LIC Jeevan Saral is a flexible endowment plan for the future protection. Life Insurance Corporation of India provides this effective plan for the consumers where you will get the option of payment mode as well as the premium amount. With this plan, the policyholders will also get many more advantages. In the case of the death of the policyholder, the nominees and family members will be able to get the advantages of this plan. If you want to get protection against death with a perfect plan, Jeevan Saral plan can be a good choice if you trust the policies and services of Life Insurance Corporation of India.
Features of LIC Jeevan Saral Plan
Everyone wants to provide a better future to the family members even after his unfortunate death. As you all know, life can be very uncertain and it is very beneficial to go for any good insurance plan to provide a trouble-free future and life to your family members. In this kind of situation, it will be good to go for this insurance policy where you will find coverage benefits against any kind of unfortunate death of the policyholder.
Because of so many options in the market, it can be difficult for consumers to make choice for a good insurance policy. If you are going to make choice for this life insurance plan by LIC, it will be good to check out its features:
LIC Jeevan Saral insurance plan is available to provide the options of multiple premium payment methods including monthly, quarterly, semi-annually, and annually for the policyholder. You don’t have to worry about the premium payments because it will be automatically deducted from your salary account according to the term of your insurance policy.
- Loyalty benefits:
For the policyholder, LIC Jeevan Saral insurance plan provides lots of benefits according to the profit of the insurance service provided. You will be able to avail the additional advantages with this plan in the terms of loyalty points. Loyalty points are available additionally with this insurance policy and you may avail this advantage lifelong. These points are payable when your insurance policy will complete 10 years.
Additional Features Of Lic Jeevan Saral Plan
LIC Jeevan Saral plan also comes with two additional Riders to provide additional benefits to the policyholder. You will be able to make Toys from the riders given below with this life insurance plan:
Term Rider Plan
If you are looking to avail the advantages of term Rider plan with this insurance policy, you must have minimum age criteria of 18 years and maximum age of 50 years. For this plan, the minimum sum assured is Rs 1 lakh and a maximum of Rs 25 lakhs.
Accidental Death And Disability Advantages
With this plan of LIC, you will be able to avail additional rider plan having benefits in the case of accidental death or permanent disability of policyholder. This can be a good choice for people who want additional Assurance of protection against any kind of misfortunate due to an accident.
Benefits of LIC Jeevan Saral Insurance Plan
Before making the choice for any insurance policy, you always want to know about its advantages. Now, you don’t have to waste your time to get the complete details about all the advantages of LIC Jeevan Saral plan because you are at the right platform. Verified Policy is the best online portal where we provide help to all the consumers who want to get help to make choice for the right insurance policy. LIC Jeevan Saral insurance plan can be a good choice for you because of the following advantages:
- Death Benefits
LIC Jeevan Saral policy is available with death advantages for the family of the policyholder. According to this insurance policy, the family of policyholder will get a lump sum amount as long as the term of insurance policy will continue. It will be 250 times the paid premium according to the monthly basis and there will be an additional benefit of loyalty points. In this case, the return of premium amount will exclude first-year premium along with rider or extra premium.
- Maturity benefits
Maturity benefits are also available with this Jeevan Saral plan for the policyholder. You will be able to get sum assured according to the age of entry of policyholder and term of policy with loyalty advantages.
- Income tax benefits
If you choose LIC Jeevan Saral insurance plan, it will also provide the additional income tax benefits. All the premiums of this plan will be excused from income tax under section 80c. With Jeevan Saral insurance plan, the policyholder will also get Income Tax related benefits and the time of maturity under Income Tax section 10D.
- Guaranteed surrender
If the policyholder decides to surrender the policy then, there will be guaranteed surrender value that will be 30% of the paid premium in total. In this situation, the first year paid a premium and additional Rider payments will be excluded from it. As a policyholder, you can only decide to surrender the policy after completing 3 years.
- Surrender value
If you choose to get a life insurance plan, it is a long time investment. Some of the policyholders may decide to surrender the policy before its maturity time. In this kind of situation, it will be an early termination of the insurance contract with the company. The surrender value will be more than special surrender and guaranteed surrender value.
- Special surrender value
If three or more years (less than 4 years) premiums are paid, there will be 80% of maturity sum assured value for the policyholder. In the case of four or more years (less than 5 years) premiums are paid, there will be 90% of the maturity sum assured amount. After completing 5 or more years for premiums, there will be 100% of maturity sum assured value.
- Loan benefits
There are only selected insurance plans available with loan facility. If you are searching for a perfect life insurance policy having loan benefits, you can go for LIC Jeevan Saral plan as a good option. It is available with a loan facility for the consumers.
- House loan surety
This insurance plan by LIC is also available with house loan facility for the consumer.
- Add-on rider benefits
With this insurance policy, the policyholder will also get add-on Rider advantages. You may choose term Rider plan that comes with a minimum sum assured the value of Rs 1 lakh and a maximum of Rs 25 lakh. Additionally, this insurance policy is also available with accidental death and disability Rider benefit. In the case of accidental death and disability Rider, extra sum assured amount will be paid to the beneficiary of the policyholder in the situation of any unfortunate accidental demise of the policyholder.
With this insurance policy, there will be extended risk cover benefits available for the policyholder. This risk coverage will be available from 1 year after three years of premium payments.Because of all these benefits and advantages, LIC Jeevan Saral plan can be a perfect choice for people who are searching for these benefits with endowment plan. As you all know, you can always trust the terms and conditions of Life Insurance Corporation of India, it will be good to avail all these advantages with this life insurance plan.
