LIC's Saral Jeevan Bima

With LIC’s Saral Jeevan Bima, you can rest assured about meeting the financial needs of your loved ones on the occasion of your unfortunate demise. The assigned policy beneficiaries of this term plan can claim the death benefit against the life cover to fund their future capital needs.

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Introduction to LIC’s Saral Jeevan Bima

Categorized under term insurance, LIC’s Saral Jeevan Bima is an individual, non-participating, non-linked pure risk life insurance policy that offers comprehensive protection against the death of the life assured. The plan comes with an assured death benefit; however, no maturity benefit is payable at the end of the policy term if the policyholder survives the entire duration. Notably, LIC’s Saral Jeevan Bima is available for purchase both online and offline. 

Key Features of LIC’s Saral Jeevan Bima

  • Death Benefit - Sum assured on death is payable to the beneficiaries of the policy on the death of the life assured.

  • Premium Paying Terms - Policyholders can choose from three different premium paying terms, viz. regular, limited, and single. 

  • Maximum Sum Assured - Policyholders can assure a sum of up to Rs.25 Lakhs. 

  • Premium Paying Mode - Premium payments can be made yearly, half-yearly, or monthly. 

  • Rebates - 

    • Rebates are offered on opting for half-yearly or monthly premium payments.

    • On assuring a sum of Rs.10 Lakhs and above, rebates on premiums are applicable. 

    • Policies bought through the online mode are also eligible for rebates. 

Eligibility Criteria of LIC’s Saral Jeevan Bima

Criteria Minimum  Maximum
Entry Age 18 years 65 years 
Maturity Age NA 70 years
Sum Assured Rs. 5 Lakhs Rs. 25 Lakhs
, M 5 years 40 years
Premium Paying Term Regular Premiums - Same as Policy Term Limited Premiums - 5 years and 10 years

LIC’s Saral Jeevan Bima Plan Benefits

The term insurance policy offers an assured death benefit to the family of the policyholders. The details of the death benefit payable are discussed below. Please note that the policy does not come with any maturity benefits as it is a pure risk insurance cover. 

  1. Death Benefit 

    The death benefit is the amount paid by the insurer to the assigned beneficiaries on the death of the life assured. This amount is payable only if death occurs while the policy is still in force. LIC’s Saral Jeevan Bima comes with a waiting period of 45 days from the commencement of risk. 

  2. Death During the Waiting period

    • If the death of the life assured occurs due to any reason other than an accident, LIC is liable to pay off 100% of the premium amount back to the family of the life assured. 

    • If the life assured dies as a result of an accident during the waiting period, the death benefit (as defined below) is payable as a lump sum amount. 

    Sum Assured on Death
    Regular / Limited Premium Payment Single-Premium Payment
    Higher of 
    1. 105% of all premiums paid
    2. 10 times the annual premium
    3. Absolute amount assured on death
    Higher of 
    1. Absolute amount assured on death
    2. 125% of the single premium amount
  3. Death after the waiting period

    If the life assured dies through any means after the waiting period of 45 days, however, before the date of maturity of the policy, the following amount is payable as the death benefit. 

    Sum Assured on Death
    Regular / Limited Premium Payment Single-Premium Payment
    Higher of 
    1. 105% of all premiums paid
    2. 10 times the annual premium
    3. Basic sum assured on death
    Higher of 
    1. Basic sum assured on death
    2. 125% of the single premium amount
  4. Tax Benefits

    The premium amount and the benefit amount are applicable for tax exemptions under Sections 10(10D) and 80C of the Income Tax Act, 1961. For further information on income tax savings, it is advisable to reach out to a financial advisor or a tax specialist.  

LIC’s Saral Jeevan Bima Additional Policy Details

  1. Surrender Benefit 

    The policy does not acquire any surrender value. 

  2. Policy Cancellation Value

    Policy Cancellation Value - The life assured is entitled to a policy cancellation value should (s)he choose to cancel the policy before the maturity date. Please note that the policy cancellation value is only payable on opting for limited or single premium payments. It is calculated as follows:

    Policy Cancellation Value Single-Premium - 70% x Single Premium Paid x Unexpired Policy Term / Original Policy Term
    Limited Premium - 70% x Total Premiums Paid x Unexpired Policy Term / Original Policy Term
  3. Grace Period 

    The grace period starts from the date of the first unpaid premium, following which due premium payments can be made to keep the policy active. LIC offers 30 days as grace to resume payments for yearly and half-yearly premiums. In the case of monthly premium payments, the grace period is 15 days. 

    On failure to pay premiums during this period, the policy shall lapse. 

  4. Free-look Period 

    From the date of receipt of the policy bond, the policyholder has 15 days to review the terms of the life insurance policy and return it should they find any objections. The free look period is 30 days in the case of online purchases of LIC’s Saral Jeevan Bima. 

  5. Suicide Exclusion 

    The beneficiary can claim up to 80% of the total premiums paid or 90% of the single premium amount if the life assured succumbs to death as a result of suicide within 12 months from the date of commencement of risk.

*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:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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