LIC Jeevan Saral

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What is LIC Jeevan Saral?

LIC Jeevan Saral

LIC Jeevan Saral is actually an Endowment Assurance Policy where the policy holder has simply chosen the amount and mode of premium payment. The plan provides the financial protection against death of the insurer during the term of the plan.

If the policy owner survives the entire term, he receives Maturity Sum Assured + Loyalty Addition benefit. The Maturity Sum Assured depends on the different entry level ages. It also offers the term flexibility and lots of liquidity. This also referred non unit-linked insurance with Double Death Benefit of Sum Assured + Premium Return.

LIC Jeevan Saral: Key Features

Key features of LIC Jeevan Saral are:

  • Loyalty Additions are provided from 10th policy year onward.
  • Maturity benefit is Sum Assured + Loyalty Additions.
  • Higher cover through Term Rider and Disability benefit and Accident death.
  • Partial surrender of the policy only allowed after the 3rd policy year.
  • Premium has been chosen by the policy holder and sum assured is 250 times the monthly premium amount.
  • Risk cover can be extended for 1 year after 3 years premium payment.
  • Life insured can choose a maximum term, but can give up at any time without loss after 5 years.

LIC Jeevan Saral: Benefits

  • Maturity Benefit: In this benefit, the insurer will get

           Maturity Sum Assured + Loyalty Additions.

  • Income Tax Benefit: Premiums paid are exempted from tax under 80C section and maturity is exempted from tax under section 10D.
  • Death Benefit: In case life insurer died, then nominee receives- Sum Assured + Premiums Return(excluding extra/rider premium and first year premium) + Loyalty Additions.

LIC Jeevan Saral: Eligibility Conditions

Terms/Plans

Minimum

Maximum

Age at entry

12 years

60 years

Age at maturity

70 years

Sum assured

250 times the monthly premium

Policy term

10 years

35 years

Premium payment term

10 years

35 years

Mode of payment

Monthly/Half yearly/Yearly/Quarterly/SSS

Monthly premium

Age 12 to 49: Rs.250

Age 15 to 60: Rs.400

Rs. 10,000

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