ABOUT LIFE INSURANCE LIC Jeevan Saral PLAN NO165/16

"Features of LIC Jeevan Saral 

 LIC Jeevan Saral, a comprehensive policy provides financial stability to the family of the policyholder in case of his/her untimely death. Apart from this, it offers various other benefits such as flexibility in premium payment options and loyalty additions. Here’s a quick laydown: Premium: LIC Jeevan Saral endowment plan provide options with multiple premium payment (viz. Monthly, quarterly, semi-annually, and annually) to the customer. The premium amount automatically gets deducted from the salary throughout the policy term or till earlier death. Loyalty Benefits: LIC Jeevan Saral is a ‘with profit plan’, that contributes to the profits of the insurance company’s business. It brings the policyholder share of profits in terms of loyalty additions which are terminal bonuses payable along with the maturity and death benefits, These Loyalty additions are payable from the 10th year, depending on the corporation’s experience. Riders: Jeevan Saral Plan of LIC has two additional riders: Term Rider: The minimum age of entry is 18 years and the maximum age of entry is 50 years. Rs. 1 lakh is the minimum Sum Assured that can go up to a maximum of Rs. 25 lakhs. Accidental Death and Disability Benefit Rider " 

 "LIC Jeevan Saral Benefits 

 Death Benefit: A lump sum amount is paid to the family of the policyholder as long as the policy term continues in case of an unfortunate life assured’s death. This includes 250 times the premium paid every month along with loyalty additions (if any) and premium returns. The premium return excludes the first-year premium payments and rider premium. Maturity Benefit: The maturity sum assured amount along with the loyalty addition (if any) is payable as a lump sum at the time of maturity. Additional Benefits: Certain benefits or features can be added to an insurance policy to enhance life cover or protection. An additional/ extra premium requires to be paid by the policyholder. LIC Jeevan Saral Surrender Value: Purchasing life insurance is a long-term assurance and commitment. However, the plan offers the option of surrendering value on early policy termination. The surrender value will be higher than the value of guaranteed and special surrender. Partial surrenders are also available under this plan. The policyholder can also calculate the surrender value using the LIC Jeevan Saral Surrender value calculator. Guaranteed Surrender The policy can be surrendered only after it has crossed at least 3 years. If a policyholder surrenders this policy, the guaranteed surrender value is calculated to be 30% of the premium paid in total, which excludes the premiums paid for the first year as well as the additional payments for rider benefits. Special Surrender: 80 percent of Sum Assured after the completion of 3 years but not 4 years with all premiums paid. 90 percent of Sum Assured after the completion of 4 or more years but less than 5 years with all premiums paid, and 100 percent of the Sum Assured if the premium is paid for 5 years or more. Additional Benefits - The LIC Jeevan Saral offers add-on rider benefit as term rider which offers the minimum sum assured of Rs1 lakh and maximum Rs 25 lakh. Moreover, the plan also provides accidental death and disability benefit under which an extra sum assured amount is paid to the beneficiary of the policy in case of accidental demise of the insured person."

 "Eligibility Criteria for LIC Jeevan Saral Policy 

 The eligibility criteria and restrictions of the Jeevan Saral Plan by LIC are as under: Entry Age (as on last birthday) 35 years Maturity Age (as on last birthday) 60 years Premium Payment Term Minimum - 10 years Maximum – 35 years Policy Term Minimum - 10 years Maximum – 35 years Sum Assured 250 times of the monthly premium Minimum Monthly Premium For 12 years – 49 years: Rs. 250 For 50 years – 60 years: Rs. 400 Maximum Monthly Premium Rs. 10,000 Modes of premium payment Yearly, half-yearly, quarterly, monthly, and SSS' 

  "What will happen if? 

 You stop making payment of the premium: If you stop making payment of the premiums after 3 years of purchasing the policy, a Paid-up Value will be acquired for a Reduced Sum Assured by the policy, but the policy would be entitled to any future additions regularly. You Wish to Surrender the plan: You will receive a Guaranteed Surrender Value after the completion of 3 policy years. Guaranteed Surrender Value is equal to 30% of all the premiums paid minus Premium of the first year. You want a Loan against the LIC Jeevan Saral Policy Yes, the Loan facility is available under the Jeevan Saral policy."