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Lic Jeevan saral Policy

JEEVAN SARAL LIFE INSURANCE POLICY BY LIC
(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
Benefit
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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135 Responses to Lic Jeevan saral Policy

  1. saurabh dhamija says:

    sr aftr how much year we can take loan from jeevan saral policy

  2. Madhu Reddy says:

    Hi
    My policy No : 903627341 pls send the detales , Starting date :05/01/2010
    Date of birth : 01/07/1983

  3. Nagnath Sandipan More says:

    My policy total amamunt

  4. utkarsha upendr tari says:

    lic jeevan saral (
    with profit) this polici informetion for last pay instolment and polici is widroeal informetion polici no 883477066 polici membar neam utkarsha upendra tari

  5. utkarsha upendr tari says:

    lic jeevan saral (
    with profit) this polici informetion for last pay instolment and polici is widroeal informetion

  6. Madan lal says:

    Good After Noon Sir
    i have paid my premium of this year i want to check my payment status pls send status to my mail-id
    my policy No: 197672080,197672081
    i am requesting pls asps send the reply

    • anup singh pawar says:

      please send me status of my policy jeevan saral[with profits] table no.165
      policy no.273349595

  7. Ashish Tyagi says:

    I want to enquire about my lic policy online.

  8. Anurag Sharma says:

    Sir i want the all deposite amount receipts of my two jeevan saral policies FOR INCOME TAX RETURN PLS SIR

    Policy no-186870800 (HEMLATA)
    Start date-28/02/2013

    Policy no-186870788 (ANURAG SHARMA)
    START DATE-28/02/2013

  9. bhupen neog says:

    my policy totel amaunt

  10. sandeep ghorpade says:

    my policy no. 883961722

  11. om nath kapoor says:

    please send my policy status.policy no 273434759. LIC’S JEEVAN SARAL ( WITH -PROFITS) TABLE 165

  12. SUSMITA SAHA says:

    please send my policy status.policy no 577970004. LIC’S JEEVAN SARAL ( WITH -PROFITS) TABLE 165

  13. mandeep singh says:

    Plz my poliy renew premium

  14. Sandeep Choudhary says:

    My policy no. Is:-604833406

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