LIC Jeevan Saral Plan 165 – Features, Benefits Eligibility & Returns full details
Table of Contents
LIC Jeevan Saral Plan (Table No-165) – LIC Jeevan Saral Plan is a non unit-linked insurance plan with Double Death Benefit of Sum Assured + Return of Premium,where the policy holder has decide to choose the monthly premium and mode of premium payment.
The plan provides financial protection during term of the policy in case of death. The death benefit is directly related to the monthly premiums. The Maturity Sum Assured depends on the policy holder’s age at the time of take the policy and is payable on survival to the end of the policy term.
The death benefit under this plan is 250 times of monthly premium+ total premiums paid -(1st year premium and rider premiums paid)+LA,if any payable,and accidental death benefit under this plan is 500 times monthly premium+ total premiums paid -(1st year premium and rider premiums paid)+LA,if any payable. loyalty addition is applicable after 10 years of the premium payments (if any).
- Risk cover is 250 times of the monthly premium and accidental Risk cover under this plan is 500 times of monthly premium
- Liquidity options available through special surrender value and loan
- Risk cover is equal for all age groups
- Double tax benefit u/s 80-C and 10(10D)
- Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition if any.
- Maturity Benefit is Maturity Sum Assured + Loyalty Additions, if any.
- Partial/full surrender value of the policy is allowed after the 3rd policy year.
- Auto 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 term 10 to 35 years but can surrender at any time without any surrender charges or loss after 5 years.
- loyality addition is aplicable after 10 years of the premium payments (if any)
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LIC Jeevan Saral Plan Eligibility / Parameters
Death Benefit – In case of death of the policy holder, the nominee will receive 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 time of maturity of the policy, the policy holder will get Maturity Sum Assured (Depends on age of entry and policy term)+Loyality Additions, if any,will be paid.
Loyalty Addition –Loyalty addition is aplicable after 10 years of the premium payments (if any) Loyalty additions will also be payable if a death claim occurs after 10th years of the policy ,and should be in inforce condition. Loyalty additions will be subject to the Corporation’s experience.
Surrender Value –Jeevan Saral provides two types of surrender value
Guaranteed Surrender Value –The policy can be surrendered after at least 3 years premium payments. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit and term rider.
Special Surrender Value –80% of Maturity Sum Assured if 3 years premium payments or more years but less than 4 years premiums have been paid, 90% of the Maturity Sum Assured, if 4 years or more years but less than 5 years premiums have been paid and 100% of the Maturity Sum Assured, if 5 years or more years premium have been paid.
Income Tax Benefits – 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).Difference Between LIC Jeevan Saral Plan And Post Office scheme
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Difference Between LIC Jeevan Saral Plan And Post Office scheme
LIC Jeevan Saral Plan Additional Information
Risk Coverage: Till end of Term of the Policy.
Date of Commencement of Risk- From day one.
Locking period: 3 years.
Loan Facility: Available after 3 years.
Income Tax: Benefits Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns.
Loan: Under LIC Jeevan Saral PlanLoan isavailable
Riders available: Yes
Policy Revival: Policy can be revived before 5 years from date of First Unpaid Premium (FUP).
Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.
Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.
Back-dating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: assignment and nominations is possible under this plan.
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