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LIC Jeevan Saral Plan
LIC Jeevan Saral Plan
LIC Jeevan Saral is actually an endowment policy with a lot of flexibilities that is usually available only with unit linked insurance plans. Hence it is categorized under Special Plans. This is a non unit-linked insurance plan with Double Death Benefit of Sum Assured + Return of Premium. In this plan, the premium amount is decided by the policyholder and he gets 250 times the monthly premium as Sum Assured. If the Life Insured survives the entire term, then he would receive Maturity Sum Assured + Loyalty Additions. The Maturity Sum Assured depends on different entry ages and policy term and is specified at the beginning of the policy. Now, if the Life Insured dies within the policy tenure then his nominee would receive the Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition, if any. Thus, the Death Benefit would be the same irrespective of age of entry and policy term since it depends only on chosen premium amount but the Maturity Benefit would differ according to varied age of entry and policy term.
This plan provides certain flexibilities unlike other endowment plans and hence is a Special Plan The policyholder can choose his own premium amount and Sum Assured gets determined thereafter The plan will allow partial surrender from 4th year onwards subject to certain terms and conditions The policyholder is allowed to choose a flexible term for premium payment
Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount. 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. Partial surrender of the policy is allowed after the 3rd policy year. Extended risk cover for one year after 3 years premium payment. Optional higher cover through Term Rider and Accidental Death and Disability Benefit. You can choose a maximum term but can surrender at any time without any surrender penalty or loss after 5 years. Loyalty Additions are provided from 10th policy year onwards.
Loyalty Additions, if any. Income Tax Benefit Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
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 You want a loan against your policy Loan facility is available under this policy,at nominal interest rate of 9% P.A.