[caption id="attachment_155" align="alignleft" width="300" caption="LIC Jeevan Saral"][/caption]
LIC Jeevan Saral Plan is actually an endowment policy with a lot of flexibilities that is usually available only with unit linked insurance plans. Hence Jeevan Saral is categorized under Special Plans.
Jeevan Saral is a non unit-linked insurance plan with Double Death Benefit of Sum Assured + Return of Premium.
Key Features of LIC Jeevan Saral:
- Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount
- Under Jeevan Saral, Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition.
- Maturity Benefit under LIC Jeevan Seral is Maturity Sum Assured + Loyalty Additions, if any.
- Partial surrender of the Jeevan Saral policy is allowed after the 3rd policy year
- Jeevan Saral offers extended risk cover for one year after 3 years premium payment
- Policy holder of jeevan saral has option to get higher cover, through Term Rider and Accidental Death and Disability Benefit
- The Jeevan Saral policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss after 5 years
- Under Jeevan Saral, Loyalty Additions are provided from 10th policy year onwards.
Benefits Of LIC Jeevan Saral
Income Tax Benefit under section 80C : Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity benefit is tax free under section 10(10)D provided all conditions have been fulfilled. Death Benefit: In case of death of the Life Insured, the nominee receives- Sum Assured (i.e. 250 times the Monthly Premium) +
- Return of premiums excluding extra/rider premium and first year premium +
- Loyalty Addition, if any
- Maturity Sum Assured (Depends on age of entry and policy term) +
- Loyalty Additions, if any.
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