LIC Plan 178 Maturity Calculator: Your Guide to Jeevan Tarang

Hey friends! Have you ever faced difficulties with figuring out your LIC Plan 178 returns? Many people find insurance calculations confusing. This often leads to poor financial decisions. But don’t worry! LIC Plan 178 Maturity Calculator comes to your solution. This calculator tool helps you estimate potential returns easily. 

Let’s dive into how this calculator can simplify your insurance planning and help you make informed choices.

Brief overview of the plan LIC Plan 178 (Jeevan Tarang)

LIC Plan 178, also known as Jeevan Tarang, offers a unique blend of insurance and investment. This whole-life plan provides annual survival benefits after a chosen accumulation period.

Understanding LIC Plan 178 Maturity Calculator

Purpose of the maturity calculator: LIC Plan 178 Maturity Calculator helps estimate potential returns on your policy. It considers various factors to provide a projection of your maturity amount.

How it helps policyholders

This calculator helps you to:

1. Plan finances better.
2. Compare different policy options.
3. Make informed decisions about your insurance investment.

Factors Affecting LIC Plan 178 Maturity Amount

• Sum Assured: Your chosen sum assured directly impacts the maturity amount. A higher sum assured generally leads to larger returns.

Accumulation Period

• 10-year option: This short-term option suits those seeking quicker returns.
• 15-year option: A balanced choice for medium-term financial goals.
• 20-year option: Ideal for long-term wealth accumulation and maximizing benefits.

Premium Payment Term

You can opt for a single premium, regular payments, or a 6-year term. Each option affects your final maturity amount differently.

Age at Entry

Your age when purchasing policy influences premium amounts and potential returns.

Premium Payment Mode

Choose from yearly, half-yearly, quarterly, or monthly modes. Each impacts your overall investment differently.

How to Use the LIC Plan 178 Maturity Calculator

Step-by-step guide

1. Locate the Plan 178 calculator (you can find the top on this page)
2. Enter required details
3. Click ‘Calculate’
4. Review the projected maturity amount

Input parameters

Key inputs include:

• Sum assured
• Premium payment term
• Accumulation period
• Age at entry
• Premium payment mode

Interpreting the results

Results show the estimated maturity amount, including bonuses.

N.B: Remember, these projections aren’t guaranteed but provide a helpful estimate.

Components of LIC Plan 178 Maturity Benefit

• Guaranteed Benefits: These include the sum assured and guaranteed additions, providing a secure base return.

• Simple Reversionary Bonuses: Annual bonuses declared by LIC are added to your policy over time.

• Loyalty Additions: Extra bonuses reward long-term policyholders, enhancing overall returns.

Sample Calculations Using LIC Plan 178 Maturity Calculator

Example 1: Single Premium Option

For a 35-year-old opting for ₹1,00,000 sum assured with 10-year accumulation:

• Single Premium: ₹75,600
• Estimated Maturity Benefit: ₹1,44,500 (at 6% projected rate)

Example 2: Regular Premium Option

For a 35-year-old choosing ₹1,00,000 sum assured with 15-year accumulation:

• Annual Premium: ₹6,997
• Estimated Maturity Benefit: ₹1,44,500 (at 6% projected rate)

Advantages of Using LIC Plan 178 Maturity Calculator

• Accurate financial planning: This helps set realistic expectations and plan your finances accordingly.

• Comparing different scenarios: Easily compare various policy options to find the best fit for your needs.

Additional Benefits of LIC Plan 178

• Survival Benefits: Receive annual payouts after the accumulation period ends.

• Death Benefits: Provides financial security to your family in case of unfortunate events.

Rider Options

• Accident Benefit Rider: Offers extra coverage for accidental death or disability.

• Term Assurance Rider: Provides additional life cover at affordable rates.

• Critical Illness Rider: Offers financial protection against specified critical illnesses.

Tax Benefits Under LIC Plan 178

1. Premium deduction under Section 80C: Premiums paid qualify for tax deductions up to ₹1.5 lakhs annually.
2. Tax-free maturity benefits under Section 10(10D): Maturity proceeds are typically tax-free, enhancing your overall returns.

Tips for Maximizing Returns with LIC Plan 178

• Choosing the right accumulation period: Select based on your long-term financial goals and risk appetite.

• Selecting the appropriate premium payment term: Consider your current and future income potential when deciding.

• Opting for suitable rider benefits: Enhance your policy’s value by adding relevant riders matching your needs.

Conclusion

LIC Plan 178 Maturity Calculator proves an invaluable tool for smart financial planning. It simplifies complex calculations, helping you make informed decisions. Remember, while projections provide guidance, actual returns may vary. Always consult a financial advisor for personalized advice.

Related Calculator:

• LIC Plan 133 Maturity Calculator

Frequently Asked Questions (FAQs)

What is LIC Plan 178 (Jeevan Tarang)?

Jeevan Tarang offers a mix of insurance and investment with flexible options and whole-life coverage.

How does the LIC Plan 178 Maturity Calculator work?

It uses your inputs like sum assured, age, and premium details to estimate potential returns.

Can I change my premium payment mode after purchasing LIC Plan 178?

Yes, LIC generally allows mode changes on policy anniversaries, subject to terms and conditions.

What happens if I stop paying premiums for LIC Plan 178?

Your policy may lapse or convert to paid-up status, depending on premiums paid and policy terms.

Are the bonuses shown in the maturity calculator guaranteed?

No, bonuses are projections based on past performance and are not guaranteed.

Can I surrender my LIC Plan 178 policy before maturity?

Yes, but surrender values vary based on policy duration and terms.

How is the loyalty addition calculated in LIC Plan 178?

Loyalty additions depend on LIC’s performance and are typically higher for longer-term policies.

Is there a loan facility available with LIC Plan 178?

Yes, LIC offers a loan facility against this policy, subject to terms and conditions.

What is the minimum and maximum entry age for LIC Plan 178?

Entry age ranges from 0 to 60 years, depending on the chosen accumulation period.

How can I check the status of my LIC Plan 178 policy?

Visit LIC’s official website, use their mobile app, or contact your nearest LIC branch for policy status.