LIC Jeevan Mangal Plan 198 Calculator
The LIC Jeevan Mangal Plan 198 Maturity Calculator helps existing policyholders estimate maturity benefit, death benefit, paid-up value and Guaranteed Surrender Value from the details printed in their policy schedule. LIC lists Plan 198, UIN 512N257V01, as a withdrawn plan, so it is not available for fresh purchase.
Plan 198 was a micro-insurance term assurance policy with return of premiums. It also allowed an optional Accident Benefit Rider. The calculator gives an estimate only; the policy bond and LIC’s records decide the final payable amount.
Table of Contents
LIC Jeevan Mangal Plan 198 Quick Overview
| Particular | Plan details |
|---|---|
| Official plan name | LIC’s Jeevan Mangal |
| Plan number | 198 |
| UIN | 512N257V01 |
| Plan type | Micro-insurance term assurance plan with return of premiums |
| Current status | Withdrawn for new business |
| Basic death benefit | Sum Assured for Basic Plan |
| Maturity benefit | Eligible premiums paid during the policy term |
| Accident benefit | Optional rider, if selected and in force |
| Paid-up eligibility | After at least three full years’ premiums |
| Loan facility | Not available |
What Is the LIC Jeevan Mangal Plan 198 Calculator?
This calculator applies Plan 198’s policy formulas to information from an existing policy bond. It can estimate:
- Total eligible premiums paid
- Maturity benefit
- Basic death benefit
- Accidental death benefit when the rider applies
- Paid-up Sum Assured
- Guaranteed Surrender Value
It cannot calculate an exact premium from age because a verified Plan 198 premium-rate table is not available in the linked official material. It also cannot confirm revival acceptance, claim eligibility or LIC’s final settlement.
What Is the Use of Jeevan Mangal Plan 198 Calculator?
The LIC Jeevan Mangal Plan 198 Calculator is designed for existing policyholders who want to understand the values mentioned in their old policy documents. It uses the actual premium, Sum Assured, policy term and payment details entered from the policy schedule.
The calculator can estimate the maturity benefit, basic death benefit, optional accident benefit, paid-up value and Guaranteed Surrender Value. It saves users from applying each policy formula manually.
Also check: LIC Jeevan Mangal Calculator All in One
Details Required for Calculation
Keep the policy schedule or premium receipt ready and enter:
- Sum Assured for Basic Plan
- Regular or single-premium status
- Basic premium per instalment
- Premium payment mode
- Policy term
- Number of eligible premiums paid
- Completed policy years
- Accident Benefit Rider selected: Yes or No
- Accident Benefit Rider Sum Assured and premium, if applicable
- Extra premium, if any
Do not include the Accident Benefit Rider premium or extra premium in maturity, paid-up or surrender calculations.
How to Use LIC Jeevan Mangal Plan 198 Calculator
- Select whether the policy uses regular or single premium.
- Enter the Basic Sum Assured and policy term exactly as shown in the schedule.
- Enter the actual basic premium and payment mode.
- Enter the number of premiums paid and completed policy years.
- Select the Accident Benefit Rider only if it appears in the policy schedule.
- Enter its Sum Assured and premium separately.
- Click Calculate and review the maturity, death, paid-up and surrender estimates.
Do not create a monthly, quarterly or half-yearly premium by simply dividing an annual premium. The actual instalment printed in the policy schedule should be used.
What Is LIC Jeevan Mangal Plan 198?
LIC Jeevan Mangal Plan 198 provided basic life cover during the policy term and returned eligible premiums when the life assured survived to maturity. It was designed as a micro-insurance policy rather than a wealth-creation plan.
The maturity amount did not include a bonus, loyalty addition or market-linked return. The basic death benefit was the Sum Assured stated in the policy schedule. Accident cover was not automatically built into every policy; it applied only when the optional rider had been selected and remained in force.
Purpose of LIC Jeevan Mangal Plan 198
The main purpose of LIC Jeevan Mangal Plan 198 was to provide basic life insurance protection through an affordable micro-insurance structure. It combined term assurance with return of eligible premiums on maturity.
