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LIC Jeevan Saral Review

Jeevan Saral is an Endowment Assurance plan from LIC of India. The plan offers financial protection against death throughout the policy term. The plan offers the flexibility to choose the premium payment mode as monthly, quarterly, half-yearly or yearly. It also offers higher life cover, smooth return, liquidity, death and maturity benefits, loyalty additions, and lots of flexibility.

The plan provides the assured maturity sum plus loyalty additions as a lump sum amount at the end of the policy term. The maturity sum assured is decided based on the policy holder’s age at entry of the policy. The plan provides a lump sum payment to the policy holder’s family in case of death of the insured person during the term of the policy. The death benefit is decided based on the premiums paid. You will get 250 times monthly premium plus total premium paid plus loyalty additions, if any, as death benefit. The plan offers high life cover at very low premium and extended risk cover for one year after 3 years of the policy term.

Jeevan Saral plan is a with-profits plan provides loyalty additions as terminal bonuses to be paid along with death or maturity benefits.  The loyalty additions are payable from the 10th year onwards based on the Corporation’s experience. Loyalty additions depend on the future profits and hence it is not guaranteed.

The plan allows the policyholder to select a maximum term and also allows to surrender the policy at any time. The plan offers surrender values on earlier termination of the life insurance contract. It offers guaranteed surrender value only when the policy is surrendered after 3 years or more. It offers special surrender value which corresponds to the term for which premiums have been paid.

Benefits of LIC Jeevan Saral:

• Endowment Assurance plan having good features of the conventional plans and the flexibility of unit linked plans.
• Offers the flexibility to choose the premium payment mode.
• With-profit insurance plan providing loyalty additions as terminal bonuses.
• Offers maturity benefit and death benefit. Supplementary/extra benefits are optional benefits that can be added to the plan on paying additional premium.

Related Posts:

• LICs Bima Account Non-Linked Life Insurance
• LIC Endowment Plus Unit Linked Plan
• The LIC Pension Plus Review

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