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Jeevan Saral

Jeevan Saral (THIS PLAN IS NO LONGER AVAILABLE)

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*** To buy a new LIC plan call Vikas 99111-70785 ***



Jeevan Saral (THIS PLAN IS NO LONGER AVAILABLE)




Jeevan Saral (Plan No. 165)


This is the plan where customer has to choose the amount of monthly premium he/she wishes to pay. Risk cover is 250 times the amount of monthly premium. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. 

The risk cover is equal for all age groups. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term.

This plan offers lot of flexibility and liquidity that is usually available only with unit linked insurance plans. Hence it is categorized under Special Plans.




Features


  • Risk cover is 250 times of the monthly premium
  • Flexibility to choose the amount of premium according to your personal budget
  • Liquidity options available through special surrender value
  • Risk cover is equal for all age groups
  • Maturity amount depends on customer's age at entry
  • Double tax benefit
  • Additional accidental risk cover that is equivalent to the basic risk cover



Eligibility Conditions


Minimum age at entry
12 years
Maximum age at entry
60 years
Minimum Term  
10 years
Maximum Term 
35 years
Maximum age at maturity
70 years
Minimum Monthly Premium
Rs 250 (for age 12 to 49)
Rs 400 (for age 50 to 60)
Maximum Monthly Premium
No higher limit





Double Tax Benefit


U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C

U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D



Possible Events during policy duration


On Death
If the policy holder dies during the policy term, his/her nominee will be paid as below:
1. Risk cover amount (Monthly premium x 250)
2. Loyalty additions (if any)
3. All premiums excluding the first year premium and extra rider premiums, will be refunded

On Accidental Death
In case, the policy holder dies due to an accident, nominee will receive following:
1. Risk cover amount (Monthly premium x 250)
2. Additional accidental risk cover (Monthly premium x 250)
3. Loyalty additions (if any)
4. All premiums excluding the first year premium and extra rider premiums, will be refunded

On Maturity
The policy holder will get the maturity sum assured which depends on the age of policy holder at the time of entry + the loyalty additions if any





Understand Jeevan Saral Plan with an example


Mr. Dharam aged 40 years, plans to take Jeevan Saral Policy for 15 years term. He chooses to pay Rs 12,000.00 (Rupees Twelve Thousand only) as annual premium.

Therefore the monthly premium will be 12000/12 = 1000

Hence the risk cover will be 250 times of monthly premium

Risk cover = 250 x 1000Risk cover = 2,50,000.00 (Rupees Two Lakhs Fifty Thousand only)



Now, if Dharam decides to take additional accidental insurance rider, he will be required to pay Rs1‰ (Rupees one per thousand) annually. 

Now, if Dharam decides to take additional accidental insurance rider, he will be required to pay Rs1‰ (Rupees one per thousand) annually. 

Therefore Rs 250.00 for 250 thousand risk cover.



Hence, the total annual premium will be 12000 + 250
= Rs 12,250.00 (Rupees Twelve Thousand Two Hundred and Fifty only) 




Possible Events


On Death

If Mr Dharam dies during the policy term, his nominee will receive following:
1. Risk cover amount i.e. Rs 2,50,000.00 (Rupees Two Lakhs Fifty Thousand)
2. Loyalty additions, if any
3. All paid premiums will be refunded, excluding the first year premium and extra rider premiums


On Accidental Death 

If during the policy term, Mr. Dharam dies due to an accident, his nominee will receive following:
1. Risk cover amount i.e. Rs 2,50,000.00 (Rupees Two Lakhs Fifty Thousand)
2. Additional accidental risk cover Rs 2,50,000.00 (Rupees Two Lakhs Fifty Thousand)
3. All paid premiums will be refunded, excluding the first year premium and extra rider premiums
4. Loyalty additions, if any


On Survival till maturity

If Mr. Dharam survives till the end of policy term, he will get the maturity sum assured along with loyalty additions.




*** To buy a new LIC plan call Vikas 99111-70785 ***

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