LIC Jeevan Shree-I Plan 162 Calculator
Limited-payment endowment benefit projection
- Plan Name:
- LIC Jeevan Shree-I (Plan 162)
- Launch Date:
- 01 September 2003
- Withdrawal Date:
- 01 January 2014
- Plan Type:
- Limited-Payment Participating Endowment Plan (Discontinued)
- UIN:
- 512N209V01
- Policy Status:
- Withdrawn from new sales
Benefit Projection
Important: This is an estimate for educational use. Guaranteed additions are calculated at ₹50 per ₹1,000 of Basic Sum Assured for the first five completed policy years. Future simple reversionary bonus is not guaranteed. GST, rider premium, extra premium, revival charges, policy loans, surrender value and any policy-specific adjustment are excluded.
LIC Jeevan Shree Plan 162, officially named LIC’s Jeevan Shree-I, is an old participating endowment assurance plan. It provides life cover during the policy term and a lump-sum maturity benefit when the life assured survives to the end of that term. LIC withdrew the plan from new sales on 1 January 2014, but existing policies continue to be serviced under their respective policy conditions.
The final benefit under this policy is not based only on premiums paid. It also includes the Basic Sum Assured, Guaranteed Additions for the first five years, Simple Reversionary Bonus already vested in the policy, and a Final Additional Bonus where LIC declares it and claim conditions are satisfied. This guide explains how to use the LIC Jeevan Shree Plan 162 maturity calculator and policy overview.
Table of Contents
LIC Jeevan Shree-I Plan 162 Overview
| Particular | Details |
|---|---|
| Official plan name | LIC’s Jeevan Shree-I |
| Table number | 162 |
| UIN | 512N209V01 |
| Plan type | Participating Endowment Assurance Plan |
| Current sales status | Withdrawn from new business |
| Withdrawal date | 1 January 2014 |
| Premium modes | Yearly, half-yearly, quarterly, salary deduction, or single premium |
| Guaranteed Additions | ₹50 per ₹1,000 of Basic Sum Assured for the first five completed policy years |
| Bonus | Simple Reversionary Bonus from the sixth year onwards |
| Maturity benefit | Sum Assured + Guaranteed Additions + vested bonus, if any |
| Death benefit | Sum Assured + Guaranteed Additions + vested bonus, if any |
What Is LIC Jeevan Shree Plan 162?
LIC Jeevan Shree-I Plan 162 is a traditional participating policy. “Participating” means the policy can receive a share in LIC’s surplus through bonus declarations.
Plan 162 has a premium-paying term shorter than the overall policy term. Premium payment may end earlier, but the policy continues until maturity and remains eligible for benefits according to its terms. The annual premium and premium-paying period are individual policy values.
How LIC Jeevan Shree 162 Maturity Calculator Works
The LIC Jeevan Shree 162 maturity calculator separates guaranteed and non-guaranteed values. It starts with the basic sum assured and adds the guaranteed additions earned over the first five years. The next part is the simple reversionary bonus that LIC has already declared and incorporated into the policy. Future bonus estimates can be useful for planning, but they cannot be considered guaranteed.
Estimated Maturity Amount
= Basic Sum Assured
+ Guaranteed Additions
+ Total Vested Simple Reversionary Bonus
+ Final Additional Bonus, only when declared and applicable
The brochure states that the maturity benefit is the sum assured plus guaranteed additions and reversionary bonuses (if any) payable on survival to the end of the term. It also states that future bonuses depend on LIC’s future profits and are not guaranteed.
If the policy is older, enter the total vested bonus from LIC records, where available. This is more accurate than applying the same bonus rate each year, as LIC may quote different rates for different valuation years.
How to Use LIC Jeevan Shree Plan 162 Calculator
- Enter the Basic Sum Assured
- Choose the Correct Term and Premium-Paying Term
- Add the Base Premium and Payment Mode
- Add Actual Vested Bonus if It Is Available
- Bonus should not be added for the first five years simply because the policy is participating. The brochure says Simple Reversionary Bonus begins from the sixth policy year onwards.
