LIC Jeevan Shree-I (Plan 162) was a limited-payment endowment plan for large covers, withdrawn on 1 January 2014. It added ₹50 per ₹1,000 sum assured each year for the first five years as guaranteed additions, then bonuses. For a 30-year-old man with ₹10 lakh cover over 20 years, our estimate is ₹49,000 a year and about ₹19.25 lakh at maturity.
Jeevan Shree-I 162 Premium & Maturity Calculator
Your estimate
- Premium per instalment
- ₹49,000
- Total premium paid
- ₹9,80,000
- Guaranteed additions₹50 per ₹1,000 a year for 5 years
- ₹2,50,000
- Total bonus (estimated)
- ₹6,75,000
- Sum assured on deathplus guaranteed additions and bonuses accrued
- ₹10,00,000
- Age at maturity
- 50 years
- Total premium paid₹9,80,00051%
- Net gain₹9,45,00049%
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Jeevan Shree-I Plan 162?
LIC Jeevan Shree-I (Plan 162) was a with-profit, limited-payment endowment plan aimed at people buying large covers. It is remembered for one feature: guaranteed additions of ₹50 per ₹1,000 sum assured every year for the first five years, after which the policy earned normal LIC bonuses.
The plan was withdrawn on 1 January 2014. Holders of 20- and 25-year policies are still receiving their bonuses, and this page explains what those policies should pay at maturity.
Jeevan Shree-I 162 at a glance
| Feature | Details |
|---|---|
| Plan number | 162 |
| Plan type | Limited-payment, with-profit endowment |
| Policy terms (calculator) | 10, 15, 20 or 25 years |
| Premium paying term | Up to the policy term, depending on term |
| Entry age (calculator) | 18 to 50 years |
| Minimum sum assured | ₹5,00,000, in steps of ₹1,00,000 |
| Guaranteed additions | ₹50 per ₹1,000 a year, years 1 to 5 |
| Bonus | Simple reversionary bonus from year 6 |
| Status | Withdrawn on 1 January 2014 |
Old sources disagree on the exact entry ages and terms. The calculator covers the combinations its rate chart supports.
How the premium is estimated
The premium is a rate per ₹1,000 of sum assured, based on age and term. We made three improvements to the chart we started from:
- Shorter paying terms cost more. The original charged the same yearly rate whatever the paying term. We now load it using a standard 6% annuity factor, so paying a 10-year policy over 7 years costs about 32% more per year.
- Short terms were too cheap. With ₹250 of guaranteed additions per ₹1,000, the old 10- and 15-year rates implied 8–9% returns, which no traditional LIC plan paid. We raised those two columns by 18% and 10%.
- Women pay a little less. The calculator rates women three years younger, as LIC usually does.
Example: a 30-year-old man with ₹10,00,000 sum assured and a 20-year term paying for the full 20 years pays about ₹49,000 a year (₹9,80,000 in total). If he pays over 15 years instead, the premium rises to ₹57,868 and the total falls to ₹8,68,020.
Maturity benefit
At maturity the policyholder receives:
- the basic sum assured;
- guaranteed additions of ₹50 per ₹1,000 for five years;
- simple reversionary bonuses from year 6 to maturity; and
- any final additional bonus declared.
For the example above, at a ₹45 bonus rate the maturity value is about ₹19,25,000: ₹10 lakh sum assured, ₹2.5 lakh guaranteed additions and ₹6.75 lakh bonus. A 35-year-old with ₹5 lakh over 15 years, paying monthly, pays ₹3,040 a month and can expect about ₹8,50,000 at maturity.
Tip: your yearly bonus statements show the bonus declared for your policy. Enter that rate in the calculator for a closer estimate than our ₹45 default.
Death benefit
On death during the term, the nominee receives the basic sum assured plus all guaranteed additions and bonuses accrued up to then. Because of the limited paying term, full cover continues after premiums stop.
Surrender, loans and tax
The policy acquires a surrender value after the minimum premium period, and loans are available against it. Check what an early exit would pay with the surrender value calculator. Maturity is generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)). Receipts from before 22 September 2025 may show GST; individual life premiums are now GST-exempt.
What replaced Jeevan Shree-I?
LIC’s later plan for large covers was Bima Shree, a money back plan with guaranteed additions. See Bima Shree 948 and its current version, Bima Shree 748. For a regular endowment today, see New Endowment Plan 714.
How to use this calculator
- Choose gender, age, policy term and premium paying term.
- Enter the sum assured and premium mode.
- Adjust the bonus rate if your statements show a different figure.
- Read the premium, guaranteed additions, total bonus and maturity value.
Frequently asked questions
Is LIC Jeevan Shree-I Plan 162 still available?
No. LIC withdrew Jeevan Shree-I on 1 January 2014, along with many older plans, when new IRDA product rules came in. Existing policies continue with their original guaranteed additions and bonuses until maturity.
What are the guaranteed additions in Jeevan Shree-I?
For the first five policy years, LIC adds ₹50 per ₹1,000 sum assured each year. On ₹10 lakh cover, that is ₹50,000 a year and ₹2,50,000 in total, whatever the bonus rates turn out to be later.
How is the maturity amount of Jeevan Shree-I calculated?
Maturity amount = basic sum assured + guaranteed additions for five years + simple reversionary bonuses from year six + any final additional bonus. For ₹10 lakh over 20 years with a ₹45 bonus, that is about ₹19.25 lakh.
What premium paying terms did Jeevan Shree-I offer?
The rate chart we use allows 7 or 10 years for a 10-year term, 10 to 15 for 15 years, 12 to 20 for 20 years and 15 to 25 for 25 years. A shorter paying term means a higher yearly premium.
What is the minimum sum assured for Jeevan Shree-I?
It was designed for larger covers. The minimum basic sum assured was ₹5 lakh, rising in steps of ₹1 lakh, with no upper limit subject to underwriting.
What does the nominee get on death?
The nominee receives the basic sum assured plus the guaranteed additions and bonuses accrued up to the date of death, as long as the policy was in force.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.