LIC Jeevan Saral Policy Review
This policy from LIC is an endowment assurance plan in which the insurer need to choose the premium payment mode and amount. This plan, LIC’s Jeevan Saral, provides death benefits to the family of the insurer and it depends directly on the premium being paid. The premiums can be paid either monthly, quarterly, half year or yearly and it can be paid till the death or the number of years as chosen by the policy holder.
Benefits of Jeevan Saral:
This policy provides an unbelievable protection in case of death of the policy holder where the sum assured plus the bonus will be paid to the nominee and also he/she will be paid all the premiums paid so far right from the first year of the policy which is a great feature which not many insurance plans in India give. The loyalty additions or bonuses will be payable from the tenth year of the policy. It is one of the few special plans announced by Life Insurance Corporation (LIC) of India.
This life insurance plan won the coveted Golden Peacock Innovative Product or Service of the year 2009.
Maturity:
The maturity value at the end of the term is the sum assured and the loyalty additions. Also there are additional benefits which can be availed by paying extra premium. Jeevan Saral provides 250 times the monthly premium in case of unexpected death of the policy holder, which is one of the highest in the industry.
Partial Surrender or Withdrawal:
Partial withdrawal is allowed for Jeevan Saral provided it fulfills the criteria set forth by LIC of India.
Advantages of Jeevan Saral:
- 250 times the monthly premium in case of death.
- Minimum premium of just Rs. 250.
- Loyalty additions if the policy reaches 10 years.
- Premium amount decides the returns.
- No penalty for withdrawal after 5 years.
- Tax benefits.
Although Jeevan Saral sounds more like a recurring deposit, this policy has more benefits like insurance and loyalty additions as well as unique death benefits and letting us choose the returns by choosing the premium payment option which no other policies or recurring deposits offer. All in all another good policy from LIC which can be banked upon and brought if you don’t already own adequate life insurance coverage.
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Comments
ALL ULIP POLICES NOW A DAYS LOSING MONEY.
INVESTORS ARE LOSING THEIR INVESTMENT AMT.
BUT INSURANCE COS. EARNING HUGE FIX INCOME BY IMPOSING VARIOUS CHARGES.
L I C ULIP POLICIES ARE NOT PROTECTED BY GOVT.
L I C BONUS RATES GOING DOWN, WHILE BANK INTEREST RATES ARE GOING UP.ASK YOUR AGENT ABOUT
BONUS RATE CHART. IN MARKET SOME AGENTS SAYING OLD HIGH BONUS RATES.
FEAR OF DEATH= DON’T INVEST IN INSURANCE POLICIES,
GO FOR TERM INSURANCE.
[Reply]
Pl.let me known the actual benifits of jeevan saral policy .I am paying 56000 Rs yearly as an installment against 1175000.
Is it possile to reduce the installment or withdraw some amount.
Thanks
Go for PURE TERM COVER. The difference in premium if invested in mutual funds will give you far higher returns. Remember your insurance agent gets 35 to 40% commission on your first premium .