LIC Jeevan Saral has been withdrawn by LIC and is therefore not available for sale anymore. It is an endowment assurance based plan which means that it comes with guaranteed returns. These returns are in the form of death and maturity benefits, payable on the death and the maturity date of the policy, respectively.Read more
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LIC Jeevan Saral is a with-profit plan, meaning that the policy participates in the profits of the company. Based on LIC’s valuation every year, a sum is added to the final benefit amount as Loyalty Additions. The with-profit nature of LIC Jeevan Saral ensures that not only do you have insurance protection, but you are also increasing your capital by a small margin. The Loyalty additions are offered to the beneficiaries along with the death benefit and the maturity benefit. Please note that the loyalty additions are dynamic given the unpredictability of the profits LIC might make in a year.
As mentioned above, the plan is no longer available for sale. However, if you already have the policy in force, you can check the maturity amount using the LIC Jeevan Saral (with profit) maturity calculator. You can also calculate the amount manually as per the bonus rate declared by LIC for the year.
With the benefit of earning extra returns, LIC offers online tools such as premium and maturity calculators with its insurance product offerings. Now, before purchasing a policy, it is important to gauge the premiums payable against your desired coverage to make sure that the policy fits in your budget. This is where the LIC Jeevan Saral maturity calculator comes in handy.
It is an online tool featured on the company’s website that calculates the entitled maturity benefit amount along with the applicable with-profit bonus rate for the year. This gives you an idea if the coverage is comprehensive enough to fulfill your family’s needs while being in sync with your financial planning.
Here is how you can calculate the LIC Jeevan Saral maturity benefit using the calculator.
It is the total of the sum assured on maturity plus loyalty additions. The maturity amount further depends on the entry age of the life assured and the policy term.
The following table illustrates the LIC Jeevan Saral maturity sum assured against a monthly premium of Rs. 100 with respect to the indicated policy term and entry ages:
|Entry Age||Policy Term|
|10 years||15 years||20 years||25 years|
The above sample does not indicate loyalty additions given that they are not guaranteed and the amount is not defined.
The calculator allows you to choose the expected rate of return on the premiums invested to give accurate estimates.
You can also choose the rider benefit against accidental death and disability to get an estimate of the change in premium payments and the subsequent benefit amount.
Such calculators factor in your age, annual income, fund option, expected rate of return, amount to invest to calculate the maturity benefit.
The tool is featured on the official platforms of LIC, thereby indicating the reliability of the tool.
The tool also eliminates any miscommunication that could happen while talking to an agent.
The results are instant and the tool can be accessed from the comfort of your home.
If you feel like the maturity benefit or returns are not as per your expectations, you have the option to tweak the inputs to arrive at your desired coverage.
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