LIC Jeevan Saral

As one of the most trusted name in the field of the insurance sector, the Life Insurance Corporation offers a wide range of insurance products to cater to the requirements of the insurance seekers with several requirements and budgets. Certainly, millions of Indian people pin down their trust upon the insurance policies offered by LIC when it comes to making sure of comprehensive financial security for the self and their loved ones. There are many new policies introduced by LIC, one of these is LIC Jeevan Saral.

Life Insurance Corporation of India offers Jeevan Saral plan, an endowment plan that has a lot of flexibility and comes with a choice of the premium amount as well as the payment mode. In the event of the death of the policyholder, the family is eligible to get the death benefits throughout the period of the policy while such benefits are subject to the premium paid. The Sum Assured on maturity is subject to one’s age when the life was insured and is payable only on one’s survival at the end of the policy term.

LIC Jeevan Saral Features

Life insurance policy comes with an assured trouble-free life of one’s family when one is no longer with them. An insurance policy is termed comprehensive policy when it offers insurance cover against every man-made or natural misfortune throughout the life.

Premium: LIC Jeevan Saral endowment plan provide options with multiple premium payment (viz. Monthly, quarterly, semi-annually, and annually) to the customer, which one can get deducted automatically from the salary account throughout the policy term.

Loyalty Benefits: This life insurance plan has several benefits that add on to the profit of the insurance business of the corporation. It brings the policyholder profits in terms of loyalty points, in addition to the lifelong benefits throughout the policy term, which is payable after the policy complete 10th year.

Riders: Jeevan Saral Plan of LIC has two additional riders:

  • Term Rider: The minimum age of entry is 18 years and 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

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, which includes 250 times the premium paid on a monthly basis along with loyalty additions, whereas the premium return excludes the first year payments and rider premium.
  • Maturity Benefit: Premium return on policy maturity includes the Sum Assured and Loyalty additions if any, payable as a lump sum.
  • Additional Benefits: Certain benefits or features can be added to an insurance policy in order to enhance life cover or protection. Doing this requires an additional premium to be paid by the policyholder.
  • 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 riders 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 years but not 5 years with all premiums paid, and 100 percent of the Sum Assured if the premium is paid for 5 years or more.
  • In the case of Surrender: The Special Surrender Value is paid and is generally more than the Guaranteed Surrender Value, which however is subject to the particular period for which the premiums payments are done without failure.
  • The LIC Jeevan Saral offers add-on rider benefit as term rider which offers the minimum sum assured of Rs1 lakh and maximum Rs25 lakh. Moreover, the plan also provide 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.
  • In case if the insured stop paying the premium after the completion of 3 policy years, LIC Jeevan Saral policy acquires a paid up value for the reduced sum assured amount and the policy continues to be enforce.
  • LIC Jeevan Saral also offers loan facility to the policy holder.

Eligibility Criteria for LIC Jeevan Saral Policy

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

  • The sum assured of the policy is at least 250 times of the monthly premiums.
  • Minimum term of the policy is 10 years and the maximum is 35 years.
  • The minimum term of premium payment is 10 years while the maximum premium payment term is 35 years.
  • The minimal age of entry for an insured is 12 years and the maximum entry age is 60 years
  • No minimum age is required at the time of maturity whereas the maximum maturity age is 70 years.
  • Individuals belonging to the age group of 12-49 years have to pay a monthly premium of Rs. 250 while the individuals belonging to the age group of 50-60 years have to pay a monthly premium of Rs. 400.
  • Maximum monthly premium= Rs. 10,000

LIC Jeevan Saral – Premium Details

Entry Age (as on last birthday)


Maturity Age (as on last birthday)


Policy Term (in years)


Amount of Premium (in Rs.)


Premium Paying Frequency


Premium Payment Mode

Yearly, Half-yearly, quarterly, monthly and SSS

Details about Sum Assured on Death after the Year End

Policy Year End

Annual Premium Paid (in Rs.)

Guaranteed Sum Assured (in Rs.)



On Death During Policy

On Surrender or Maturity






































As benefits of the policy, some returns are guaranteed while others are variable, based on the performance of the policy going forward. Below table lists the assured benefits under the column Guaranteed at the year end.

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

Illustration of the LIC Jeevan Saral Plan:

The sample illustration below is for healthy male who have 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 respectively.

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 suicides 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

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

What will happen if?

You stop making payment of the premium:

If you stop making payment of the premiums after 3 years of purchase of the policy, a Paid-up Value will be acquired for a Reduced Sum Assured by the policy, but the policy would qualify for any future additions on a regular basis.

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.

Special Surrender Value is equal to the 80% of the Maturity Sum Assured for 3 years or more, but payment of premiums for less than a period of 4 years have been; 90% of Maturity Sum Assured, if 4 years or more, but payment of premiums for 5 years have been made and 100% of the Maturity Sum Assured if payment of premiums for 5 years or more have been made.

Loan Facility against the LIC Jeevan Saral Policy

Loan facility is made available under the Jeevan Saral policy.

LIC Jeevan Saral Maturity Calculator

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


As 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 of the premium paid. By providing the dual benefit of protection cum saving LIC Jeevan Saral not only help you to secure your future but also provides an opportunity to accumulate enough finances to achieve the major economic goals of life.

More Useful Resources

LIC Online Services

LIC Investment Plans

LIC Other Plans

LIC Policy Status Check

LIC Jeevan Umang Plan

LIC Term Insurance Plans

LIC Premium Payment Options

LIC Jeevan Lakshya Plan

LIC Retirement Plans

LIC Online Registration

LIC Money Back Policy


LIC Login Portal

LIC New Jeevan Anand Plan

LIC Child Plans

LIC Calculator

LIC New Endowment Policy

LIC One Time Investment Plan

Written By: PolicyBazaar - Updated: 21 January 2021
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