LIC Jeevan Madhur Plan 182 Calculator

LIC Jeevan Madhur Plan 182 is a small-premium life insurance and savings plan from the LIC. It offered flexible premium modes, maturity benefit, life cover, bonus participation, and accident benefit.

LIC withdrew Plan 182 on 1 January 2014. Existing policyholders still need to understand its maturity, death, bonus, paid-up, and surrender benefits. LIC Jeevan Madhur Plan 182 Calculator helps estimate these policy benefits using the details shown in the policy bond.

This LIC Jeevan Madhur maturity calculator can calculate annual premium, total premiums payable, Death Benefit Sum Assured, and other values. Final amounts must be checked with LIC because the Maturity Sum Assured and bonus depend on the individual policy record.

What Is the LIC Jeevan Madhur Plan 182 Calculator?

This calculator is specifically designed for Plan 182. It converts the selected instalment premium into an annual amount and calculates the total premiums payable over the complete policy term. Under this plan, that total amount is also used as the Death Benefit Sum Assured.

It can also show accidental death cover, paid-up value and Guaranteed Surrender Value. Jeevan Madhur used LIC’s original Maturity Sum Assured schedule, not a simple premium-plus-interest calculation. The given brochure by LIC contains only a few examples of maturity values. For an age or term not covered by those examples, the Maturity Sum Assured given in the policy bond should be entered.

Plan 182 Quick Overview

What Is LIC Jeevan Madhur Plan 182?

Jeevan Madhur was designed for policyholders who preferred small and regular premium payments. The minimum instalment premiums stated in the LIC brochure were ₹25 weekly, ₹50 fortnightly, ₹100 monthly, and ₹250 for quarterly, half-yearly, or yearly modes. The selected premium was also subject to the plan’s minimum and maximum benefit limits.

The policy term could be selected from 5 to 15 years. However, the entry age plus policy term could not take the maturity age beyond 65. For example, entry at age 55 allowed a maximum term of 10 years.

On survival to the maturity date, LIC paid the Maturity Sum Assured shown in the policy schedule plus vested bonuses, if any. On death during the policy term, the benefit was based on total premiums payable over the complete original term, not only the premiums already paid.

How to Use LIC Jeevan Madhur Plan 182 Maturity Calculator?

Enter the age at entry shown in the policy bond and select the original policy term. Then enter the instalment premium and payment mode. The calculator converts the instalment into an annual premium and calculates the total premiums payable during the full term.

For an exact maturity estimate, enter the Maturity Sum Assured printed in the policy schedule. If the policy matches one of LIC’s given combinations, the calculator will use that official given value. Enter the total vested bonus from LIC records when it is available.

For a paid-up estimate, enter the total number of premium instalments actually paid. For surrender value, enter the total basic premiums paid. Taxes, late fees or any unrelated charges should not be included.

The calculator does not work and shows an error in case the maturity age exceeds 65 or if the Death Benefit Sum Assured or Maturity Sum Assured falls outside the permitted ₹5,000 to ₹30,000 range.

Formulas Used Jeevan Madhur Plan 182 Calculator

Annual Premium

Annual premium = Instalment premium × Payments in one year

Total Premiums Payable

Total premiums payable =
Instalment premium × Total instalments in the complete policy term

When complete policy years are used, the same amount can be calculated as:

Total premiums payable = Annual premium × Policy term

Death Benefit

Death benefit =
Total premiums payable for the complete policy term
+ Vested bonus, if any

Maturity Benefit

Maturity benefit =
Maturity Sum Assured shown in the policy bond
+ Vested bonus, if any

The Death Benefit Sum Assured and Maturity Sum Assured may be different. Bonus is declared with reference to the Death Benefit Sum Assured.

Official Maturity Sum Assured Examples

LIC published the following specimen Maturity Sum Assured values for an annual premium of ₹1,200:

These figures are examples from the official brochure. They should be used only for the exact age, term and annual premium shown. Other policies should use the Maturity Sum Assured printed in their policy schedule.

Plan 182 Calculation Example

First, calculate the annual premium:

₹100 × 12 = ₹1,200

The total premiums payable over ten years are:

₹1,200 × 10 = ₹12,000

Therefore, the Death Benefit Sum Assured is ₹12,000. If death occurs while the policy is eligible for full cover, vested bonus may be added according to the policy conditions.

LIC’s specimen table shows a Maturity Sum Assured of ₹11,173 for age 30, a 10-year term and an annual premium of ₹1,200.

Maturity benefit = ₹11,173 + Vested bonus, if any

This example uses an official specimen value. It does not prove the maturity amount of another policy with a different age, term or premium.

Death and Accident Benefits

The normal death benefit was equal to the total premiums payable during the complete original policy term plus vested bonuses, if any.

For example, an annual premium of ₹1,500 for a 12-year term gives:

Death Benefit Sum Assured = ₹1,500 × 12
= ₹18,000

If death resulted from an eligible accident, an additional amount equal to the Death Benefit Sum Assured was payable. In this example, the basic accidental death amount would be ₹18,000 normal cover plus ₹18,000 accident benefit, before adding any eligible vested bonus.

For qualifying total and permanent disability caused by an accident within 180 days, the accident benefit was paid in monthly instalments over ten years. If death or maturity occurred before all instalments were paid, the remaining instalments became payable with the claim. Accident benefit exclusions and full claim conditions were governed by the policy document.