During the policy term, the Sum Assured for Basic Plan provided financial protection in case of the life assured’s death. If the life assured survived until maturity, LIC returned the eligible premiums paid after excluding Accident Benefit Rider premiums and extra premiums.
The plan focused on protection and premium return rather than investment growth. It did not depend on market performance, fund value or bonus additions. The optional Accident Benefit Rider could provide additional protection if it was selected and remained in force.
Who Should Buy LIC Jeevan Mangal Plan 198?
LIC Jeevan Mangal Plan 198 is a withdrawn policy and cannot be purchased now. This section only explains whom the plan was originally designed for.
The plan was suitable for people looking for modest life cover through a simple micro-insurance policy. It provided basic death protection during the policy term and returned eligible premiums when the life assured survived until maturity. An optional Accident Benefit Rider was also available for additional accidental death and disability protection.
The plan was not suitable for people seeking high life cover, bonuses, market-linked growth or long-term wealth creation. Existing policyholders should review their present insurance needs separately because the cover available under an older micro-insurance policy may not be sufficient today.
Maturity Benefit Under Plan 198
When the life assured survived to the stipulated maturity date, the policy schedule provided for payment of eligible premiums paid during the contract term.
Maturity benefit =
Total premiums paid
− Accident Benefit Rider premiums
− Extra premiumsThe calculator should not add any assumed bonus or investment return. If a policy has special endorsements or alterations, LIC’s record takes priority.
Death Benefit and Accident Benefit Rider
The basic death benefit under Plan 198 is straightforward:
Basic death benefit = Sum Assured for Basic PlanPlan 198 should not use the “10 times annualised premium” or “105% of premiums paid” tests found in later New Jeevan Mangal versions.
If the optional Accident Benefit Rider was selected and in force, an additional amount equal to the rider Sum Assured could be payable for an eligible accidental death:
Eligible accidental death benefit =
Basic Sum Assured + Accident Benefit Rider Sum AssuredThe rider also provided benefits for qualifying total and permanent accidental disability. The rider Sum Assured could be paid in monthly instalments spread over ten years, and future premiums could be waived subject to the policy conditions. A calculator can display these mathematical amounts, but LIC must confirm disability or accident eligibility.
Paid-Up Value If Premiums Stop
For a regular-premium policy, paid-up value becomes available after at least three full years’ premiums have been paid and a later premium is missed.
Plan 198 does not use a proportional Basic Sum Assured formula. Its policy document defines the reduced Paid-up Sum Assured as eligible premiums already paid:
Paid-up Sum Assured =
Total premiums paid
− Accident Benefit Rider premiums
− Extra premiumsThe reduced amount is payable if the life assured dies during the remaining policy term or survives to the end of the term. The Accident Benefit Rider does not acquire paid-up value.
The policy also contains limited continued-cover rules. After at least three full years’ premiums, death within six months from the first unpaid premium may be treated as if the policy remained in force, after specified deductions. After at least five full years’ premiums, this period can extend to 12 months. LIC must confirm whether these conditions apply to an individual claim.
Surrender Value Under Plan 198
The policy can be surrendered after completion of three policy years and payment of at least three full years’ premiums.
For a single-premium policy:
Guaranteed Surrender Value =
90% of eligible single premiumFor a regular-premium policy:
Guaranteed Surrender Value =
30% × eligible premiums paid after excluding the first-year premiumAccident Benefit Rider premiums and extra premiums are excluded from both calculations.
For example, assume an eligible basic annual premium of ₹1,500 has been paid for five years:
Total basic premiums paid = ₹1,500 × 5 = ₹7,500
Premium after excluding first year = ₹7,500 − ₹1,500 = ₹6,000
Guaranteed Surrender Value = ₹6,000 × 30% = ₹1,800This example uses a manual premium for explanation. It is not an official Plan 198 premium quotation.
Grace Period and Revival
Plan 198 allowed a grace period of two calendar months or 60 days, whichever was higher. If death occurred during this period before payment of the due premium, the policy could remain valid, subject to deduction of the unpaid premium and premiums falling due before the next policy anniversary.
