jeevan saral

Product Summary:

This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. 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. It also offers the flexibility of term and a lot of liquidity.

Premiums:

Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.

Loyalty Additions:

This is a with-profits plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit.  Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.

This is a non unit-linked insurance plan with Double Death Benefit of Sum Assured + Return of Premium.In this plan, the premium amount is decided by the policyholder and he gets 250 times the monthly premium as Sum Assured. If the Life Insured survives the entire term, then he would receive Maturity Sum Assured + Loyalty Additions. The Maturity Sum Assured depends on different entry ages and policy term and is specified at the beginning of the policy.

Extended risk cover for one year after 3 years premium payment.Now, if the Life Insured dies within the policy tenure then his nominee would receive the Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition, if any. Thus, the Death Benefit would be the same irrespective of age of entry and policy term since it depends only on chosen premium amount but the Maturity Benefit would differ according to varied age of entry and policy term. 

Death Benefit –  In case of death of the Life Insured, the nominee receives

·         Sum Assured (i.e. 250 times the Monthly Premium) +

·         Return of premiums excluding extra/rider premium and first year premium +

·          Loyalty Addition, if any

Maturity Benefit – At the maturity of the policy, the insured will get

·         Maturity Sum Assured (Depends on age of entry and policy term) +

·         Loyalty Additions, if any.

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

 Features of LIC Jeevan Saral Plan

The policyholder is allowed to choose a flexible term for premium payment
The plan will allow partial surrender from 4th year onwards subject to certain terms and conditions
Partial surrender of the policy is allowed after the 3rd policy year.
Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount.
Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition.
You can choose a maximum term but can surrender at any time without any surrender penalty or loss after 5 years.

If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

surrender the policy – There is a Guaranteed Surrender Value after 3 policy yearsSurrender Value :                                                                                                                                                               30% of all premiums paid – 1st year’s premium

80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid

Loan facility:  is available under this policy