LIC Jeevan Saral

LIC Jeevan Saral Plan has been withdrawn by LIC and is not available for sale and purchase.

It is basically an Endowment Assurance plan under which the proposer has simply to choose the amount and mode of premium payment. The plan comes out with the needful financial protection support death throughout the term of the plan. The death benefit is directly related to the premiums paid. 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. It also offers the flexibility of term and a lot of liquidity.

Under this plan, the premium amount will be decided by the insured person and he/she will get almost 250 times the monthly premium as Sum Assured. If the insured person survives the entire tenure then he/she would be liable to receive Maturity Sum Assured + Loyalty Additions. The Maturity Sum Assured depends on different entry ages and policy term and is specified at the beginning of the policy.

Now, if the case where the insured dies within the policy tenure then his nominee would receive the Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition if any.

Thus, the Death Benefit would be the same irrespective of the age of entry and policy term since it depends only on the chosen premium amount but the Maturity Benefit would differ according to the varied age of entry and policy term.

LIC Jeevan Saral - Key Features

It offers certain flexibilities unlike other endowment plans and hence is a Special Plan

The policyholder is allowed to select the premium amount and Sum Assured gets determined thereafter
The policy will allow partial surrender from 4th year onwards subject to certain terms and conditions
Under the same, the policyholder would be liable to choose a flexible term for premium payment
Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount.
You will get death benefit+ Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition.
Maturity Benefit is Maturity Sum Assured + Loyalty Additions if any.
Partial surrender of the policy is allowed after the 3rd policy year.
You will get the extended risk cover for one year after 3 years premium payment.
Optional higher cover through Term Rider and Accidental Death and Disability Benefit.
You can select a maximum term but can surrender at any time without any surrender penalty or loss after 5 years.
Loyalty Additions are there from 10th policy year onwards

LIC Jeevan Saral - Benefits

1. Death Benefit

You will get around 250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first-year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.

2. Maturity Benefit

The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum.

3. Income Tax Benefit

Premiums paid are exempted from income tax-free for Jeevan Saral policy under Sec 80 C. The maturity proceeds of Jeevan Saral are also exempted from tax under Section 10 (10D).

4. Supplementary/Extra Benefits

They are basically the optional benefits which can be added to the basic plan for extra protection/option. An additional premium is required to be paid for these benefits.

5. Premiums

Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.

6. Loyalty Additions

This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.

7. 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 the 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.

8. 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.

LIC Jeevan Saral - Eligibility Criteria

Sum assured is minimum 250 times of the monthly premium.
Minimum policy term is 10 years and the maximum is 35 years. (The Basic Sum Assured shall be in multiples of Rs. 5000/-)
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 the maximum age is 60 years.
There is no minimum age at maturity but the maximum age is 70 years.
The 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 annual, half-yearly, quarterly and monthly.

	Minimum	Maximum
Sum Assured (in Rs.)	250 times Monthly Premium
Policy Term(in years)	10	35
Premium Payment Term (in years)	10	35
Entry Age of Policyholder (last birthday)	12	60
Age at Maturity (last birthday)	-	70 years
Monthly Premium (in Rs.)	For Age 12 to 49 years: Rs.250/-	Rs. 10,000/-
Monthly Premium (in Rs.)	For Age 50 to 60 years: Rs.400/-	Rs. 10,000/-
Payment modes	Yearly, Half-yearly, Quarterly, Monthly and SSS

What happens if?

In case you stop the premium payment- If you stop the premium payment after 3 policy years then the policy would be able to acquired a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

Surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value=30% of all premiums paid – 1st year’s premium
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.

Illustration of LIC Jeevan Saral Plan

	@6%loyalty	@10%loyalty
Maturity Benefit	200296	346296
Death Benefit	280200	426200

The above mentioned table is according to a Male of 35 years (non-tobacco user) opting for a Annual Premium=Rs. 4704 and Policy Term=25 years respectively.

Premium Details

Entry age as on last birthday	35
Maturity age	60
Premium paying frequency	Annually
Premium amount	4704
Mode of premium payment	Yearly, half yearly, quarterly, SSS

Details Sum Assured

Age at entry: 35 years
Policy term: 25 years
Mode of premium payment: Yearly
Amount of annual premium: Rs.4704/-

End Of Policy Year	Total Premium paid till end of year	Guaranteed Amount payable at the end of year on death during the year (Rs.)	Scenario 1Amount payable at the end of year on death during the year (Rs.)	Scenario 2Amount payable at the end of year on death during the year (Rs.)	Scenario 1Amount payable at the end of year on death during the year (Rs.)	Scenario 2Amount payable at the end of year on death during the year (Rs.)
1	4704	100000	0	0	100000	100000
2	9408	104800	0	0	104800	104800
3	14112	109600	0	0	109600	109600
5	23520	119200	0	0	119200	119200
6	28224	124000	0	0	124000	124000
7	32928	128800	0	0	128800	128800
8	37632	133600	0	0	133600	133600
9	42336	138400	0	0	138400	138400
10	47040	143200	7000	18000	150200	161200
15	70560	167200	13000	41000	180200	208200
20	94080	191200	30000	100000	221200	291200
25	117600	215200	65000	211000	280200	426200

