has confirmed a rate per ₹1,000 of Basic Sum Assured, the calculation is:

Loyalty Addition =
(Basic Sum Assured ÷ 1,000) × Confirmed Loyalty Addition Rate

An assumed rate may be used only to explain how the calculator works. It must be labelled as an illustration and not as an amount promised by LIC.

Maturity Benefit at Age 23

At the applicable policy anniversary after the child completed age 23, the final benefit was calculated as:

Maturity Benefit =
Basic Sum Assured
+ Guaranteed Addition
+ Loyalty Addition, if any

The earlier monthly benefits and age-18 lump-sum payment are not added again to this maturity amount. They are separate payments made at their respective times.

Death Benefit

Life cover under Bal Vidya applied to the parent or legal guardian named as the Life Assured. If that person died during the policy term, an amount equal to the Basic Sum Assured became payable according to the policy conditions.

Death Benefit = Basic Sum Assured

The scheduled benefits for the child continued according to the plan conditions after payment of the parent’s death benefit. The policy bond and LIC’s records should still be checked for the exact recipient, dates and any special endorsement.

Because the child’s life was not insured, the same death-benefit formula did not apply if the named child died. Such a case was handled under the separate policy conditions, and the amount should be confirmed directly with LIC.

Guaranteed Surrender Value

The policy could be surrendered for cash subject to its conditions. Its Guaranteed Surrender Value was broadly calculated as:

Guaranteed Surrender Value =
90% of Eligible Single Premium
− Survival Benefits Already Fallen Due

The eligible single premium excludes extra premium and any other amount excluded under the policy conditions. Guaranteed Addition is not included in this formula.

“Already fallen due” means a survival benefit whose payment date had arrived, even if the amount had not yet been collected. The calculator must therefore use the surrender date and the complete benefit-payment history.

Plan 135’s publicly available policy wording does not provide a general Special Surrender Value formula or factor table for an online calculation. The calculator should display only the Guaranteed Surrender Value estimate and advise that LIC’s official surrender quotation is final.

Calculation Example

Consider a policy with these details:

First, calculate Guaranteed Addition:

Guaranteed Addition =
(₹1,00,000 ÷ 1,000) × ₹70 × 21
= ₹1,47,000

The age-23 maturity benefit before any Loyalty Addition is:

₹1,00,000 + ₹1,47,000
= ₹2,47,000

The monthly benefits are:

Age 5 to 9:
₹1,00,000 × 1% = ₹1,000 per month

Age 10 to 17:
₹1,00,000 × 2% = ₹2,000 per month

Age 18 to before age 23:
₹1,00,000 × 4% = ₹4,000 per month

At age 18, a separate payment of ₹1,00,000 is due.

If LIC later confirms a Loyalty Addition rate of ₹1,200 per ₹1,000 for this particular policy, the additional calculation would be:

Loyalty Addition =
(₹1,00,000 ÷ 1,000) × ₹1,200
= ₹1,20,000

Maturity Benefit including that confirmed amount =
₹2,47,000 + ₹1,20,000
= ₹3,67,000

The ₹3,67,000 result is valid only when the ₹1,200 rate is confirmed for the policy. It is not a general Loyalty Addition rate for every Bal Vidya policy.

Tax Benefits and Tax Rules

The single premium may have qualified for a deduction under the income-tax rules and limits that applied when the policy was purchased. The tax treatment of monthly benefits, the age-18 payment, maturity, surrender and death benefits depends on the policy details and the law applicable at the relevant time.

No payment should be described as automatically tax-free without checking the policy and the applicable tax rules. Tax and any extra charges should not be included in the premium used for benefit or surrender calculations unless the policy conditions specifically allow them.

Important Points to Remember

• Plan 135 has been withdrawn and cannot be purchased now.
• The parent or legal guardian was the Life Assured; the child’s life was not covered.
• Monthly payments began after two policy years or at age five, whichever was later.
• The age-18 lump sum and age-23 maturity benefit were separate payments.
• Loyalty Addition should be included only when an eligible rate or amount is confirmed.
• An official LIC surrender quotation may differ from an online estimate.

Frequently Asked Questions

Is LIC Bal Vidya Plan 135 still available?

No. Bal Vidya Plan 135 is a withdrawn policy and is not open for new purchase. The calculator is intended for old policy records and existing policyholders.

Who was insured under Bal Vidya?

The parent or legal guardian named as the Life Assured was covered. The child received the planned education benefits, but the child’s life was not insured under the plan.

When did the monthly benefits begin?

Monthly benefits began after two years from the policy commencement date or when the child reached age five, whichever was later. The monthly rate was 1%, 2% or 4% of Basic Sum Assured according to the child’s age.

What was payable at ages 18 and 23?

At age 18, one Basic Sum Assured became payable as a separate lump sum. At age 23, another Basic Sum Assured was payable with Guaranteed Addition and Loyalty Addition, if applicable.

How can the exact Loyalty Addition or surrender value be checked?

The policy number, policy schedule and payment record should be submitted to LIC’s servicing branch. LIC can confirm the applicable Loyalty Addition and issue an official surrender or maturity quotation.

Conclusion

The LIC Bal Vidya Plan 135 Calculator can explain the main benefits of an old policy in a clear format. It calculates the policy term, age-based monthly payments, the age-18 lump sum, Guaranteed Addition, maturity at age 23, death benefit, and estimated Guaranteed Surrender Value.

The calculator uses the actual policy schedule wherever possible. Historical premium rates, Loyalty Addition and final surrender amounts should not be guessed because LIC’s policy records determine the amount payable.

Amit Kushwaha

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.