LIC

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  Key Features of LIC Jeevan Saral

  1) Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount

  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) Partial surrender of the policy is allowed after the 3rd policy year

  5) Extended risk cover for one year after 3 years premium payment.

  6) Optional higher cover through Term Rider and Accidental Death and Disability Benefit

  7) The policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss after 5 years

  8) Loyalty Additions are provided from 10th policy year onwards.

• Benefits Of LIC Jeevan Saral:

  Death Benefit: In case of death of the Life Insured, the nominee receives

  ·        Sum Assured (i.e. 250 times the Monthly Premium) +

  ·        Return of premiums excluding extra/rider premium and first year premium +

  ·        Loyalty Addition, if any

  Maturity Benefit: At the maturity of the policy, the insured will get

  ·        Maturity Sum Assured (Depends on age of entry and policy term) +

  ·        Loyalty Additions, if any.

  If You stop paying the premium: – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

  Surrender Value: There is a Guaranteed Surrender Value after 3 policy years

  Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

  Special Surrender Value =

   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

  Guaranteed Surrender Value: The time period for surrendering the policy depends on that the policy must be in power for 3 years or more. Apart from the premiums paid during the first year and extra premium paid, the Guaranteed Surrender value before the commencement of risk is 90% of premium paid. After the commencement of risk the Guaranteed Surrender value is 90% of premium paid plus 30% of extra premium paid.

   

   

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