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LIC Jeevan Saral is an endowment plan where the policyholder has to simply choose between the amount and premium payment mode. This plan also provides protection against death throughout the term of the plan. Here the family of the assured is eligible to receive death benefits throughout the term of the policy, where the benefits are subject to the amount of premium paid. This plan offers double death benefit of sum assured along with return of premium. This policy offers a lot of liquidity and flexibility of term. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term.
This policy provides multiple premium payment options. Premiums for this plan cane paid either annually, half-yearly, quarterly or monthly which can get deducted from his / her salary throughout the term of the policy.
LIC Jeevan is a plan with profits. It has a lot of benefits which add on to the profits of the insurance company. It offers profits to the policyholder in the form of loyalty benefits, which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty benefits are paid from 10th year onwards based on the experience of the company.
Maturity benefit: At the maturity of the this policy, the assured gets maturity sum assured depending on the age of entry and policy term plus loyalty benefits, if any.
Death benefit: In case of the death of the policyholder, the family of the of policyholder receives a lump sum amount as long as the policy term continues, which is 250 times the premium paid on monthly basis along with the loyalty additions. Here the return of premium excludes extra or rider premium along with first year premium.
Income tax benefit: In this policy the premiums are exempted from income tax under section 80c. Under this policy the maturity proceeds of Jeevan Saral are also exempted from under section 10 (10D).
Guaranteed surrender: If the policyholder surrenders this policy, then the guaranteed surrender value is calculated to be 30% of the premium paid in total, which excludes the premium paid for he first year and additional payments for rider benefits. This policy can only be surrendered after the completion of 3 years.
Special surrender value: 80% of Maturity Sum Assured if 3 or more years but less than 4 years premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years premiums have been paid.
Surrender value: Buying a life insurance contract is a long-term commitment.Surrender values are available on earlier termination of the contract.The surrender value will be the greater of the guaranteed surrender value and special surrender.
Loan benefit: Loan facility is available under this policy.
House loan surety: House loan facility is also available under this plan.
Extended risk cover is available from 1 year after 3 years of premium payment.
Optional high cover through term rider and accidental disability and death benefit is also available.
Riders- There are 2 additional riders available:
Term Rider- The minimum and maximum age at entry will be 18 and 50 years respectively and the minimum Sum Assured will be Rs.1 lakh upto a maximum of Rs 25 lakhs.
Accidental Death and Disability Benefit.
Sum assured is minimum 250 times of the monthly premium.
Minimum policy term is 10 years and maximum is 35 years.
Minimum premium payment term is 10 years whereas the maximum term for premium payment is 35 years.
Minimum entry age for a policyholder is 12 years and maximum age is 60 years.
There is no minimum age at maturity but the maximum age is 70 years.
Monthly premium for the age group of 12 years to 49 years is Rs. 250/-, for the age group of 50 years to 60 years is Rs. 400/-.
Maximum monthly premium is Rs. 10,000 /- .
Payment modes available are annually, half-yearly, quarterly and monthly.
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy,the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
In order to avail this policy the assured needs to provide with a umber of documents. The policyholder also needs to provide with medical details along with address proof and KYC documents. In some specific cases medical tests may also be required depending upon sum assured and the age of the assured.