LIC Anmol Jeevan Plan 153 Calculator
UIN: 512N212V01 | Pure Term Assurance Plan
Launch Date: 30th July 2002
Status: Withdrawn
Plan Type: Pure Term Assurance (Death Benefit Only)
Premium Calculation Results
The search results indicate that LIC Anmol Jeevan Plan 153 is a pure term assurance plan offered by LIC, identified with UIN 512N212V01, providing risk cover at low cost. The plan was withdrawn on 31st October 2003 and replaced by LIC Anmol Jeevan-I (Plan No.164).
Introduction to LIC Anmol Jeevan Plan 153
LIC Anmol Jeevan Plan 153 was a pure term insurance plan launched by Life Insurance Corporation of India to provide affordable life insurance coverage. It was designed to safeguard the financial future of policyholders’ families in case of the untimely demise of the insured during the policy term.
The plan offered a straightforward death benefit without any maturity or survival benefits, making it a risk cover-centric solution for individuals looking for economical term insurance.
Unique Identification Number (UIN)
The UIN for LIC Anmol Jeevan Plan 153 was 512N212V01.
Launch and Withdrawal Dates
- Launch Date: LIC Anmol Jeevan Plan 153 was introduced prior to the early 2000s as part of LIC’s efforts to provide simple term insurance plans. (The exact launch date is not publicly detailed but it existed before 2003.)
- Withdrawal Date: The plan was officially withdrawn on 31st October 2003. It was replaced by LIC Anmol Jeevan-I (Plan No. 164) to offer improved benefits and underwriting. The withdrawal happened to streamline the product portfolio and incorporate newer policy features.
Key Features of LIC Anmol Jeevan Plan 153
- Type of Plan: Pure Term Assurance Plan.
- Policy Term: Minimum 5 years and maximum 25 years.
- Eligibility Age: Entry age 18 years (completed) to 50 years (nearest birthday).
- Sum Assured: Minimum Rs 5,00,000 up to Rs 3,00,00,000.
- Death Benefit: On death during the term, the nominee receives the sum assured.
- Maturity Benefit: Nil (no payout on survival).
- Premium Payment: Annual or half-yearly premium options.
- Grace Period: 15 days grace period for premium payment.
- Tax Benefit: Premiums are eligible for deduction under relevant sections of the Income Tax Act.
How LIC Anmol Jeevan Plan 153 Works
The main objective is to ensure financial security for the policyholder’s family in case the policyholder dies during the policy term. The policyholder pays premiums regularly according to the chosen premium paying mode.
If the policyholder dies within the policy term and premiums are up to date, the nominee receives the sum assured as a lump sum. However, if the policyholder survives the term, no money is paid back since this is a pure risk plan without any maturity benefit.
Benefits of LIC Anmol Jeevan Plan 153
- Provides affordable life insurance coverage.
- Ensures financial protection for family members in case of untimely demise.
- No medical examination for standard lives within prescribed sum assured limits.
- Flexible policy tenure from 5 to 25 years suited to individual needs.
- Premiums qualify for tax benefits.
- Suitable for people seeking basic term cover without an investment or savings component.
Important Conditions and Restrictions
- The maximum age at policy maturity is 60 years.
- Suicide clause: If the insured commits suicide within 12 months from policy inception, the policy is void, and the premium paid (excluding taxes and extra premium) is refunded.
- Standard underwriting applies, including medical reports as necessary.
- Hazardous occupation exclusions apply; those with high-risk jobs with extra premiums exceeding Rs. 4 per 1000 sum assured were not eligible.
- The grace period for premium payments is 15 days for yearly or half-yearly premiums. If death occurs in the grace period, the sum assured is payable after deducting the due premium.
LIC Anmol Jeevan Plan 153 Calculator
Calculating premiums and benefits is essential for understanding the cost and coverage of the LIC Anmol Jeevan Plan 153. Though LIC no longer offers this plan, here’s a conceptual overview of how a calculator for this pure term plan would work based on historical information:
Inputs Required in the Calculator
- Age of the Applicant: Entry age between 18 to 50 years.
- Term of the Policy: 5 to 25 years as chosen by the insured.
- Sum Assured: Minimum Rs 5,00,000 upwards.
- Premium Payment Mode: Yearly, half-yearly, etc.
Calculation Outputs
- Annual or Half-Yearly Premium: The amount payable per premium mode.
- Death Benefit: sum assured is paid to the nominee on the policyholder’s death during the term.
- Maturity Benefit: Nil for this plan.
- Tax Benefits: Indicated for relevant sections.
How to Use the Calculator
- Enter your age.
- Select policy term in years.
- Input desired sum assured.
- Choose premium payment frequency.
- The calculator shows premium amounts and death benefits.
This helps potential buyers estimate their premium cost for given coverage and policy terms.
Why Consider a Term Plan Like LIC Anmol Jeevan?
Despite its withdrawal, LIC Anmol Jeevan Plan 153 represents the classic pure term insurance structure, which is still the foundation of many modern term policies. Choosing a pure term plan lets individuals secure high life cover at affordable premiums without any savings or investment component. This is ideal for those looking purely for financial protection with no returns besides the death benefit.
Current Alternatives to LIC Anmol Jeevan Plan 153
Since LIC Anmol Jeevan Plan 153 is withdrawn, customers seek similar protection plans. LIC offers modern term insurance plans such as
- LIC Tech-Term Plan
- LIC e-Term Plan
- LIC Anmol Jeevan II (Plan No. 822, UIN: 512N285V01)
These current LIC term plans provide enhanced features, online buying convenience, and competitive premium rates.
Frequently Asked Questions
What is LIC Anmol Jeevan Plan 153?
LIC Anmol Jeevan Plan 153 was a pure term insurance plan by LIC India offering affordable life cover without any maturity benefit. It provided a death benefit to the nominee if the policyholder died during the policy term.
What is the UIN of LIC Anmol Jeevan Plan 153?
The Unique Identification Number (UIN) for LIC Anmol Jeevan Plan 153 was 512N212V01.
When was LIC Anmol Jeevan Plan 153 launched?
The exact launch date is not publicly detailed, but the plan was offered before the early 2000s.
Is LIC Anmol Jeevan Plan 153 still available for purchase?
No, LIC withdrew this plan on 31st October 2003. It has been replaced by newer plans like LIC Anmol Jeevan-I (Plan No. 164).
What benefits did LIC Anmol Jeevan Plan 153 provide?
It provided a lump sum death benefit to the nominee if the policyholder died during the policy term; no maturity or survival benefit was payable.
Summary
LIC Anmol Jeevan Plan 153 (UIN 512N212V01) was a pure term insurance plan by LIC India focusing on providing affordable risk coverage without maturity benefits.
The plan was launched before the early 2000s and withdrawn on 31st October 2003 to make way for updated term plans. While no longer available, it represents a classic term insurance model where the nominee receives the sum assured if the insured dies within the policy period.