Launch Date | Table No. | UIN | Status |
4/2/2004 | 165 | 512N222V01 | Withdrawn |
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 12th year of policy term, his nominee receives death benefit of approximately Rs.100000 + 51744 + loyalty additions if any.
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
Loyalty additions is declared by the insurance company after 10 years
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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