LIC Jeevan Saral – Compare features, benefits, details & buy endowment plans online. LIC jeevan saral plan offers multiple premium payment options.

LIC Jeevan Saral Policy 165: A very distinctive endowment plan from LIC is the LIC Jeevan Saral. This policy is designed for investors who wish to receive assured returns on their investments and offers a number of perks, including flexibility in choosing the premium, policy duration, tax advantages, loyalty features, and other riders.

What is the LIC Jeevan Saral Policy?

In the event that the policyholder suffers a terrible loss, the nominee will get a death benefit from the complete insurance plan known as LIC Jeevan Saral. Along with this, the plan also provides maturity benefits, wherein the policyholder will earn money if he or she lives until the conclusion of the insurance term. Additionally, the policyholder has the ability to modify their plan in accordance with their needs and specifications. The plan was discontinued by the firm and is no longer for sale. However, only those who have purchased this plan will be able to benefit from it.

The insured individual will choose the premium payment amount under this plan, and the Sum Assured will be nearly 250 times the monthly premium. The insured individual would be eligible to receive the Maturity Sum Assured + Loyalty Additions if they survive the entire tenure. The Maturity Sum Assured is stated at the start of the policy and is dependent on various entry ages and the length of the policy.

Now, in the event that the insured passes away within the term of the policy, his nominee would be entitled to the Sum Assured + Return of Premiums (less any additional/rider premium and the first year’s premium) + Loyalty Addition, if applicable.

Features of LIC Jeevan Saral Policy

• The amount of the premium can be chosen by the policyholder, and the Sum Assured is then calculated.
• From the fourth year on, the policy will permit partial surrender under specified terms and conditions.
• The policyholder would be required to select a flexible period for premium payment under the same.
• The policyholder selects the monthly premium amount, and the Sum Assured is 250 times that value.
• You will get a death benefit in addition to a refund of your premiums (less the first year’s premium and any additional or rider premiums).
• The maturity benefit is the maturity sum guaranteed plus any loyalty additions.
• After the third policy year, a partial surrender of the insurance is permitted.
• Following three years of premium payment, you will receive extended risk coverage for one year.
• Optional enhanced coverage provided by the Accidental Death and Disability Benefit and the Term Rider.
• After five years, you can choose a maximum term but can end it at any moment without incurring any penalties or losses.
• Loyalty additions are available starting with the tenth insurance year.

Benefits of LIC Jeevan Saral Policy

Death Benefit:

On the death of the life assured within the duration of the policy, you will get a lump sum payment equal to roughly 250 times the monthly premium plus loyalty additions, if applicable, and return of premiums excluding first-year premiums.

Maturity Benefit:

A lump sum payment will be made for the Maturity Sum Assured plus any applicable Loyalty Additions.

Income Tax Benefit:

According to Section 80 C, premium payments made for the Jeevan Saral policy are not subject to income tax. According to Section 10 (10D), Jeevan Saral’s maturity proceeds are likewise not subject to tax.

Supplementary/Extra Benefits:

They are essentially the extra protection/options that may be added to the base plan as optional perks. In order to receive these advantages, an extra premium must be paid.

Premiums:

Through salary deductions, you can choose to pay your premiums annually, half-yearly, quarterly, or monthly for the duration of the policy’s term or until your death, whichever comes first.

Loyalty Additions:

This plan is for-profit and shares in the earnings from the corporation’s life insurance operations. It receives a portion of the earnings in the form of terminal incentives known as loyalty adds, which are distributed along with death benefits or maturity benefits. Depending on the corporation’s experience, loyalty additions may start to be paid after the 10th year.

Guaranteed surrender:

The guaranteed surrender value, which excludes the premium for the first year and additional payments for rider benefits, is determined to be 30% of the total premiums paid if the policyholder surrenders it. Only after three years have passed can this policy be cancelled.

Special surrender value is 80% of the maturity sum assured for premiums paid over three years but less than four years, 90% of the maturity sum assured for premiums paid over four years but less than five years, and 100% of the maturity sum assured for premiums paid over five years or more.

Surrender value:

A life insurance policy purchase requires a long-term commitment. If the contract is terminated earlier, surrender values are available. The guaranteed surrender value or the special surrender, whichever is greater, will determine the surrender value.

Loan benefit:

This policy has a loan facility.

House loan surety:

Under this strategy, there is also a house loan facility.

After three years of premium payment, extended risk cover is available from the next year.

Additionally offered are accidental disability and death benefits, as well as high coverage options through term riders.

Eligibility Criteria for LIC Jeevan Saral Policy

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 premiu
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

 

What happens if?

If you stop paying the premium after three years of coverage, the policy will be able to achieve a Paid Up Value for a Lower Sum Assured, but it will still be eligible for any future regular additions.

• Renounce the insurance: After three policy years, there is a Guaranteed Surrender Value.
• Guaranteed Surrender Value is equal to 30% of total premiums paid minus the first year’s premium.
• Special Surrender Value is equal to 80% of the Maturity Sum Assured if 3 or more years’ premiums have been paid, but less than 4 years’ premiums; 90% of the Maturity Sum Assured if 4 or more years’ premiums have been paid, but less than 5 years’ premiums; and 100% of the Maturity Sum Assured if more than 5 years’ premiums have been paid.

Illustration of LIC Jeevan Saral Plan

	@6%loyalty	@10%loyalty
Maturity Benefit	2,00,296	3,46,296
Death Benefit	2,80,200	4,26,200

Points to Remember

• The aforementioned examples apply to a non-smoker (male or female), and the checkpoints are a person’s medical record, profession, and way of life.
• The illustration’s purpose is to help the viewer understand the product’s features and the progression of related advantages at various levels.
• The loyalty benefits are not guaranteed and are dependent on the projected benefits.
• The amount assured at the end of the year is equal to the Maturity Benefit.

LIC Jeevan Saral – Policy Exclusions

• If the policyholder dies by suicide during the policy term, but before the risk covered by the policy has begun, the policy will be null and invalid.
• If the insured dies by suicide while the policy is in effect, the insurer is not responsible for paying any claims.

LIC Jeevan Saral Maturity Calculator

The LIC Jeevan Saral Plan 165 Maturity Calculator is a tool that assists policyholders with figuring out the maturity benefits they may be eligible to receive at the conclusion of the policy term.The calculator is simple to use and intuitive. By providing the necessary information, policyholders can estimate the maturity benefits they will be eligible for at the end of the policy term.

Follow these easy steps to use the LIC Jeevan Saral Maturity Calculator, policyholders:

Step 1: Go to the Jeevan Saral Maturity Calculator page on the LIC website.

Step 2: If necessary, enter the policy term, premium payment period, policyholder’s age, sum assured, and other pertinent information.

Step 3: To assess the benefits of maturity, click the “Calculate” button.

Step 4: Examine the findings and, if required, modify the input information.

step 5:Policyholders can download the maturity benefit calculation report for their records after they are satisfied with the results.

Documents Required LIC Jeevan Saral policy

A number of documents must be provided by the assured in order to obtain this policy. The policyholder must also provide medical information in addition to address verification and KYC paperwork. Depending on the amount assured and the age of the assured, medical exams may also be necessary in some specific circumstances.

FAQ – LIC Jeevan Saral policy