Features of Jeevan Saral Plan:

This plan offers an amount equal to the Term Assurance Sum Assured which will be allocated to the policyholder during the policy term.

1. Jeevan Saral provides high risk cover at low premium.

2. LIC’s Jeevan Saral is facilitated with a smooth returns and posses lot of flexibility.

3. Policyholder has the option to select a maximum term but can be surrendered at any time.

4. This plan also offers optional higher cover available through Term Riders.

5. In this policy extended risk cover for one year can be payable after three premiums payment.
The maximum cover for the above riders will be Rs.25 lakhs under this policy.

6. LIC’s Jeevan Saral provides Periodical Guaranteed cash back offer and you can returns of premium along with Loyalty Additions.

Jeevan Saral plan provides many essential benefits by which you can secure your future. This plan provides many benefits for the policyholder also after his / her death.

Benefits of Jeevan Saral Plan:

Death Benefit: In this benefit 250 times the monthly premium along with Loyalty Additions are allocated in a lump sum on the death of life assured.

Maturity Benefit: On maturity this plan offers Maturity Sum Assured plus with Loyalty Additions is payable in a lump sum.

Surrender value: Jeevan Saral plan provides surrender value in case of early termination of LIC contract by the policyholder.

Guaranteed Surrender value: this special value will be equal to 30% of the total amount of premiums paid apart from the premium paid for first year. This Plan offered by LIC offers 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.

Paid up value: this value can be acquired by the policyholder if the policy is in force for three years and respectively premiums are paid in these three years.

Supplementary Benefit: this is other possible benefit that can be adjoined to your basic plan, it requires a supplementary premium. The payment of premiums can be paid yearly, half-yearly, quarterly or monthly.

Eligibility conditions for Jeevan Saral Plan:

This plan provides many conditions or a restriction which can be explained as under:

Minimum Age at Entry: 12 years.

Maximum Age at Entry: 60 years.

Maximum Maturity Age: 70 years.

Minimum Term: 10 years.

Maximum Term: 35 years.

For Age 12 to 49 years: Minimum Premium is Rs.250/- p.m.

For Age 50 to 60 years: Minimum Premium of Rs.400/- p.m. and Maximum Premium will be of Rs. 10,000/- p.m.

Premiums paid in this plan must be in multiples of Rs. 50/- p.m.

This scheme provides high liquidity to the policyholder and after five years of active policy, which communicates to the terms of premiums that have been paid under the policy. This plan includes good feature of the unit linked plans. It offers high cover, smooth return and flexibility. Moreover this plan is suitable for employees in search of life cover through salary saving schemes. Under this plan child between ages 1 to 12 years are also eligible.

Benefit Illustration:

Statutory warning:

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependant on a number of factors including future investment performance.”

Age at entry: 35 years

Policy term: 25 years

Mode of premium payment: Yearly

Amount of annual premium: Rs.4704/-

i) This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.

ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.

iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
iv) Loyalty additions will depend on future profits and as such is not guaranteed.

v) The Maturity Benefit is the amount shown at the end of the policy term.