LIC Jeevan Saral Policy is a life insurance policy that offers the dual benefit of protection and savings. It is a participating whole life insurance plan which offers guaranteed additions in the form of bonuses to the policyholders during the policy term. LIC Jeevan Saral also offers other benefits like death benefit, maturity benefit, loan facility, etc. This article provides detailed information on LIC Jeevan Saral policy, its features, benefits, eligibility criteria, etc.
What is LIC Jeevan Saral Policy?
LIC Jeevan Saral is a unique, one of a kind life insurance policy which offers a comprehensive coverage and complete protection against all eventualities. It is a flexible policy which can be customized according to the changing needs of the policyholder. The policy provides for both death and survival benefits, making it an ideal choice for those who wish to secure their family’s financial future.
|LIC’s Sarl Jeevan Bima (Plan No. 859, UIN No. 512N341V01)|
|LIC Saral Jeevan Policy Document|
The key features of LIC Jeevan Saral Policy are as follows:
– It is a non-participating whole life insurance plan.
– It offers guaranteed additions from the 11th year onwards.
– On maturity, the sum assured along with accrued bonuses and final additional bonus, if any, is payable.
– The policy provides for loan facility.
– The premium paying term and policy term can be chosen by thepolicyholder.
– The maximum age at entry is 60 years (age next birthday) and maximum maturity age is 75 years (age next birthday).
LIC Jeevan Saral Policy Details
The LIC Jeevan Saral policy is a non-participating, single premium life insurance plan that offers a death benefit and maturity benefit. The policy can be purchased by any Indian resident between the ages of 18 and 55. The minimum sum assured is Rs.1,00,000 and there is no maximum limit.
The policy term is 12 years and the policyholder has the option to choose from a variety of riders at an additional cost. These riders include accident benefit, critical illness benefit, disability income benefit and hospital cash benefit.
The death benefit under this policy is equal to the sum assured plus any accrued bonuses. In case of the death of the policyholder before maturity, his/her nominees will receive the sum assured as a lump sum payment. However, if the policyholder dies after maturity, no death benefits are payable.
The maturity benefit under this LIC of India policy is equal to 2% of the sum assured for each year completed during the policy term, subject to a maximum of 200% of the sum assured. This means that if you have paid premiums for 10 years and die in the 11th year, your nominees will receive 120% (10 years x 2% + 2% ) of the sum assured as maturity benefits.
This plan also offers an optional rider called “LIC’s Accidental Death Benefit Rider”, which provides an additional death benefit in case of accidental death during the policy term. This rider is available at an additional cost and can
Benefits & Eligibility of LIC Jeevan Saral Policy
LIC Jeevan Saral Policy is a traditional endowment life insurance plan which offers financial protection in case of death of the policyholder. The policy also provides for maturity benefits in the form of sum assured on survival to the end of the policy term. This makes it a useful tool for creating long-term wealth.
The main features and benefits of LIC Jeevan Saral Policy are as follows:
Financial Protection: In case of death of the policyholder during the policy term, the nominees will receive sum assured as death benefit. This can help them meet their financial needs in difficult times.
Maturity Benefits: If the policyholder survives till the end of the policy term, he/she will get sum assured as maturity benefit. This can be used for meeting various financial goals such as children’s education, retirement planning etc.
Flexibility: LIC Jeevan Saral Policy offers great flexibility in terms of premium payment options and riders. Policyholders can choose from different premium payment options (regular, limited or single) according to their convenience. They can also avail add-on riders to enhance their coverage under the plan.
Eligibility Conditions for LIC Jeevan Saral Policy:
Documents required to buy LIC Jeevan Saral Policy
When you are ready to purchase a LIC Jeevan Saral Policy, you will need to have the following documents on hand:
-Your birth certificate
– PAN card
-Address proof (such as a utility bill)
-Income proof (such as your latest salary slip)
-Cheque or DD for policy premium
How to Apply for the LIC Jeevan Saral Policy?
Assuming that you are familiar with the LIC Jeevan Saral policy and are interested in applying for it, here is a step-by-step guide on how to go about it:
1. The first step is to visit the official website of LIC (Life Insurance Corporation of India) and navigate to the page where you can apply for the Jeevan Saral policy.
2. On this page, you will be required to fill in your personal details like name, age, gender, etc.
3. Once you have filled in all the required details, you will be directed to a page where you can choose your desired sum assured amount and policy term.
4. After selecting the sum assured and policy term, you will be asked to provide your contact details so that an LIC agent can get in touch with you.
5. Once you have provided your contact details, an LIC agent will get in touch with you and guide you through the rest of the process, which includes medical examinations (if required) and payment of premiums.
LIC Jeevan Saral is a unique life insurance policy that offers a host of features and benefits. It is an ideal policy for those who want comprehensive life cover, as it offers death and maturity benefits. The policy also has inbuilt flexibility, which allows the policyholder to make changes to the sum assured, premium amount and other features of the policy. If you are looking for an all-in-one life insurance solution, then LIC Jeevan Saral could be the ideal choice for you.