LIC Jeevan Saral

LIC or popularly known as the Life Insurance Corporation of India is growing immensely as an insurance company for the past few decades. So much so that apart from Indian residents, Non-Indian Residents (NRIs) are also getting attracted to buy LIC policies that fulfill their objectives. One such safe policy that ensures a family's financial security is the LIC Jeevan Saral policy.

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LIC Jeevan Saral is an endowment plan in which the policyholder has the option to select the premium amount as well as the mode of premium payment. In case of the demise of the policyholder during the policy tenure, the family/ nominee is eligible to receive the death benefits. Maturity benefit is also available depending upon the sum assured and entry age of the policyholder. It is paid only after the completion of the survival period at the end of the policy tenure. LIC has currently withdrawn from this plan.

LIC Jeevan Saral Features

The main objective of LIC Jeevan Saral is to provide a financial cushion to the family or nominee of the policyholder during their untimely demise. Apart from financial security, it offers other additional benefits like modes of premium payment, premium payment flexibility, and profit-sharing additions. 

  1. Payment of Premium

    An endowment plan, LIC Jeevan Saral comes with more than one premium payment mode, that is, Annually, Half-Yearly, Quarterly, and Monthly. The amount of the premium is automatically deducted from the policyholder’s salary till the complete policy tenure or death of the policyholder, whichever earlier.

  2. Profit-Sharing Benefit

    LIC Jeevan Saral comes with a contribution to the profit benefit. This means that the policyholder will have a share in profits under the loyalty addition benefit in which a terminal bonus along with death and maturity benefit is payable. Profit-sharing benefits or loyalty benefit additions are generally paid from the 10th year, depending on the growth of the corporation.

  3. Riders:

    LIC Jeevan Saral plan comes with 2 additional riders:

    • Term Rider
    • Accidental Disability and Death Benefit Rider

Benefits of LIC Jeevan Saral

  1. Death Benefit:

    A lump sum amount is payable under the death benefit to the family of the demised policyholder only if the policy is still in force. The death benefit is 250 X of monthly premium paid + profit sharing benefits (if any) + Premium returns. Premium returns do not include 1st-year premium payment.

  2. Maturity Benefit:

    Maturity benefit is the lump sum of Sum assured + the profit sharing benefit (if any) that is to be paid to the policyholder during the time of maturity of the policy.

  3. Surrender Value of LIC Jeevan Saral:

    Buying life insurance is a commitment for life. LIC Jeevan Saral, however, comes with a surrender value option if the policyholder is willing to terminate the policy before maturity. Surrender value is always higher than the special and guaranteed surrender value. Partial surrender is also provided in this policy. Surrender value can be calculated through the surrender value calculator. 

  4. Guaranteed Surrender

    The LIC Jeevan Saral policy can be surrendered after the completion of 3 years of the policy commencement only. Guaranteed surrender value is 30% X of the total premium amount paid till the date of surrender. It excludes premiums paid in the first year + additional rider payments made if any. 

  5. Special Surrender:

    More than 3 years but less than 4 years (all premiums duly paid): 80% of sum assured

    More than 4 years but less than 5 years (all premiums duly paid): 90% of sum assured

    After completion of 5 years (all premiums duly paid): 100% of sum assured

  6. Additional Benefits

    Both the rider benefits offered under the LIC Jeevan Saral plan are as follows:

    Term rider: offers a minimum of Rs. 1 lakh sum assured and a maximum Rs. 25 lakh sum assured. Accidental disability and death benefit: Under this, an extra assured amount is payable to the nominee of the policyholder in case of their untimely demise.

LIC Jeevan Saral – Eligibility Criteria

Eligibility conditions and other restrictions under the LIC Jeevan Saral plan are as follows:



Age  at Entry

35 years 

Age at Maturity

60 years 

Premium Payment Term 

10 years(Minimum)


35 years (Maximum)

Policy Term

10 years (Minimum)


35 years (Maximum)

Sum Assured 

250 X Premium Payments (Monthly)

Monthly Premium (Minimum)

Rs. 250: 12 years – 49 years


Rs. 400: 50 years – 60 years

Monthly Premium (Maximum)

Rs. 10,000

Premium payment mode

SSS, monthly, quarterly, half-yearly, and Yearly

LIC Jeevan Saral – Documents Required

An application form needs to be filled by the policyholder at the time of the policy purchase along with correct medical details and required documents like KYC and address proof. Also, medical tests may be required in specific cases depending upon the Sum assured and the person’s age.

Key Details

Some of the common questions that arise while purchasing the LIC Jeevan Saral plan are mentioned below.


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