Eligibility Criteria for LIC Jeevan Saral Insurance Policy
All the consumers can get the complete information about eligibility criteria with LIC Jeevan Saral policy below:
- With this insurance policy, the sum assured value is minimum 250 times of monthly premium
- Policy term is a minimum of 10 years and a maximum of 35 years with this insurance policy
- Premium payment term is minimum of 10 years and a maximum of 35 years with LIC Jeevan Saral policy
- Entry age for this insurance plan is minimum 12 years and maximum 60 years
- There will not be any minimum maturity age with this plan but the maximum maturity age will be 70 years
- For the policyholders having age group from 12 years to 49 years, there will be a monthly premium of Rs 250 and the people having age group from 50 years to 60 years, there will be a monthly premium of Rs 400.
- The maximum amount of monthly premiums will be Rs 10,000.
- With this insurance plan, there are multiple payment modes including monthly, quarterly, half-yearly and annually.
To understand all these terms of eligibility criteria, the table is given below for all the consumers.
|Sum Assured (in Rs.)||250 times Monthly Premium|
|Policy Term (in years)||10||35|
|Premium Payment Term (in years)||10||35|
|Entry Age of Policyholder||12||60|
|Age at Maturity||–||70|
|Monthly Premium (in Rs.)||For Age 12 to 49 years: Rs. 250/-|
For Age 50 to 60 years: Rs. 400/-
|Payment Modes||Yearly, Half-yearly, Quarterly, Monthly and SSS|
Details of Premium with LIC Jeevan Saral Plan
If you are looking to get information about the complete details of premium with LIC Jeevan Saral insurance policy, you can take a look at the table given below:
|Entry Age (as on last birthday)||35|
|Maturity Age (as on last birthday)||60|
|Policy Term (in years)||25|
|Amount of Premium (in Rs.)||4704/-|
|Premium Paying Frequency||Annually|
|Premium Payment Mode||Yearly, Half-yearly, quarterly, monthly and SSS|
Details about sum assured in the case of death after year and with LIC Jeevan Saral insurance plan
|Policy Year End||Annual Premium Paid (in Rs.)||Guaranteed Sum Assured (in Rs.)|
|On Death During Policy||On Surrender or Maturity|
With this insurance plan of LIC, some of the returns will be guaranteed while others will be variable on the basis of the performance of the policy.
Illustration of LIC Jeevan Saral Policy
The sample illustration of this insurance plan is given below for healthy male who got the insurance policy at the age of 35 years. The annual premium of the policyholder is Rs 4704 and the term of an insurance policy is 25 years.
|@ 6% Loyalty||@ 10% Loyalty|
Exclusions of LIC Jeevan Saral Insurance Policy
Before getting any kind of insurance policy, it is always important to get complete information about its exclusions. There are some of the specific exclusions with LIC Jeevan Saral policy. This policy will not be valid in the case of suicide of policyholder. The nominee will not be able to claim the benefits of LIC Jeevan Saral insurance policy in the case of suicide of policyholder during the term of the policy.
Required Documents for LIC Jeevan Saral Insurance Policy
If you are also looking to apply for LIC Jeevan Saral insurance policy, you will need the documents given below for it:
- Duly filled the application form
- Accurate medical details
- Valid address proof
- KYC documents
There may be a requirement of the Medical test in some specific cases as per age of person and sum assured value. If you are looking to get additional information about the required documents and other formalities to buy LIC Jeevan Saral insurance plan, it will be good to visit the official portal of LIC to get all these details.
Things to Remember about Jeeval Saral
As a policyholder, you may have lots of questions in your mind and you always want to be specific about all the queries before making choice for any insurance policy. If you are also planning to go with LIC Jeevan Saral insurance plan, you must have some of the basic information and there are some of the points to remember for the policyholders:
If you are going to stop making payments of your premium after 3 years of this insurance policy, you will require a paid-up value for a reduced the sum assured by your insurance policy. However, your insurance policy may qualify for the future additions on regular basis.
If you choose to surrender your insurance plan, you will get guaranteed surrender value after completing 3 years of your insurance policy. The guaranteed surrender value will be equal to 30% of your paid premium minus premium of your first year.
In the case of special surrender value, if three or more years (less than 4 years) premiums are paid, there will be 80% of maturity sum assured value for the policyholder. In the case of four or more years (less than 5 years) premiums are paid, there will be 90% of the maturity sum assured amount. After completing 5 or more years for premiums, there will be 100% of maturity sum assured value.
This insurance policy is also available with loan facility so if you want to avail the advantages of the loan, you can prefer this insurance policy has a good option.
Maturity Calculator of LIC Jeevan Saral Policy
In the case of Jeevan Saral plan by LIC, the maturity sum will be Loyalty Addition + Maturity sum assured declared in maturity year. If you want to calculate the maturity amount with you LIC Jeevan Saral insurance policy, the calculator will evaluate the sum assured of maturity according to the entered age at the time of policy started town and premium and ads loyalty addition to provide the approx. amount of maturity value.
On the basis of all this information, LIC Jeevan Saral insurance plan is unknown unit-linked policy and it is one of the most beneficial plans available with lump sum amount of 250 times of paid premium.it is available to provide double benefits and it is very effective to provide the secure future to your family members in case of any unfortunate event. It is also very effective to provide the financial help to achieve the economic goals of your life.
If you want to make toys for LIC Jeevan Saral insurance policy, it will be good to visit the official website link of LIC for it. The consumers can buy the insurance plan online and can get complete information about all the terms and conditions easily. By making this right choice, you will provide a secure future to your dependents and family members.