Jeevan Saral

Jeevan Saral is a unique plan having good features of the conventional plans and the flexibility of unit-linked plans.

Salient Features

• Risk Coverage : First policy which provides 250 times of basic monthly premium + Return of premiums + Loyality Addition (if any).
• Children between age 1 to 12 years are eligible.
• Term Assurance Rider Option: An amount equal to the Term Assurance Sum Assured is payable only on death of the policyholder during the policy term.

Benefits

• Maturity Benefits: Maturity S.A. + Loyality Additions, if the policy was in force for a minimum of 10 policy years.
• Death Benefit: 250 times the monthly basic premium + return of premium paid (excluding extra/rider premium and 1st year premium) + Loyality additions, if any.
• Surrender Value: Policy can be surrenered after a minimum 3 years premiums have been paid. Surrender Value will be more than Guaranteed Surrender Value.
• Guaranteed Surrender Value: Guaranteed Surrender Value will be equal to 30% of the total premiums paid (excluding the 1st year premium + all the extra premiums + accident benefit + term rider premiums).
• Special Surrender Value:
  • If less than 4 years premiums paid - 80% of the maturity S.A.
  • Between 4 & less than 5 years premiums paid - 90% of maturity S.A.
  • If 5 years and above premiums paid - 100% of maturity S.A.
  • Interest from the date of first unpaid premium till the date of surrender in above 3 points. Interest to be paid is taken in whole months and fraction of a month will be ignored.
  • Loyality Additions, if any, valued as at 31st March, preceding the date or surrender will be paid.
• Paid up Value: The policy will acquire paid-up value if atleast 3 years premium have been paid.
• Partial Surrender: A portion of the policy can be surrendered and money can be received from LIC, if premiums, have been paid for a minimum of 3 years, subject to the following conditions:
  • The basic annual premium and all other benefits will be reduced to the extent of partial surrender.
  • If a policy loan is outstanding, partial surrender is not allowed.
  • Any no. of times, partial surrender is allowed.
  • There should be a gap of minimum of one year between two successive partial surrenders.
  • The mimum basic annual premium that can be surrender at a time is Rs.1,200/- p.a. and should be in mumtiples of Rs.600/- p.a. thereafter.
  • The reduced basic annual premium after surrender shouldnot be less than Rs.3,000/- p.a. for age upto 49 years and Rs.4,800/- p.a. for age 50 and above.
  • The accident benefit, term rider benefit and additional premium payable will also be reduced proportionately.

Restrictions

• 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 is Rs.400/- p.m.
• Maximum Premium : Rs. 10,000/- p.m.
• Premium in multiples of Rs. 50/- p.m. thereafter
• Mode of Premium : Yearly, Half-Yearly, Quarterly, Monthly
• Accident Benefit & Disability is allowed (with extra premium)
• Standard age proof required.