End Of Policy Year	Total Premium paid till end of year	Guaranteed Amount payable at the end of year on death during the year (Rs.)	Scenario 1Amount payable at the end of year on death during the year (Rs.)	Scenario 2Amount payable at the end of year on death during the year (Rs.)	Scenario 1Amount payable at the end of year on death during the year (Rs.)	Scenario 2Amount payable at the end of year on death during the year (Rs.)
1	4704	0	0	0	0	0
2	9408	0	0	0	0	0
3	14112	8099	0	0	8099	8099
4	18816	12942	0	0	12942	12942
5	23520	18660	0	0	18660	18660
6	28224	23180	0	0	23180	23180
7	32928	27856	0	0	27856	27856
8	37632	32744	0	0	32744	32744
9	42336	37892	0	0	37892	37892
10	47040	43360	7000	18000	50360	61360
15	70560	75200	13000	41000	88200	116200
20	94080	106124	30000	100000	136124	206124
25	117600	135296	65000	211000	200296	346296

This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view

LIC Jeevan Saral Maturity Calculator

LIC Jeevan Saral Plan 165 Maturity Calculator is a tool that helps policyholders to calculate the maturity benefits they can receive at the end of the policy term. It is an online calculator that uses specific information such as the policy term, premium payment term, age of the policyholder, sum assured, and other details to calculate the maturity benefits.

The calculator is user-friendly and easy to use. Policyholders can enter the required details and get an estimate of the maturity benefits they can receive at the end of the policy term. The calculator also takes into consideration the loyalty additions that policyholders can earn over the years.It is an easy-to-use, online tool that helps policyholders plan their investments better and achieve their financial goals. To use the LIC Jeevan Saral Maturity Calculator, policyholders need to follow these simple steps:

Step 1: Visit the LIC website and navigate to the Jeevan Saral Maturity Calculator page.

Step 2: Enter the policy term, premium payment term, age of the policyholder, sum assured, and other relevant details as required.

Step 3: Click on the "Calculate" button to get an estimate of the maturity benefits.

Step 4: Review the results and make any changes to the input details if necessary.

Step 5: Once satisfied with the results, policyholders can download the maturity benefit calculation report for their records.

Using the LIC Jeevan Saral Plan (165) Maturity Calculator, policyholders can plan their finances better and make informed decisions about their investments. They can use the calculator to explore different scenarios by changing the input details and comparing the results to find the optimal policy term and premium payment term.

Exclusions in Jeevan Saral Plan

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.

Documents required for Jeevan Saral Plan

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.

LIC Jeevan Saral: FAQ's

1. What is LIC Jeevan Saral Plan?

LIC Jeevan Saral is a unique and flexible insurance plan offered by the Life Insurance Corporation of India (LIC). It is a non-linked, non-participating, and with-profit plan that provides life coverage and savings benefits. The policy offers a range of benefits, including death benefits, maturity benefits, and loyalty additions, to cater to the insurance and investment needs of policyholders.

2. Who can buy LIC Jeevan Saral Plan-165?

LIC Jeevan Saral Plan is available to individuals aged 35 years to 60 years who are looking for a comprehensive insurance and savings plan. The plan is suitable for individuals who want to secure their family's financial future in the event of their untimely demise while also building a corpus for their long-term financial goals.

3. What are the policy term options available under LIC Jeevan Saral (Plan-165)?

Policyholders can choose the policy term from a minimum of 10 years to a maximum of 35 years, depending on their insurance and investment needs. The premium payment term for the policy is flexible, and policyholders can choose to pay premiums monthly, quarterly, half-yearly, or annually.

4. What is the surrender value of the LIC Jeevan Saral Plan?

Policyholders can surrender the policy at any time during the policy term, the condition is that the policy must be in force for at least three years. The surrender value payable is 30% of the total premiums paid, depending on the policy term and premium payment term. However, surrendering the policy before the end of the policy term may result in a lower surrender value.

5. What is the special surrender value in LIC Jeevan Saral (Plan-165)?

The Surrender value means money that an insurance policyholder is entitled to receive from the insurance company when they terminate their policy before its maturity date. For LIC Jeevan Saral (Plan-165) surrender value is:

After three years have elapsed and all premiums have been paid, 80% of the Sum Assured is paid.
Once 4 or more years have elapsed and all premiums have been paid, 90% of the Sum Assured is paid.
Once 5 years or more of premiums have been paid, 100% of the Sum Assured is paid.

6. Is there a free look period for LIC Jeevan Saral Plan?

Yes, LIC Jeevan Saral Plan comes with a 15-day free look period, during which policyholders can review the policy terms and conditions and return the policy if they are not satisfied with the terms and conditions. The premium paid will be refunded after deducting any expenses incurred by LIC in issuing the policy.

7. How can one buy LIC Jeevan Saral Plan?

Individuals can buy LIC Jeevan Saral Plan through any LIC branch or online through the LIC website. The application process is simple and requires individuals to fill in the proposal form and submit the necessary documents.

8. What is the additional rider benefit of the LIC Jeevan Saral Policy?

The LIC Jeevan Saral offers add-on rider benefits, with a minimum sum assured amount of Rs. 1 lakh and maximum sum assured amount of Rs. 25 lakhs. Additionally, the plan offers accidental death and disability benefits, under which an additional sum assured amount is given to the policy beneficiary in the event of the insured person's unintentional death.