How Bonus Is Calculated

Jeevan Madhur participated in LIC’s profits through Simple Reversionary Bonus. LIC declared the rate per ₹1,000 of Death Benefit Sum Assured for eligible policies.

Annual bonus =
(Death Benefit Sum Assured ÷ 1,000)
× Declared bonus rate

Bonus rates could differ by financial year and term. Therefore, an LIC Jeevan Madhur bonus calculator should use the actual bonus record whenever it is available instead of applying one assumed rate to every year.

An in-force policy could receive bonus according to LIC’s declaration. A paid-up policy was eligible for bonus only when at least three full years’ premiums had been paid. Once vested, the applicable bonus remained attached to the policy until a claim, maturity, or surrender under the policy rules.

Auto-Cover and Paid-Up Value

If at least two full years’ premiums had been paid and a later premium was missed, full death cover continued from the First Unpaid Premium date for two years or until the end of the policy term, whichever came first. Accident benefit was not available during this auto-cover period.

An eligible policy also continued with a reduced benefit when premiums stopped after two full years. An LIC Jeevan Madhur paid-up value calculator uses this formula:

Paid-up Sum Assured =
Maturity Sum Assured
× Premium instalments paid
÷ Total premium instalments originally payable

For example, a 15-year yearly policy has a Maturity Sum Assured of ₹18,103 and six annual premiums have been paid:

₹18,103 × 6 ÷ 15 = ₹7,241.20

The approximate Paid-Up Sum Assured is ₹7,241.20. It is payable with eligible vested bonus on maturity or earlier death. For monthly, weekly or another frequent mode, the calculator should use the actual number of instalments rather than only the number of years.

If the policy is not revived after auto-cover ends, the reduced paid-up conditions apply. Accident benefit does not continue while the policy is lapsed.

Surrender Value in Plan 182

The policy could be surrendered after at least two full years’ premiums had been paid. An LIC Jeevan Madhur surrender value calculator first shows the Guaranteed Surrender Value:

Guaranteed Surrender Value =
30% × Total premiums paid

If the annual premium was ₹1,200 and six full years’ premiums were paid:

Total premiums paid = ₹1,200 × 6
= ₹7,200

Guaranteed Surrender Value = ₹7,200 × 30%
= ₹2,160

LIC could pay a higher Special Surrender Value based on the discounted paid-up amount and vested bonus, where applicable. The exact Special Surrender Value cannot be calculated using one fixed public formula and should be confirmed with LIC.

Grace Period and Revival

Yearly, half-yearly and quarterly premiums received a grace period of one calendar month, but not less than 30 days. Monthly, fortnightly and weekly premiums received a grace period of 15 days.

A lapsed policy could be revived within five years from the First Unpaid Premium date, provided revival took place before maturity. Arrears, applicable interest and evidence of continued insurability could be required. Revival remained subject to LIC’s approval.

How to Check LIC Jeevan Madhur Policy Status

Existing policyholders can check available policy status and bonus information through LIC’s Customer Portal. Registration normally requires the policy number, the instalment premium without tax, the date of birth, the mobile number, and the email address. The entered details must match LIC records.

For a maturity, surrender, revival or claim value, the latest amount from LIC should be treated as final.

Tax Benefits and Tax Rules

Premiums may have qualified for a deduction under Section 80C, subject to the rules and limits applicable when they were paid. Tax treatment of maturity, surrender and death payments depends on the policy’s issue date, premium details, policy status and applicable law.

Tax and extra charges should not be included in the premium used for the calculator formulas. No payment should be described as tax-free without checking the individual policy and applicable tax rules.

Important Points to Remember

• Use the Maturity Sum Assured printed in the policy bond when an exact official rate is unavailable.
• Do not estimate an unsupported maturity value by averaging LIC’s specimen figures.
• Bonus is based on Death Benefit Sum Assured and is not guaranteed in advance.
• Paid-up value uses actual premium instalments paid.
• Final policy values must be confirmed with LIC.

Also Check:

• LIC Jeevan Tarang Plan 178
• LIC Jeevan Shagun Plan 826
• LIC Jeevan Mitra Calculator
• LIC Nav Jeevan Shree

Frequently Asked Questions

Is LIC Jeevan Madhur Plan 182 still available?

No. LIC withdrew the plan on 1 January 2014. Existing policies continue according to their original terms and recorded status.

How is the maturity benefit calculated?

The maturity benefit equals the Maturity Sum Assured printed in the policy schedule plus vested bonus, if any. LIC’s specimen table should be used only for the exact combinations shown.

How is the death benefit calculated?

The basic death benefit equals total premiums payable during the complete original policy term plus vested bonus, if any. An eligible accidental death can add an amount equal to the Death Benefit Sum Assured.

What happens when premium payments stop?

After two full years’ premiums, the policy may receive two years of auto-cover and acquire reduced paid-up value. Accident benefit is unavailable during auto-cover or while the policy is lapsed.

How is the surrender value calculated?

After two full years’ premiums, Guaranteed Surrender Value equals 30% of total premiums paid. LIC may pay a higher Special Surrender Value where applicable.

Conclusion

The LIC Jeevan Madhur Plan 182 Calculator can estimate annual premium, total premiums payable, death cover, maturity benefit, paid-up value and Guaranteed Surrender Value. Its most important input is the Maturity Sum Assured from the policy schedule because LIC’s public brochure contains only selected specimen values.

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.