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Lic 15 Years Plan Calculator

Reviewed by Calculator Editorial Team

The LIC 15 Years Plan is a popular life insurance policy in India that provides a guaranteed maturity benefit after 15 years. This calculator helps you estimate your potential returns based on your investment amount, premium payment term, and assumed interest rate.

How the LIC 15 Years Plan Works

The LIC 15 Years Plan is a non-linked, participating endowment policy that offers:

  • A guaranteed maturity benefit after 15 years
  • Participating benefits that depend on the performance of the insurance company's portfolio
  • Flexible premium payment options (yearly, half-yearly, quarterly, or monthly)
  • Option to surrender the policy before maturity

Key Features

  • Guaranteed maturity benefit is calculated based on the sum assured and the policy term
  • Participating benefits are calculated based on the insurance company's portfolio performance
  • Premiums are paid for a specified term (usually 15 years)

The policy provides financial security to your family in case of your untimely death, as well as a lump sum amount at the end of the policy term if you survive.

How to Use This Calculator

To use the LIC 15 Years Plan calculator:

  1. Enter your desired sum assured amount
  2. Select your premium payment term (yearly, half-yearly, quarterly, or monthly)
  3. Enter the number of years you want to pay premiums
  4. Enter the assumed annual interest rate (based on historical data or market expectations)
  5. Click "Calculate" to see your estimated returns

Note

This calculator provides estimates based on the inputs you provide. Actual returns may vary depending on market conditions and the insurance company's performance.

Formula Used

The calculator uses the following formula to estimate the maturity benefit:

Maturity Benefit Calculation

Maturity Benefit = Sum Assured + (Sum Assured × Interest Rate × Policy Term) / 100

Where:

  • Sum Assured = The amount you want to be covered
  • Interest Rate = The assumed annual interest rate
  • Policy Term = The number of years you want to pay premiums

This formula provides a simplified estimate of the maturity benefit. The actual maturity benefit may vary depending on the insurance company's performance and other factors.

Worked Example

Let's say you want to calculate the maturity benefit for a LIC 15 Years Plan with the following details:

Example Calculation

  • Sum Assured: ₹5,00,000
  • Premium Payment Term: Yearly
  • Policy Term: 15 years
  • Assumed Annual Interest Rate: 5%

Using the formula:

Calculation Steps

Maturity Benefit = ₹5,00,000 + (₹5,00,000 × 5% × 15) / 100

= ₹5,00,000 + (₹5,00,000 × 0.05 × 15) / 100

= ₹5,00,000 + ₹37,500

= ₹5,37,500

So, the estimated maturity benefit for this example is ₹5,37,500.

Frequently Asked Questions

What is the LIC 15 Years Plan?
The LIC 15 Years Plan is a life insurance policy that provides a guaranteed maturity benefit after 15 years. It also offers participating benefits based on the insurance company's portfolio performance.
How is the maturity benefit calculated?
The maturity benefit is calculated based on the sum assured, the policy term, and the assumed interest rate. The formula used is: Maturity Benefit = Sum Assured + (Sum Assured × Interest Rate × Policy Term) / 100.
Can I surrender the policy before maturity?
Yes, you can surrender the policy before maturity, but you will receive a surrender value that is less than the sum assured. The surrender value is calculated based on the number of years you have paid premiums.
What are the premium payment options?
The premium payment options for the LIC 15 Years Plan are yearly, half-yearly, quarterly, or monthly. You can choose the option that best suits your financial situation.
Is the maturity benefit guaranteed?
The guaranteed maturity benefit is calculated based on the sum assured and the policy term. The participating benefits, however, depend on the insurance company's portfolio performance.