Lic Jeevan saral Policy

(Table No. 165)

Feature of plan: This plan contains good feature of the conventional plans and the flexibility of unit linked plans. It provides higher cover, smooth return, liquidity and considerable flexibility. In this plan one has to choose the premium he wants to pay whereas in normal plans one chooses the S.A. under this plan death cover will be same irrespective of age at entry and term. The sum payable at maturity however differs for different entry age and terms. This plan is very appropriate for employees seeking life cover through salary savings schemes.
Surrender value: the policy can be surrender after it has been in force for at least 3 full years. The surrender value will be the greater then guaranteed surrender value or special surrender value as given below:
Guaranteed surrender value (GSV): the GSV will be equal to the 30% of the total amount of premium paid excluding the premium for the first year and all the extra premiums and premium for accident / term riders.
Special surrender value (SSV): the special surrender value under the policy shall be paid as the sum of (a) and (b) gives as under:
Discounted value or accumulated value, as the case may be, of the following: 80% of maturity S.A. if 4 years premium have been paid, 90% of the maturity S.A. if or more years but less then 5 years premiums have been paid and 100% of the maturity S.A. if 5 or more years premium have been paid.
The loyalty additions, if any as announced while declaring the results of the corporation’s valuation as on 31st march, immediately preceding the date of surrender.
Auto cover: the plan offers auto cover of 12 month after the policy has been in force for a period of 3 years or more.
Flexible term: the policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss.
Partial surrenders: the plan will allow partial surrender from 4th year onwards subject to certain conditions for which please refer to policy document. Due to existence of the flexible term and partial surrender the policyholder will enjoy a lot of liquidity under the plan. The plan also provides for 15 days free look period”.
Optional rider: term assurance rider, accidental death and disability benefit rider is available by the payment of an addition premium.
Maturity sum assured (MSA): has to be calculated on the basic premium only, before mode rebate & death accident benefit.
Death benefit S.A. will be 250 times the monthly basic premium. To arrive at DAB we have to calculate death benefit S.A. e.g. if yearly premium is Rs.6000
The death benefit S.A. = 6000/12 x 250 = 1,25,000 for this DAB will be @ Re.1per thousand which come out to be Rs.125
Plan parameters
Age at entry: Min.12 yrs (completed) Max. 60 yrs (NBD)
Maturity age: Min.70 yrs
Term: Min.10 yrs Max. 35 yrs
Min. premium
Age 12 to 49:Rs.250 P.M
Age 15 to 60: Rs.400 P.M
Max. Premium: No. Limits
Premium in
Multiples: Rs.50 p.m.
Mode of payment: YLY/ HLY/ OLY/ SSS
Accident benefit: Re. 1extra per
(max. 50 Lac inclusive
all plan)
Policy loan: yes @ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term: yes
Underwriting condition
Form no: 300/340
Age proof: Std/ NSAP-1
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: Death benefit S.A. + return of premium paid + LA (if any)
Dating back @ 8%: Allowed
Maturity benefit: Maturity sum assured (MSA) + Loyalty additions, if any
Death benefit: 250 times the monthly premium + Return of premiums
(Excluding extra/rider premium and first year premium),+ the Loyalty Addition, if any
Example: Mr. Vijay is 25 years old and is working in auto industry. He opts for jeevan saral plan for 15 years term and chooses monthly basic premium of Rs.500/- after adding DAB premium of Rs.510 (500 x 250 = 1,25,000 x 1/1000 x 1/12 = 10 + 510). On maturity he will receive Rs.97655/- as maturity sum assured (MSA) + Loyalty Addition which will be decided by the corporation. If he dies after 4 years, his nominee will get Rs.1,25,000 (250 x 500) + premium paid for 4 years – first year premium = 1,25,000 + 24,480 – 6120 = 1,43,360/- + Loyalty Addition, if any.
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15 Comments on "Lic Jeevan saral Policy"

  1. bashisht kumar | May 18, 2015 at 7:36 am | Reply

    Yahi beema

  2. dipankar biswas | May 4, 2015 at 11:10 am | Reply

    Sir I having a jeevan saral policy no 446650634
    .i want to take loan how much I will get


  4. mahesh kumar meena | September 3, 2014 at 6:24 pm | Reply


  5. nitin khandagale | July 18, 2014 at 8:57 am | Reply

    Nitin khandagale says: jeevan Aandmy policy no 892260001 total amamunt and statement please, my mob: 8108489995

  6. Ajay Kumar Singh | June 28, 2014 at 8:32 am | Reply

    I have a jeevan saral policy for primium Rs 24510 half yearly. I have paid 06 primium, Now i want to surrender this policy, how much i will got.

  7. POLICY 351677221

  8. Vasava Rajeshbhai Devjibhai | June 16, 2014 at 8:33 am | Reply

    jeevan saralpolicy no 875594922 My policy total amamunt

  9. I have jeewan saral policy for 25 years with monthly premium Rs 5104.
    What will i actually get after 25 years i.e. on 2039.

  10. Harshada H. Nahichiadkar | May 30, 2014 at 3:08 pm | Reply

    I want to know my daughter’s policy full status

    My Policy No. 90609201
    Date Of Birth : 19/09/2003

    Please confirm.

  11. sangeeta mandve | May 28, 2014 at 12:36 pm | Reply

    sent me statement of my policy no.883795315 jeevan saral policy

  12. pradipsingh bat | May 25, 2014 at 7:47 am | Reply

    i want to know my policy full status

    my policy no.973690077

  13. GANESH SURESH BHOSALE | May 23, 2014 at 5:30 pm | Reply


    MY POLICY NO IS…926809417
    DT OF BIRTH IS …02/01/1986

  14. Dinesh kumar Verma | May 18, 2014 at 11:11 am | Reply

    SIR- I want to primiyam & pyament dtail of my policy my policy no. is 358315140

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