It is basically an Endowment Assurance plan under which the proposer has simply to choose the amount and mode of premium payment. The plan comes out with the needful financial protection support death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity. The Maturity Sum Assured depends on different entry ages and policy term and is specified at the beginning of the policy.
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The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term.
It also offers the flexibility of term and a lot of liquidity. Premiums: Premiums can be pay yearly, half-yearly, quarterly, or monthly. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation. Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years.
The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy. Example: Mr. Rohit is 25 years old and is working in IT industry. On maturity he will receive Rs. If he dies after 5 years, his nominee will get Rs. Posted by.
LIC Jeevan Saral (Plan 165) – Details, Calculators, Review and Illustrations
Hence it is categorized under Special Plans. In this plan, the premium amount is decided by the policyholder and he gets times the monthly premium as Sum Assured. The Maturity Sum Assured depends on different entry ages and policy term and is specified at the beginning of the policy. 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 Key Features of LIC Jeevan Saral Plan Premium is chosen by the policyholder and Sum Assured is times the Monthly Premium amount. Partial surrender of the policy is allowed after the 3rd policy year.
LIC Jeevan Saral Chart Plan 165
Jeevan Saral Plan is a popular insurance plan with some special features which makes it one of the most flexible conventional insurance plan from LIC of India. As the plan was withdrawn from the sale, you cannot purchase it anymore. But all the policyholders who have purchased it before the withdrawal date will continue to enjoy the benefits of the policy. Payment options Read complete details of Jeevan Saral Plan. Complete or Partial surrender of the plan can be done any time after the completion of 3 years, provided, premiums have been paid for at least three full years. Auto cover shall be available for a period of 12 months if the policy has been in force for 3 or more full years. Auto cover will not be available for rider benefits Term Rider and Accident benefit rider available based on certain conditions and restrictions.
LIC Jeevan Saral
You can provide parameters such as age, basic monthly premium, riders etc based on your own needs to get all the details of the plan including, insurance coverage surrender value maturity benefit etc. This online calculator can be used in mobile platforms also and do not need any installations. The latest loyalty addition rates are provided in the chart given below. From the above chart, we can see that the loyalty additions rates for the Jeevan Saral has increased in the current valuation compared to the previous valuation. Extrapolation to predict future loyalty rates LIC has so far declared the loyalty additions rates for Jeevan Saral plan up to 18 year term only.
LIC Jeevan Saral (Plan No: 165) Maturity Calculator