LIC Jeevan Saral is actually a endowment policy with a lot of flexibility, usually only available with insurance plans for the unit.
And Therefore, it is classified in special plans. This plan offers double the death benefit from the sum insured and the reimbursement of premiums.
- LIC Jeevan Saral is a personal LIC insurance policy where the applicant only has to select the amount and mode of payment of the premium.
- The plan provides financial protection against death for the duration of the plan.
- The death benefit is directly related to the premiums paid.
- The amount of the insured term depends on the age of the insured life and is payable at the end of the term of the policy.
- It also offers short-term flexibility and plenty of liquidity.
Rewards: The premiums are payable annually or twice a year or quarterly or monthly by deducting the salary you have chosen for the duration of the policy or until your previous death.
Additions to fidelity: It is a profit sharing plan that participates in the profit of the company’s life insurance business. It will receive a portion of the winnings in the form of loyalty bonuses. which are final bonuses to be paid with a death benefit or benefit at maturity.
Key features of the LIC Jeevan Saral plan
- The premium is chosen by the policyholder and the sum insured is 250 times the monthly premium.
- The death benefit is the sum insured + the reimbursement of the premiums less the additional premium / driver and the first year premium + the loyalty surcharge.
- The due date is the due payment amount + any loyalty supplements.
- The partial subscription of the contract is permitted from the 3rd contractual year.
- Extended risk coverage for one year after 3 years premium payment. Increased optional cover under the liability insurance for drivers and accident victims.
- You can choose a maximum duration and but you can go at any time without penalty or loss after 5 years.
- Loyalty supplements are granted from the 10th year of the contract.
Benefits of the Jeevan Saral LIC plan
Death grant – In the event of death of the insured, the candidate receives
Sum insured (250 times monthly premium) + Refund of premiums without additional premium / note and premium for the first year + If necessary, add loyalty
Due Compensation – At the due date of the policy, the insured will receive compensation
Sum insured (depending on age and duration of contract) + If necessary, additions to fidelity
Tax Benefit – The premiums paid are exempt from income tax for Jeevan Saral under Section 80C. The maturity product of Jeevan Saral is so also tax-exempt under section 10 (10D).
Exclusions and Eligibility Conditions For LIC Jeevan Saral Policy
|Assured Amount(in rs)||250 Times of Monthly Premium||–|
|Terms Of Policies |
|Terms Of Premium Payment (in years)||10||35|
|Age Required For Entry Of Policy Holder||12||60|
|Premium per Month(in rs)||Age- 12 to 49 Years =Rs 250|
Age- 50 to 60 Years= Rs 400
|Modes Of Payment||Monthly, Yearly, Half Yearly, Quarterly and SSS|
What happens if?
You will no longer pay the premium – If you no longer pay premiums after 3 years of insurance. the policy will receive a paid value for a reduced sum insured, but the policy may later be supplemented on a regular basis
You want to renounce the policy – After 3 years of policy there is a guaranteed surrender value
Guaranteed present value = 30% of all premiums paid – bonus for the first year
Special repayment amount = 80% of the so called maturity amount if the premiums have been paid for at least three years but less than four years.
So 90% of the sum insured at maturity if the premiums have been paid for at least 4 years but less than 5 years and 100% of the sum insured when due, if the premiums have been paid for at least 5 years
You want a loan against your policy loan facility is available under this policy
Jeevan Saral LIC Calculator
It is a LIC Policy calculator that displays the following key information about your low-income country policies:
- Cumulative Bonuses – The additional amount added to the policy each year
- Guaranteed Repurchase Value – The amount guaranteed to you in the event that you voluntarily terminate the contract prior to maturity.
- Present Cash Value – If you cancel your contract early (before the vesting period expires), certain fees will apply.
- Approved value – This value is calculated by multiplying the sum insured by the ratio between the number of premiums paid and the number of premiums to be paid.
- Credit Availability – Serves as a loan calculator for LICs. You can then decide how much loan you can use for the LIC policy
- Projected Value at Maturity – Serves as a Maturity Calculator for Low-Income Countries. For example, this is useful if you are looking for a LIC due date calculator, a New Jeevan Anand LIC due date calculator, or a LIC endowment due date calculator.
Also Read: For Calculating Your Jeevan Saral Policy numbers.
Frequently Asked Questions
Ans. LIC Jeevan Saral – benefits. They receive approximately 250 times the monthly premium and, where applicable, loyalty and premium reimbursements, except for the first year premiums and the additional premium / additional driver, which may be paid in one sum. Flat rate upon death of the insured person during the contract.
Ans. LIC Jeevan Saral is a staffing policy that avoids spending, just like other plans in this category. If you survive the term of the policy, you will receive a sum insured and a loyalty bonus. Loyalty increases may be paid at the discretion of the insurer from the tenth year of insurance.
Ans. Jeevan Saral is to give a better monetary value and / or a shared value. It was a good plan that gave young people a lot of flexibility. The main problem with the product is for people in the upper age group. Moneylife has received several complaints from underwriters of Jeevan Saral.
Ans. For a period of 15 to 20 years, the return is extremely low. 2. You will not be refunded on delivery as you have not completed New Jeevan Anand’s Police for 3 years. The repurchase value of LIC’s Jeevan Saral policy is the higher of the guaranteed repurchase value and the repurchase value.