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LIC Jeevan Saral Benefits & illustrations information

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: 

  1. 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.
  2. Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition.
  3. Maturity Benefit is Maturity Sum Assured + Loyalty Additions, if any
  4. 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:

    1. 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.
    2. Maturity Benefit: The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum.
    3. 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.
    4. 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.
    5. Guaranteed Surrender Value
    6. Special Surrender Value: 80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid.
    7. Corporation’s policy on surrenders
    8. Loyalty Additions
    9. 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

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

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

 

P.S. – This plan of LIC is no more available for fresh purchase.

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