- Review Each Result Component
- Read the Result as an Estimate
The maturity estimate is not a promise of investment returns. Policy loans, unpaid premiums, lapsed status, revival, rider deductions, bonus declarations, and claim-date conditions may alter the actual amount. Use reset before calculating another policy so that old inputs are deleted.
Guaranteed Additions Under Plan 162
Guaranteed Additions are the fixed part of LIC Jeevan Shree-I Plan 162. The LIC official brochure says ₹50 for every ₹1,000 of Basic Sum Assured for each completed year during the first five years. These additions are payable along with the Basic Sum Assured at claim.
Guaranteed Addition for one completed year = (Basic Sum Assured ÷ 1,000) × ₹50
Total Guaranteed Additions after five years= (Basic Sum Assured ÷ 1,000) × ₹50 × 5
For a Basic Sum Assured of ₹5,00,000:
₹5,00,000 ÷ 1,000 = 500
500 × ₹50 = ₹25,000 each year
₹25,000 × 5 = ₹1,25,000 total Guaranteed Additions
Therefore, the five-year Guaranteed Addition for a ₹5 lakh policy is ₹1.25 lakh. In LIC’s official illustration, the guaranteed benefit for the ₹5 lakh example reaches ₹6.25 lakh by the sixth policy-year figure: ₹5 lakh Basic Sum Assured plus ₹1.25 lakh Guaranteed Additions.
To estimate the death benefit in the early years, don’t automatically assume all five editions are available. Benefit illustrations have a year-by-year pattern, so the policy anniversary and the number of completed years matter.
LIC Jeevan Shree Plan 162 Bonus Rate
After the Guaranteed Addition Period, the policy participates in LIC’s profits through a Simple Reversionary Bonus. LIC declares this bonus every year on ₹1,000 of the Basic Sum Assured. Once the bonus is declared and added to the policy, it vests. Future declarations are subject to change.
Annual Simple Reversionary Bonus = (Basic Sum Assured ÷ 1,000) × Declared bonus rate
The total vested bonus is equal to the sum of the bonus additions declared in the applicable policy years. The calculator should not multiply each year by a current or historical rate unless that exact rate was declared in each respective valuation year.
LIC’s 2020–21 valuation report shows these old reversionary bonus rates for Plan 162 policies with a sum assured greater than ₹1 lakh. These are historical reference figures only; they are not future bonus rates.
| Policy term | Historical LIC rate shown for 2020–21 |
|---|---|
| 10 years | ₹41 per ₹1,000 Sum Assured |
| 15 years | ₹42 per ₹1,000 Sum Assured |
| 20 years | ₹45 per ₹1,000 Sum Assured |
| 25 years | ₹49 per ₹1,000 Sum Assured |
Final Additional Bonus
The Final Additional Bonus is a separate lump sum bonus that LIC may declare on maturity or for an eligible death claim. It should not be pre-populated in every online calculator, as it depends on the relevant LIC valuation declaration and the conditions applicable on the date of the claim.
LIC’s 2020–21 valuation report listed a final additional bonus of ₹125 on a ₹1,000 sum assured for Jeevan Shree-I Plan 162 under the “15 and above” condition shown in that report. It also states that past policy years may be considered for death claims under single-premium or fully paid-up limited-payment policies. This historical declaration is intended as a reference, not a guaranteed future entitlement.
Jeevan Shree Plan 162 Calculation Example
LIC’s official benefit illustration provides this sample: entry age 35 years, basic sum assured ₹500,000, policy term 25 years, premium paying term 16 years, and annual premium ₹25,186. At the end of 16 premium-paying years, the total premium shown in the illustration is ₹402,976.
