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.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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 LIC has currently withdrawn from this plan.
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.
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.
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.
LIC Jeevan Saral plan comes with 2 additional riders:
Note: You may also like to read about term insurance.
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.
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.
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.
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.
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
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.
Note: Check all the best term insurance plan in India.
Eligibility conditions and other restrictions under the LIC Jeevan Saral plan are as follows:
|
Parameter |
Criteria |
|
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 |
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.
Some of the common questions that arise while purchasing the LIC Jeevan Saral plan are mentioned below.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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