LIC Plan 133 Maturity Calculator: Plan Your Financial Future
Welcome to your complete guide to LIC’s Jeevan Mitra Triple Cover plan (Table 133)! If you’re looking for a reliable insurance plan that offers triple protection on death along with savings, you’re in the right place. Let’s explore how this plan works and calculate your potential returns.
LIC Plan 133 Maturity Calculator
Use this interactive calculator to estimate your maturity benefits. Adjust the values based on your situation to see how much you could receive.
Your Estimated Returns
Understanding LIC Jeevan Mitra Triple Cover Plan
LIC Jeevan Mitra Triple Cover is a non-linked, with-profits endowment plan that offers enhanced protection with triple death benefit and savings. It’s designed to provide superior financial security to your family in case of your unfortunate demise while also helping you build a corpus for your future goals.
What makes Jeevan Mitra special is its triple cover on death, providing three times the sum assured plus bonuses in case of death, while on maturity, it pays the sum assured plus bonuses. This makes it an excellent choice for those seeking higher protection with savings.
Key Features at a Glance
- Death Benefit: Thrice sum assured plus bonuses in case of unfortunate demise
- Maturity Benefit: Sum assured plus accrued bonuses on survival till maturity
- Bonus Participation: Eligible for LIC’s declared bonuses
- Loan Facility: Can avail loan against the policy after acquiring surrender value
- Tax Benefits: Premiums eligible for tax deduction under Section 80C
How Does LIC Jeevan Mitra Work?
Let me break down how this plan works in simple terms that anyone can understand.
When you purchase a Jeevan Mitra policy, you commit to paying regular premiums for the chosen policy term. In return, LIC provides you with:
- Enhanced Life Cover: Your family receives three times the sum assured plus bonuses if something happens to you during the policy term
- Savings Component: Your premiums build savings through bonuses declared by LIC
- Maturity Benefit: If you survive the policy term, you receive the sum assured plus all accrued bonuses
The plan essentially offers high protection while helping you save regularly for the future.
Breaking Down the Calculator Results
Now that you’ve used the calculator, let me explain what each of those numbers means for your financial planning.
The maturity amount you see is composed of several elements:
- Basic Sum Assured: This is the guaranteed amount you’ll receive at maturity
- Simple Reversionary Bonuses: These are annual bonuses declared by LIC that get added to your policy
- Final Additional Bonus: This is an extra bonus paid at maturity based on the policy term
It’s important to remember that while the sum assured is guaranteed, bonuses depend on LIC’s performance. The calculator uses historical bonus rates to give you a realistic estimate.
Benefits of Choosing Jeevan Mitra Triple Cover
| Benefit | Description | Impact on Your Finances |
|---|---|---|
| Enhanced Protection | Triple sum assured on death | Greater security for your family |
| Forced Savings | Regular premium payments build corpus | Disciplined approach to wealth creation |
| Bonus Accumulation | Participation in LIC’s profits | Enhanced returns over the policy term |
| Loan Facility | Option to take loan against policy | Financial flexibility during emergencies |
| Tax Benefits | Deductions under Section 80C and 10(10D) | Reduced tax liability |
Who Should Consider Jeevan Mitra?
This plan isn’t for everyone, but it’s perfect for specific financial situations. You might find it particularly beneficial if:
- You’re a young professional seeking higher life cover
- You want to combine enhanced insurance protection with savings
- You prefer the safety of traditional insurance plans over market-linked products
- You’re looking for a disciplined way to save for long-term goals
- You want to create a strong financial safety net for your family
However, if you’re nearing retirement or seeking very high returns, you might want to explore other options alongside this plan.
FAQs About LIC Plan 133 Maturity Calculator
Jeevan Mitra Triple Cover is an endowment plan that provides triple death benefit, unlike standard endowment plans that offer single or double cover. Compared to term plans, it includes maturity benefit. It’s simpler than ULIPs with no market risk but bonus additions.
Yes, after 3 full years of premiums, you can surrender. Surrender value includes guaranteed 30% of premiums paid excluding first year, plus any bonuses. However, early surrender means lower benefits than maturity.
Bonuses are declared annually per ₹1000 sum assured based on LIC’s performance. Simple reversionary bonuses accumulate and are guaranteed once declared. Final additional bonus may be paid at maturity or death.
The policy lapses after grace period (30 days for monthly, 15 for others). You can revive within 5 years by paying arrears with interest and meeting conditions.
It depends on age, sum assured, and health declaration. For younger ages and lower sums, may not be needed. For higher coverage or medical issues, examination may be required. Consult your agent.
Tips for Maximizing Your Jeevan Mitra Returns
To make the most of your Jeevan Mitra policy, consider these practical strategies:
- Start Early: Lower premiums for same coverage when young
- Choose Adequate Sum Assured: Enough to cover family’s needs with triple protection
- Opt for Yearly Premiums: Usually cheaper
- Never Miss Premiums: Auto-debit to avoid lapse
- Review Periodically: Adjust coverage as needed
- Keep Documents Safe: Inform nominee about policy
Final Thoughts
LIC Jeevan Mitra Triple Cover offers enhanced protection with savings, ideal for risk-averse individuals seeking higher death cover. While returns may vary, its guarantees make it reliable.
The calculator provides estimates; actual bonuses depend on LIC’s performance.
Consult a financial advisor for personalized advice.
Smart planning with tools like Jeevan Mitra secures your future!