LIC Saral Jeevan Bima 859

By | April 16, 2021

LIC Saral Jeevan Bima Plan 859, Benefits, Features, parameter and Review


INTRODUCTION OF LIC Saral Jeevan Bima 859 (Table No. 859) – IRDA has issued Guidelines on Standard Individual Term Life Insurance Product, “Saral Jeevan Bima” vide which all life insurers are’ directed to offer a Standard Individual Term Life Insurance Product mandatorily. The plan features and parameters under this product have been prescribed by the Authority.

LIC Saral Jeevan Bima 859
LIC Saral Jeevan Bima 859

In view of the above, it has been decided to introduce LIC SARAL JEEVAN BIMA (Plan No.859) with effect from 16/04/2021. The Unique Identification Number (UIN) for LlC’s SARAL JEEVAN BIMA plan is 512N341V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users’ (public, distribution channels).

LlC’s SARAL JEEVAN BIMA 859 plan is a Non-Linked, Non-participating, Individual Pure Risk Premium Life Insurance Plan.This plan can be purchased Offline as well as Online.

LIC Saral Jeevan Bima 859 Parameter


Minimum Age at Entry18 years (Last Birthday)
Maximum Age at Entry65 years (Last Birthday)
Maximum Age at Maturity70 years (Last Birthday)
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly OR single
Policy Term5 to 40 years
Premium Payment TermRegular PremiumSame as policy term
Limited Premium5 years and 10 years
Single PremiumLumpsum
Sum AssuredRs. 5,00,000/-. To Rs 25,00,000/-
(in multiple of 50,000)
LoanNo Loan available
LIC Saral Jeevan Bima 859 Parameter

Also Read this : LIC’s Best Lifetime Money Back plan

Rebates

Rebate means discount on premium. Two rebates and One loading in this policy.

High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.

Basic Sum Assured (BSA)Rebate per Rs. 1000 /- S.A.
5, 00,000 to 9, 50,000NIL
10,00,000 to 14, 50,00010.10 %0 B.S.A
15,00,000 to 19, 50,0000.20 %0 B.S.A
20, 00,000 and above0.25 %0 B.S.A

Rebate under Online Sale

Premium Paying TermOnline Sale (Rate of rebate)
Single Premium2.00%
5 to 9 years5.00%
10 to 14 years6.00%
15 years and above7.00%

Mode Loading: Mode Loading given based on premium payment mode chosen.

ModeLoading as a % of tabular annual premium
YearlyNil
Half yearly2%
Monthly (ECS/NACH) mode3%

Benefits

Maturity Benefits

LIC Saral Jeevan Bima Plan 859 Maturity Benefit = On survival of the life assured to the end of the policy term, no maturity benefit is payable.

Death Benefits

(A) During waiting period of 45 days from the Date of Commencement of Risk:

  1. On Death (due to any reason other than accident) during waiting period, an amount equal to 100% of all premiums received excluding taxes, if any, shall be paid.
  2. On Death due to accident provided all due premiums have been paid, “Sum Assured on Death” shall be payable to the nominee.

For Regular Premium and Limited Premium Payment policies: “Sum Assured on Death”
is defined as the highest of:

  • 10 times of annualized premium; or
  • 105% of all the premiums paid as on date of death; or
  • Absolute amount assured to be paid on death i.e. 100% of Basic Sum Assured.

For Single Premium policies: “Sum Assured on Death” is defined as the higher of:

  • 125% of Single Premium.
  • Absolute amount assured to be paid on death i.e. 100% of Basic Sum Assured.

(B) After waiting period of 45 days from the Date of Commencement of Risk:

On Death after waiting period during the policy term including death due to accident provided
all due premiums have been paid, “Sum Assured on Death” shall be payable to the nominee,

An “Accident” for the purpose of this policy is defined as “An Accident is a sudden, unforeseen
and involuntary event caused by external, violent and visible means.”

RIDERS

No riders are available under this plan

SURRENDER VALUE:

No surrender value shall be available under this Plan.
However, on surrender of policy, policy cancellation value shall be payable’ in the following cases
as given below:

  • Regular Premium policies: No policy cancellation value shall be payable.
  • Single Premium Policies:

The policy shall acquire policy cancellation value immediately after receipt of Single Premium
and the same is payable upon the policyholder applying for the same before the stipulated date
of maturity.
The amount of policy cancellation shall be calculated using the following formula:
70% * Single Premium Paid* (Unexpired Policy Term / Original Policy Term)

The Single Premium mentioned above is exclusive of taxes but inclusive of extra premiums
charged due to underwriting decisions, if any.

  • Limited Premium Payment:

Policy cancellation value shall only be payable if premiums have been paid for at least two (2)
consecutive full years and the same is payable upon the Policyholder applying for the same
before the stipulated date of maturity or at the end of the revival period if the policy is not
revived.
The amount of policy cancellation value shall be calculated by using the following formula:
70% * Total Premium Paid* (Unexpired Policy Term / Original Policy Term)

Read also : LIC new Jeevan Anand plan 915 lifetime plan

LIC Saral Jeevan Bima Plan 859 with an Example

An example of Vinod who is purchasing this Plan with following details.

Sum Assured (Rs.)25,00,000
Age (Years)30
Policy Term(Years)20
Premium Paying Term20
Purchase Year2021
Yearly PremiumRs. 3,000/-
LIC Saral Jeevan Bima Plan 859 with an Example

As per above example, policy holder needs to pay the premium of Rs. 3,000 year 20 years (Premium Paying Term) and after completion of 20 years (Policy Term).

Maturity Details

If Policy holder survives 20 years, then Maturity will be as under.

Maturity YearAge at MaturityTotal Premium PaidMaturity Amount (Approx.)
20415060,000/-Nil

Death Claim Details

In case of death during policy term ( Before 20 years ), Sum Assured Rs. 2500000 will be paid to nominee.

Suppose if, unfortunate death of policy holder happens in year 2034 (at age 42), then by that time total premium paid will be Rs. 42,000 and nominee will get death claim as Rs. 25,00,000 in case of normal death or accidental death and policy will be stop.

LIC others Endowment plans

LIC new endowment 914LIC Jeevan Labh Plan 936
LIC new jeevan anand plan 915LIC Jeevan Umang Plan 845

अधिक जानकारी के लिए कृपया संपर्क करें:

बास्पा नंद पंचोली
संपर्क सूत्र-: 9891009400
Email-basupancholi@gmail.com
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