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Overview
LIC Jeevan Saral is an Endowment Assurance plan where the proposer chooses the premium amount and mode of payment. The plan provides financial protection in case of death throughout the policy term. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the entry age of the life assured and is payable upon survival to the end of the policy term. It also offers flexible terms and liquidity.
Under this plan, the insured person decides the premium amount and will receive approximately 250 times the monthly premium as Sum Assured. If the insured survives the entire tenure, they will receive the Maturity Sum Assured plus Loyalty Additions. The Maturity Sum Assured depends on different entry ages and policy terms, and is specified at the beginning of the policy.
If the insured dies within the policy tenure, their nominee will receive the Sum Assured plus return of premiums (excluding first-year and extra/rider premiums), along with any Loyalty Addition.
Benefits of LIC Saral Jeevan Bima Plan
- Maturity Benefits
- Death Benefits
- Home Loan Surety
- Loan Facility
- Loyalty Additions
How to Buy LIC Jeevan Saral Plan Online (PolicyX.com)
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), then proceed to pay.
Benefits of LIC Jeevan Saral
There are various benefits to buying the LIC Jeevan Saral Plan. Let's understand each of them in detail:
- Death Benefits: You will receive approximately 250 times the monthly premium, along with any loyalty additions and return of premiums (excluding first-year and extra/rider premiums), payable in a lump sum upon the death of the life assured during the policy term.
- Maturity Benefit: The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum.
- Loyalty Additions: This is a with-profit plan and participates in the Corporation’s life insurance business profits. It receives a share of these profits as loyalty additions, which are terminal bonuses payable with the death or maturity benefit.
- Supplementary/Extra Benefits: These are optional benefits that can be added to the basic plan for extra protection. An additional premium is required for these benefits.
Surrender Value
Buying a life insurance contract is a long-term commitment. Surrender values are available upon earlier termination of the contract. The surrender value will be the greater of the guaranteed surrender value.
Loan Benefit
Loan facility is available under this policy.
Home Loan Surety
Home loan facility is also available under this plan.
Tax Benefits
LIC Jeevan Saral Plan offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961, for up to 1.5 lakhs of the total premium paid in the same financial year.
How to Buy LIC Jeevan Saral Plan Online (LIC Website)
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Jeevan Saral Plan'.
- Click on 'Buy Online' to be redirected to a new page.
- Enter your name and contact information. A representative will reach out to discuss quotes.
- Once discussed, you can make the premium payment and receive the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Instead, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Jeevan Saral Plan
Here is the list of documents required to buy the LIC Jeevan Saral Plan:
- Photo ID Proof: Any one of these: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Any one of these: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Any one of these: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records (if requested).
- Income Proof: Any one of these: Bank statement, last three months' salary slips (if salaried).
Plan at a Glance
| What's Good Here | What's Missing |
|---|---|
| Maturity Benefits | Premium Offset |
| Death Benefits | High sum assured rebate |
| Loyalty Additions | Auto cover continuance |
| Loan Facility | Top-up premium |
In a Nutshell
If you are looking for an endowment plan that can provide financial security during your retirement years, you can consider buying LIC Saral Jeevan Bima Plan. This plan offers death benefits and maturity benefits. If you are still confused about whether this plan is right for you, you can contact us at PolicyX.com.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
