LIC Jeevan Saral Plan Review
LIC Jeevan Saral Plan 165 Policy is an endowment plan in which policyholder can decide the amount of premium he wants to pay for yearly and half yearly. On 16/02/2014 LIC has introduced this Jeevan Saral Plan. Jeevan Saral Lic 165 plan contains a higher death cover, smooth return, liquidity and lot of flexibility. This is a non unit-linked insurance policy with Double Death Benefit of Sum Assured and Return of Premium.
Once Premium is chosen, the sum assured that will be paid on death will be determined irrespective of age and policy term. The death benefit will be same regardless of age at entry, but the amount payable at maturity will be different for each age entry and policy term.
LIC Jeevan Saral Plan Features and Benefits
LIC Jeevan Saral 165 Term Insurance Plan has some key features and Benefits. These features and benefits help you to have a basic knowledge of the Plan so that you can get interested in the Policy.
It is a withdrawn Plan which gets a share of the profits in the form of loyalty additions. The loyalty additions are terminal bonuses which are payable along with Death Benefit and Maturity Benefit.
Benefits of LIC Jeevan Saral 165 Plan
The LIC Jeevan Saral Plan has key benefits that life assured may get interested. These benefits are given to the policyholder on successful payment of premium. Some of the Benefits of the LIC Jeevan Saral Policy are
The Death Benefits of LIC Jeevan 165 Endowment Plan are
- Sum Assurance which will be 250 times the monthly premium together along with the loyalty additions(if any) plus
- Return of premiums excluding first year premiums and extra/rider premium(if any) is payable in Lump sum on death of the life assured during the term of the policy.
The sum Assured + Loyalty Additions(if any) is payable with the lump sum.
Extra/ Supplementary Benefits:
To get the additional benefits, an extra payment of premium is required. You can get these benefits by adding some additional options to your basic plan.
Surrender value is applicable on earlier termination of policy/ Contract. There are two types of Surrender values.
- Guaranteed Surrender value.
- Special Surrender Value.
Guaranteed Surrender Value:
The policyholder can surrender the policy after successful payment of a premium of 3 Full years. The surrender value will be equal to 30% of the premium excluding the premium of the first year, all the other extra premiums, and premium for accident benefit and Term Rider.
GSV = 30% ( total amount of premiums paid – the premiums for the 1st year and all extra premiums and premium for accident benefit/term rider).
Special Surrender Value:
- 80% of Maturity Sum Assured if 3 or more years but less than four years premiums have been paid.
- 90% of the Maturity Sum Assured, if 4 or more years but less than five years premiums have been paid.
- 100% of the Maturity Sum Assured, if 5 or more years premiums have been paid.
SSV = Discounted or Accumulated value of maturity sum assured + loyalty addition (if any).
Partial Surrender Value:
After completion of 3 years or more from DOC and if premiums have been paid for at least three full years, partial surrender will be allowed.
|Age at entry||Reduced basic monthly premium after the partial surrender|
|Up to 49 years||> Rs. 250/- per month|
|50 years and above||Rs. 400/- per month|
|Mode of payment||minimum basic monthly premium that can be surrendered at a time|
LIC Saral 165 Policy Eligibility Conditions
LIC Jeevan Saral Plan has some eligibility conditions regarding the entry age, sum assured, policy term, etc. Check the Eligibility conditions for the LIC Jeevan Saral 165 Insurance Plan.
|Sum Assured(Death)||Up to 49 years||Rs. 62500|
|50 years and above||Rs. 1,00,000|
|Age at Entry||Minimum||12 years (completed)|
|Maximum||60 years (nearest birthday)|
|Policy Term||Minimum||10 Years|
Maximum Maturity Age
Premium Payment Mode
Yearly, Half-yearly, Quarterly, SSS and ECS – monthly mode is available.
Premium(Age at Entry)
|Up to 49 year||
Rs. 250/- per month
|50 to 60 years||Rs. 400/- per month|
Jeevan Saral LIC 165 Plan Rebates
A rebate is the portion of interest earned by the owner (lender) of securities that are paid to a short seller (borrower) of the Securities. There are three types of rebates in this LIC Jeevan Saral Plan
- Sum Assured Rebate
- Mode Rebate
- CEIS Rebate
Sum Assured Rebate:
Sum Assured Rebates will not be provided under this plan.
- Yearly mode: 2% of the tabular premium.
- Half-yearly mode: 1% of the tabular premium.
- Quarterly and SSS: Nil.
10% of the basic premium is available under this CEIS Plan.
