LIC Jeevan Saral – Benefits | Illustration | Features

LIC Jeevan Saral: Get details on Jeevan Saral Plans Benefits, Illustrations and features. Jeevan Saral is a non unit-linked insurance plan with Double Death Benefit of Sum Assured + Return of Premium.

Summary of Jeevan Saral:

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.

Crisp Points of Jeevan Saral Life Insurance Policy:

It’s an Endowment Assurance plan providing financial protection against death throughout the term of the plan. The plan guaranteed a return of 250 times of the monthly premium. You get flexibility in terms and lots of liquidity with this plan.
Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition.
Maturity Benefit is Maturity Sum Assured + Loyalty Additions, if any
You also get a loyalty addition with the maturity value. Being LIC plan you can easily trust on it. But before going for the plan understand each term of the plan.

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Benefits of LIC Jeevan Saral:

Death Benefit: 250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.
Maturity Benefit: The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum.
Supplementary/Extra Benefits: These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
Surrender Value: Buying a life insurance contract is a long-term commitment. However, surrender values are available on earlier termination of the contract. The surrender value will be the greater of the guaranteed surrender value and special surrender. The plan also allows for partial surrenders.
Guaranteed Surrender Value
Special Surrender Value: 80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid.
Corporation’s policy on surrenders
Loyalty Additions
Premiums

Additional Features and Benefits of LIC Jeevan Saral Plan-

Riders- There are 2 additional riders available

Term Rider- The minimum and maximum age at entry will be 18 and 50 years respectively and the minimum Sum Assured will be Rs.1 lakh upto a maximum of Rs 25 lakhs.
Accidental Death and Disability Benefit

Illustrations of LIC Jeevan Saral:

Age at entry: 35 years
Policy term: 25 years
Mode of premium payment: Yearly
Amount of annual premium: Rs.4704/-

End Of Policy Year	Total Premium paid till end of year	Amount payable at the end of year on death during the year (Rs.)
		Guaranteed	Variable		Total
		Guaranteed	Scenario 1	Scenario 2	Scenario 1	Scenario 2
1	4704	100000	0	0	100000	100000
2	9408	104800	0	0	104800	104800
3	14112	109600	0	0	109600	109600
4	18816	114400	0	0	114400	114400
5	23520	119200	0	0	119200	119200
6	28224	124000	0	0	124000	124000
7	32928	128800	0	0	128800	128800
8	37632	133600	0	0	133600	133600
9	42336	138400	0	0	138400	138400
10	47040	143200	7000	18000	150200	161200
15	70560	167200	13000	41000	180200	208200
20	94080	191200	30000	100000	221200	291200
25	117600	215200	65000	211000	280200	426200

End Of Policy Year	Total Premium paid till end of year	Amount payable on surrender or maturity at the end of year
		Guaranteed	Variable		Total
		Guaranteed	Scenario 1	Scenario 2	Scenario 1	Scenario 2
1	4704	0	0	0	0	0
2	9408	0	0	0	0	0
3	14112	8099	0	0	8099	8099
4	18816	12942	0	0	12942	12942
5	23520	18660	0	0	18660	18660
6	28224	23180	0	0	23180	23180
7	32928	27856	0	0	27856	27856
8	37632	32744	0	0	32744	32744
9	42336	37892	0	0	37892	37892
10	47040	43360	7000	18000	50360	61360
15	70560	75200	13000	41000	88200	116200
20	94080	106124	30000	100000	136124	206124
25	117600	135296	65000	211000	200296	346296

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.

Source- LIC Website

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