LIC Jeevan Saral

About LIC Jeevan Saral

• Jeevan Saral  plan is a simple endowment plan that offers good loyalty additions on maturity and provides risk cover
• Loyalty additions are paid as a final bonus for staying with the insurance company throughout the policy term
• This policy has flexible term and premium payment mode which is helpful  in planning specific life goals
• Primary objective of the Jeevan Saral plan is investments with low risk returns
• Offers choice from two additional benefits in the form of riders

How does this plan work?

Under this LIC Jeevan Saral Plan, an individual invests for a selected period chosen between 10 to 35 years by paying a regular premium throughout the term.  After the policy term is over, the individual receives a Maturity Benefit which is a lump sum comprising of the Sum assured and loyalty additional bonus (if any). If in-case on death of the individual, the nominee gets a death benefit, which includes 250 times the monthly premium paid  plus total premium paid  from second year and the loyalty additions (if any applicable).

Let us understand this by an illustration,

Consider,

Person’s age: 35
Sum assured: Rs. 1 lakh
Premium Paying Term: 25 years
Policy term: 25 years

A 35 year old individual pays a premium of Rs. 4704 per year for a policy term of 25 years. At the end of the policy term, he receives a lump sum of approximately Rs. 280200 as the maturity amount which is inclusive of sum assured and loyalty additions.  If in-case on his death in the 12^th year of policy term, his nominee receives death benefit of approximately Rs.100000 + 51744 + loyalty additions if any.

Riders & Add On

Accidental Death and Disability Rider: In this rider the nominee/ family receives the sum assured after the insured’s accidental death or dismemberment or permanent disability.

Term Assurance Rider:  In this rider the policyholder gets an additional life cover (sum assured). On death of the insured, the nominee receives additional equivalent amount of money payable in this rider

Understand the Bonus Declared

Loyalty additions is declared by the insurance company after 10 years

Claim Process

Know Claim Process of LIC Jeevan Saral

Claim Process