Step 1: Calculate Guaranteed Additions
Basic Sum Assured = ₹5,00,000
Guaranteed Addition per year = (₹5,00,000 ÷ 1,000) × ₹50
= ₹25,000
Total for five years = ₹25,000 × 5
= ₹1,25,000
Guaranteed benefit after five additions
= ₹5,00,000 + ₹1,25,000
= ₹6,25,000
Step 2: Understand the Official Illustration Values
| Illustration at year 25 | Scenario 1 | Scenario 2 |
|---|---|---|
| Guaranteed component | ₹6,25,000 | ₹6,25,000 |
| Variable component | ₹2,53,000 | ₹9,73,000 |
| Total illustrated benefit | ₹8,78,000 | ₹15,98,000 |
Death Benefit Under LIC Jeevan Shree-I
In case of death during the policy term, LIC pays the sum assured plus guaranteed additions and vested bonuses, if any. The exact death benefit depends on the policy’s inception, completion of the policy term, previously added bonuses, and applicable contract terms.
| Component | Source |
|---|---|
| Basic Sum Assured | Policy schedule |
| Guaranteed Additions earned | Completed policy years |
| Vested bonus | LIC policy record |
| Final Additional Bonus | Add only when LIC confirms it |
| Rider benefits | Keep separate unless rider rules are available |
LIC Jeevan Shree Plan 162 Surrender Value
Surrender means terminating the policy before maturity. Regular-premium policies can be surrendered after a term of three years or more. The guaranteed surrender value is 30% of the basic premiums paid, excluding the first year’s basic premium. Extra premiums are not included.
Guaranteed Surrender Value = 30% × (Total Basic Premiums Paid − First-Year Basic Premium)
For single-premium policies, the guaranteed surrender value is 90% of the single premium paid, excluding extra premiums.
LIC may offer a special surrender value that is equal to or higher than the guaranteed surrender value. This depends on factors such as the duration, premiums paid, the remaining term, and LIC’s surrender practices. The brochure warns that early surrender may result in a lesser amount than the total premiums paid. Therefore, an online calculator should only display the guaranteed minimum formula and not the special surrender value.
Required Policy Details For Calculation and Review
- Policy bond: Confirms Plan 162, UIN, Sum Assured, term, and premium-paying term
- Premium schedule: Confirms the basic premium and payment mode
- LIC policy-status record: Shows whether the policy is in force, lapsed, paid-up, or revived
- Vested bonus details: Provides a better maturity estimate
- Loan statement: Outstanding loan can affect the claim amount
- Premium receipts: Helps verify payment history
The annual premium alone cannot calculate a reliable maturity estimate. Basic Sum Assured and actual vested bonus are the most important figures for this policy.
Also Check:
Frequently Asked Questions
Is LIC Jeevan Shree Plan 162 Still Available?
No. LIC lists Jeevan Shree-I Plan 162 as withdrawn from new business from 1 January 2014. Existing policies continue according to their contracts.
What Is the Guaranteed Addition Under Plan 162?
It is ₹50 per ₹1,000 of Basic Sum Assured for each completed policy year during the first five years. A ₹5 lakh policy has a five-year Guaranteed Addition of ₹1.25 lakh.
How Is LIC Jeevan Shree 162 Maturity Calculated?
The broad formula is Basic Sum Assured plus Guaranteed Additions plus vested Simple Reversionary Bonus and any Final Additional Bonus that LIC has declared and confirmed as applicable.
Are the 6% and 10% Figures in the Old Brochure Guaranteed?
No. LIC says they are assumed illustration rates only, not guaranteed investment returns or limits on the policy value.
Can Plan 162 Be Surrendered After Three Years?
The brochure says a regular-premium policy can be surrendered after it has been in force for three years or more. The guaranteed surrender-value formula is subject to the stated exclusions, while Special Surrender Value requires LIC’s calculation.
Conclusion
LIC Jeevan Shree Plan 162 is an old participating endowment plan whose maturity value is built from Basic Sum Assured, five years of Guaranteed Additions, and the bonus LIC has vested over time. The calculator provides a practical way to understand the benefit breakup, especially for a policy nearing maturity.
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.