Jeevan Saral Calculator

Find here the simple online calculator to calculate the benefits of the Jeevan Saral Policy, which is an LIC policy. The LIC Jeevan Saral Policy is an endowment plan, which is non-unit linked insurance plan policy under LIC (Life Insurance Corporation of India) with Double DeathBenefit of Sum Assured + Return of Premium. Enter the age, premium per month, type (Death benefit or Policy maturity return) and number of years paid and calculate the maturity value under the Double accident benefit and the Death claim amount.

LIC Jeevan Saral Policy Maturity Value Calculator

Find here the simple online calculator to calculate the benefits of the Jeevan Saral Policy, which is an LIC policy. The LIC Jeevan Saral Policy is an endowment plan, which is non-unit linked insurance plan policy under LIC (Life Insurance Corporation of India) with Double DeathBenefit of Sum Assured + Return of Premium. Enter the age, premium per month, type (Death benefit or Policy maturity return) and number of years paid and calculate the maturity value under the Double accident benefit and the Death claim amount.

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Formula:

Double Accident Benefit = Premium + (Premium x 250) / (12000) Death Claim Amount = (Premium x 250) + (Double Accident Benefit x No.of Years Paid x12) - (Double Accident Benefit x 12) Maturity Claim = (DAC * Policy terms) + (Premium * 12 * Policy Terms)

Death Claim

A 30 year old individual has paid a premium of 1000 / month for 10 years.

Henceforth, Double Accident Benefit = 1000 x 250 / 12000 = 1020.8333
Death Claim Amount = (1000 x 250 ) + (1020.83 x 10 x 12) - (1020.83 x 12) = 360250 + Loyalty Addition

Maturity Amount

A 30 year old individual has paid a premium of 500 / month for 15 years.

Henceforth, Double Accident Benefit = Premium + (500 x 250 / 12000)
= 500 + 10.4167
DAC = 510.4167
Henceforth, Maturity Amount Benefit = ( 510.4167 * 15 ) + (500 * 15 * 12)
= ( 510.4167 * 15 ) + 90000
= 7656.2505 + 90000
= 97656.2505
Maturity Amount = 97656.2505 + Loyalty Addition

The Maturity value depends on different entry ages and policy term period. The premium amount is decided by the policy holder and he gains 250 times the monthly premium as the assured sum amount.


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