LIC Jeevan Saral

Life Insurance Corporation of India (LIC), one of the leading life insurance companies offers a wide range of insurance products to cater to the financial requirements of the policyholder. When it comes to the family’s financial security, LIC Jeevan Saral Plan is the safest option. LIC Jeevan Saral is an endowment plan where the insurance buyer has the option to choose the amount and mode of paying premiums. In case of unfortunate death of the policyholder, the family is eligible to receive the death benefits throughout the policy term. The maturity sum assured amount depends on the entry age of assured and is payable only on the survival to the end of the policy term.

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Features of LIC Jeevan Saral 

LIC Jeevan Saral, a comprehensive policy provides financial stability to the family of the policyholder in case of his/her untimely death. Apart from this, it offers various other benefits such as flexibility in premium payment options and loyalty additions. Here’s a quick laydown: 

  • Premium: LIC Jeevan Saral endowment plan provide options with multiple premium payment (viz. Monthly, quarterly, semi-annually, and annually) to the customer. The premium amount automatically gets deducted from the salary throughout the policy term or till earlier death. 
  • Loyalty Benefits: LIC Jeevan Saral is a ‘with profit plan’, that contributes to the profits of the insurance company’s business. It brings the policyholder share of profits in terms of loyalty additions which are terminal bonuses payable along with the maturity and death benefits, These Loyalty additions are payable from the 10th year, depending on the corporation’s experience. 
  • Riders: Jeevan Saral Plan of LIC has two additional riders:
  • Term Rider: The minimum age of entry is 18 years and the maximum age of entry is 50 years. Rs. 1 lakh is the minimum Sum Assured that can go up to a maximum of Rs. 25 lakhs.
  • Accidental Death and Disability Benefit Rider 

LIC Jeevan Saral Benefits

  • Death Benefit: A lump sum amount is paid to the family of the policyholder as long as the policy term continues in case of an unfortunate life assured’s death. This includes 250 times the premium paid every month along with loyalty additions (if any) and premium returns. The premium return excludes the first-year premium payments and rider premium.
  • Maturity Benefit: The maturity sum assured amount along with the loyalty addition (if any) is payable as a lump sum at the time of maturity. 
  • Additional Benefits: Certain benefits or features can be added to an insurance policy to enhance life cover or protection. An additional/ extra premium requires to be paid by the policyholder.
  • LIC Jeevan Saral Surrender Value: Purchasing life insurance is a long-term assurance and commitment. However, the plan offers the option of surrendering value on early policy termination. The surrender value will be higher than the value of guaranteed and special surrender. Partial surrenders are also available under this plan. The policyholder can also calculate the surrender value using the LIC Jeevan Saral Surrender value calculator. 
  • Guaranteed Surrender The policy can be surrendered only after it has crossed at least 3 years. If a policyholder surrenders this policy, the guaranteed surrender value is calculated to be 30% of the premium paid in total, which excludes the premiums paid for the first year as well as the additional payments for rider benefits.
  • Special Surrender: 80 percent of Sum Assured after the completion of 3 years but not 4 years with all premiums paid. 90 percent of Sum Assured after the completion of 4 or more years but less than 5 years with all premiums paid, and 100 percent of the Sum Assured if the premium is paid for 5 years or more.
  • Additional Benefits - The LIC Jeevan Saral offers add-on rider benefit as term rider which offers the minimum sum assured of Rs1 lakh and maximum Rs 25 lakh. Moreover, the plan also provides accidental death and disability benefit under which an extra sum assured amount is paid to the beneficiary of the policy in case of accidental demise of the insured person.

Eligibility Criteria for LIC Jeevan Saral Policy

The eligibility criteria and restrictions of the Jeevan Saral Plan by LIC are as under:

Entry Age (as on last birthday)

35 years 

Maturity Age (as on last birthday)

60 years 

Premium Payment Term 

Minimum - 10 years

Maximum – 35 years  

Policy Term 

Minimum - 10 years

Maximum – 35 years  

Sum Assured 

250 times of the monthly premium 

Minimum Monthly Premium 

For 12 years – 49 years: Rs. 250

For 50 years – 60 years: Rs. 400

Maximum Monthly Premium 

Rs. 10,000

Modes of premium payment 

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

Details about Sum Assured on Death after the Year-End

Under this plan, some returns are guaranteed while others are variable, based on the performance of the policy. The below table lists the assured benefits under the column Guaranteed at the year-end. 

Policy Year-End 

Annual Premium Paid 

Guaranteed Sum Assured (in Rs.)

On Death During Policy 

On Surrender or Maturity 





































Disclaimer: The Sum mentioned below the guaranteed column of the table may differ from the actual sum assured at the year-end, as dependent on the policy performance in the future.

Illustration of the LIC Jeevan Saral Plan:

The below sample illustration is for a healthy male who has attained an age of 35 years (a non-tobacco user) who chose an Annual Premium of Rs. 4704 and the Policy Term is 25 years. 

LIC Jeevan Saral

@ 6% Loyalty

@ 10% Loyalty

Maturity Benefit



Death Benefit



Points to Remember

  • The aforementioned illustrations are valid for a non-smoker individual (male or female), whereas the checkpoints are one’s medical certificate, occupation, and lifestyle.
  • The illustration is aimed at letting an individual know the features of the product and appreciate the flow of corresponding benefits at different levels.
  • The loyalty benefits are subject to the prospective benefits and are not guaranteed.
  • Maturity Benefit is equal to the Amount assured at the end of the year.

LIC Jeevan Saral – Policy Exclusions

  • The policy shall be void, in case the policyholder commits suicide after the risk under the policy has started but within one year of risk acceptance during the policy term. 
  • The insurer is not liable to pay any claim if the insured commits suicide during the policy term.

Documents Required LIC Jeevan Saral

The policyholder needs to fill up an application form with accurate medical details along with the address proof and other KYC documents. Also, medical tests may be required in specific cases depending upon the Sum Assured and the person’s age.

What will happen if?

  1. You stop making payment of the premium:

    If you stop making payment of the premiums after 3 years of purchasing the policy, a Paid-up Value will be acquired for a Reduced Sum Assured by the policy, but the policy would be entitled to any future additions regularly.

  2. You Wish to Surrender the plan:

    You will receive a Guaranteed Surrender Value after the completion of 3 policy years.

    Guaranteed Surrender Value is equal to 30% of all the premiums paid minus Premium of the first year.

  3. You want a Loan against the LIC Jeevan Saral Policy

    Yes, the Loan facility is available under the Jeevan Saral policy.

LIC Jeevan Saral Maturity Calculator

The maturity sum in the LIC Jeevan Saral Plan of LIC is Loyalty Addition (LA) + Maturity Sum Assured (MSA) declared in the maturity year. To calculate the maturity amount, the Jeevan Saral Maturity Calculator evaluates the maturity sum assured based on the entry Age (at the time of buying the LIC policy), Premium, and Term, and adds the Loyalty Addition to give you the approximate maturity value.

As a non-unit linked insurance plan LIC Jeevan Saral is one of the most beneficial endowment plans that provide a lump sum amount of 250 times the premium paid. It provides the dual benefit of protection cum saving. LIC Jeevan Saral not only helps you to secure your future but also provides an opportunity to accumulate enough finances to achieve the major economic goals of life.

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