LIC Jeevan Saral Policy Premium Calculator
To Calculate the Premium, you need some basic information like Name, Number, Email Id, Policy Term, etc. Based on the Policy Term and other parameters policyholders can you can calculate the LIC’s Jeevan Saral 165 Premium.
The data required for the calculating the Premium is
- Name of the Policyholder.
- Email Id.
- Mobile Number is given to the Corporation.
- Age Proof.
- Policy Term.
- Sum Assured.
LIC Jeevan Saral Withdrawn Plan Buying Procedure
The policyholder can visit the nearest LIC Branch Office to buy the Proposal form. Or you can go through the online to purchase the Policy. You can also get the Jeevan Saral LIC Plan through the Agent.
Documents needed for LIC Jeevan Saral Withdrawn Insurance Plan
- Application form/ Proposal form along with a photo.
- Address Proof.
- Age Proof.
- Medical reports (If required).
LIC Jeevan Saral Endowment Plan Claim Procedure
There are two types of Claims under this LIC Jeevan Saral Policy. The Jeevan Saral Claims are
- Maturity Claim.
- Death Claim.
The Policyholder can claim for the maturity Benefit once he/she completed the premium successfully. The Policyholder will also get the loyalty addition(if any) along with the Maturity Benefit.
- Maturity claim = Maturity sum assured (not death sum assured) + loyalty addition.
- Maturity claim for term assurance rider is not payable.
In a case of the Sudden/ Unfortunate death of insured candidate within the Policy term the sum assured will be payable to the Assured’s family or nominees.
Death claim under auto cover (without term assurance rider):
Death claim= Basic death sum assured + (return of premiums – 1st year premium and extra/ rider premiums/ EPDB premiums if any) + loyalty additions – outstanding loan with interest if any.
Death claim under auto cover (with term assurance rider):
Death claim= Basic death sum assured + Term rider sum assured + (return of premiums – first year premium and extra/rider premiums/EPDB premiums if any) + loyalty additions – o/s loan with interest if any.
The general documents needed for the LIC 165 Claim Process is
The documents required to claim for the LIC Jeevan Saral Plan are
- Duly filled claim form.
- Original Policy Document.
- Identification Proof.
- Death Proof.
- Medical treatment documents before death.
- Age proof.
LIC Jeevan Saral Plan Riders
A rider is an add-on provision to a basic insurance policy that provides additional benefits to the policyholder at an additional cost. Riders are available in this plan. There are two types are Riders are available in this plan.
- Term Assurance Riders
- Accidental Death and Disability Benefit Rider
Term Assurance Rider:
Term Assurance Rider is an option for the Policyholder at the time of premium. You can pay an additional premium to get additional benefits to your policy.
|Sum Assured||Minimum||1 lakh with multiple of 10,000.|
|Age at Entry||Minimum||18 years (completed)|
|Maximum age at Maturity||60 Years|
Accidental Death and Disability Benefit Rider
- Accidental death and disability benefit rider are available up to maximum Sum Assured of 50 lakh. Permanent Disability Benefit (PDB ) is not available under this plan.
- Sum assured for this rider is death sum assured. For auto cover period Accident death and disability benefit rider are not available.
Additional Information on LIC Jeevan Saral Plan
- Paid Up Value: Paid Up Value Payable on Death or Maturity depends on the no.fo premium paid. Paid Up Value is greater of No. of years premium paid/No. Of years premiums payable X Original Maturity sum assured (OR) Surrender value as per SSV.
- Auto Cover:
- If the policy holder pay the premium for three full years, and he/she is not able to pay the next premium then, the risk cover can extend to 12 months from the first unpaid premium.
- For Term Assurance Benefit Rider and Accidental Death Rider, there is no Auto Cover option.
- Loan: Loan Facility is available under this plan.
- Revival Period:
If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be the lapse. Within the five consecutive years from the date of first unpaid premium a lapsed Term Plan can be revived . This Term plan will be revived before the expiry period of Policy term.
FAQ’s of LIC Jeevan Saral Endowment Insurance Policy
1. Can I surrender my policy within the Policy Term?
A. Yes, Surrender value is applicable on earlier termination of policy/ Contract.
2. Is there any loan benefits in this Jeevan Anmol 822 Plan?
A: Yes, there is a loan facilities will be provided under this plan.
3. Is any Rider available for this policy?
A. Yes, there are two riders available for this plan. Term Assurance Riders and Accidental Death and Disability Benefit Rider are the riders available under this plan.