LIC Jeevan Saral offered by the LIC of India is an endowment plan that is designed to look after your and your family’s financial needs. With several benefits such as tax saving, loan availability, this plan ensures to offer you the combined benefits of life protection and savings.Read more
LIC Jeevan Saral is a comprehensive insurance policy that offers death benefit to the nominee in case something unfortunate happens to the policyholder. Along with this, the plan also offers maturity benefits, where if the policyholder survives till the end of the policy term, he/she will receive maturity benefits. Also, the policyholder has the option to customize their plan as per their needs and requirements. The plan is no longer available for sales as it was withdrawn by the company. However, those individuals who have bought this plan will be able to enjoy the benefits.
LIC Jeevan Saral, 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:
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|
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|
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.
|@ 6% Loyalty||@ 10% Loyalty|
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.
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.
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.
Yes, the Loan facility is available under the Jeevan Saral policy.
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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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