Offering life coverage in case of an eventuality, LIC has rolled out the LIC Jeevan Saral Plan which gives the dependents and family members of the policyholder a lump sum payout in case of untimely death of the policyholder. With the LIC Jeevan Saral Plan, customers can choose the premium amount and the term of the policy. In case of untimely death of the policyholder, the death benefit will be payable to the nominee till the end of the policy term or in the form of a lump sum payout.
To be eligible for the LIC Jeevan Saral Plan customers need to meet certain criteria with regard to the entry age and the maturity age. Contact LIC for more details.
Sum Assured: The sum assured depends on the entry age of the policyholder and the term chosen by the policyholder.
Premium: The premium can be chosen by the policyholder. Policyholders can pay their premiums either annually, half-yearly, quarterly or monthly.
The LIC Jeevan Saral Plan comes with maturity benefits and death benefits.
|Death benefit||In case of untimely death of the policyholder, the nominee is entitled to 250 times the premiums paid as the death benefit. The death benefit can be paid as a lump sum or in installments till the end of the policy term. Apart from the sum assured, the nominee is also entitled to loyalty additions (if any).|
|Maturity benefit||On survival till the end of the LIC Jeevan Saral Plan, policyholders are entitled to the sum assured as well as loyalty additions.|
The LIC Jeevan Saral Plan comes with key features such as surrender benefits, loyalty additions, grace period and so on.
|Surrender benefit||Policyholders can surrender the LIC Jeevan Saral Plan after completing three years from the initiation of the policy. On surrendering the policy after three years, policyholders are entitled to 30% of the premiums paid as the guaranteed surrender benefit.|
|Loyalty additions||Policyholders are entitled to loyalty additions from the commencement of the 10th year of the plan till maturity.|
|Grace period||Policyholders are granted a grace period of 30 days from the due date for the annual, half-yearly and quarterly premium mode to pay their premium and 15 days for the monthly premium mode to pay the premium.|
|Free-look period||Policyholders are granted a free-look period of 15 days from the commencement of the policy. If he/she disagrees with the terms and conditions of the policy, the policy can be returned.|
In accordance with the Income Tax Act 1961, policyholders of the LIC Jeevan Saral Plan can avail tax benefits under:
The LIC Jeevan Saral Plan offers life coverage to the loved ones and dependents of the policyholder in his/her absence. The sum assured is paid to the nominee following the death of the policyholder - giving them financial security when needed the most. In addition, the LIC Jeevan Saral Plan offers customers with the benefit of loyalty additions over the sum assured.
In the financial year of 2016-2017, LIC recorded a claim settlement ratio of 98.19% - the best yet by any insurer in the country. Being the largest insurer in the country with a net asset value of $250 billion, LIC has a dedicated customer support team that works round-the-clock and holds customer satisfaction as their priority. On the LIC website, customers have a plethora of flexible life insurance covers to choose from, giving customers the option of choosing a plan that suits them best.