If the policy lapsed, it could be revived during the life assured’s lifetime within five years from the first unpaid premium due date and before maturity. Revival required overdue premiums with applicable interest, evidence of continued insurability and LIC’s approval.
An important Plan 198 condition states that if death occurs within one year from the revival date, the death benefit is a refund of total premiums paid. Final application of this clause must be confirmed from LIC’s policy records.
Suicide and Accident Exclusions
If the life assured died by suicide within one year from commencement of risk, the Sum Assured was not payable. Instead, the policy document provided for refund of premiums paid.
The optional Accident Benefit Rider was subject to exclusions. The additional benefit was generally not payable for events connected with intentional self-injury, attempted suicide, specified intoxicants, war or riot-related activity, criminal breach of law, certain hazardous activities or death occurring more than 180 days after the accident. Complete rider wording in the policy bond should be checked before assessing a claim.
Practical Calculation Example
Assume these details are taken from an actual policy schedule:
| Detail | Example value |
| Basic Sum Assured | ₹40,000 |
| Eligible annual basic premium | ₹1,500 |
| Policy term | 15 years |
| Full premiums paid | 5 |
| Accident Benefit Rider | Not selected |
If all 15 premiums are eventually paid, the estimated maturity benefit is:
₹1,500 × 15 = ₹22,500The basic death benefit while the policy is in force is ₹40,000.
If premiums stop after five full years, the reduced Paid-up Sum Assured is:
₹1,500 × 5 = ₹7,500If the policy is surrendered after five completed years:
30% × (₹7,500 − ₹1,500) = ₹1,800All these values exclude rider premium and extra premium.
LIC Jeevan Mangal Plan 198 vs Other LIC Micro Insurance Plans
LIC Jeevan Mangal Plan 198 was a micro-insurance term assurance policy with return of eligible premiums. Other LIC micro-insurance plans may provide pure life cover, savings benefits, in-built accident cover or different maturity and surrender benefits.
Under Plan 198, the basic death benefit was the Sum Assured for Basic Plan. Accident protection was available through an optional rider. Its paid-up value was based on eligible premiums already paid, while the regular-premium Guaranteed Surrender Value was generally 30% of eligible premiums paid after excluding the first-year premium.
Later New Jeevan Mangal versions, including Plans 819, 840 and 940, introduced different death-benefit definitions, paid-up rules and surrender calculations. Their premium rates and eligibility limits must not be used for Plan 198.
The plan number and UIN should always be checked before selecting a calculator:
- Plan 198: UIN 512N257V01
- Plan 819: UIN 512N287V01
- Plan 840: UIN 512N287V02
- Plan 940: UIN 512N287V04
Even when two policies have similar names, their formulas may be different. Calculations for Plan 198 should use its policy schedule and official policy document.
Frequently Asked Questions
Is LIC Jeevan Mangal Plan 198 still available?
No. LIC lists it under withdrawn plans. The calculator is intended for existing Plan 198 policies.
How is the maturity benefit calculated?
It is based on premiums paid during the contract term after excluding Accident Benefit Rider premiums and extra premiums.
What is the paid-up formula for Plan 198?
The reduced Paid-up Sum Assured equals eligible premiums already paid. It is not calculated by multiplying the Basic Sum Assured by the proportion of premiums paid.
Was accident benefit automatically included?
No. It was an optional rider and applies only when shown in the policy schedule and in force.
Is a policy loan available?
No. The policy document states that no loan is available under Plan 198.
Conclusion
The LIC Jeevan Mangal Plan 198 Maturity Calculator is useful for understanding an existing policy when the actual schedule details are available. It can estimate maturity benefit, basic death benefit, optional accident cover, paid-up value and Guaranteed Surrender Value. Because the official webpage links a later plan’s brochure, Plan 819 rates and eligibility limits should not be used. For the most reliable estimate, enter the actual premium, term and Sum Assured from the Plan 198 policy bond and verify final values with LIC.