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As individuals it is inherent to differ. Each individual insurance needs and requirements are different from that of the others. LIC Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
Features of Jeevan Saral (Table 165)
Maturity S.A + Loyality Additions, If the policy was in force for a minimum of 10 policy years.
250 times the monthly basic premium+return of premium paid (excluding 1st year premium +Loyality additions
The Policy Holder can choose a maximum term but can surrender at any time without any surrender penalty or loss
If less than 4 years prem. Paid - 80% of Maturity S.A
Between 4 & 5 Yrs prem paid - 90% of Maturity S.A
If 5 years and above prem. Paid - 100% of Maturity S.A
A portion of the policy can be surrendered and money can be taken from LIC, if prems. have been paid for a min of 3yrs .
Product summary :
This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death.
This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death, if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period.
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