Lic of India is the largest insurance company in India and is one insurance company that takes good care of all its stakeholders. Unlike other insurance companies Lic of India launches all its policies and plans keeping in mind the interest of its policy holder to the top most priority. Keeping all the benefits to their policy holders in mind, Lic of India launched its lic jeevan saral plan table no 165. Lic jeevan saral plan is an endowment policy with a lot of flexibilities for the policy holders which can only be availed with linked insurance plans. Lic jeevan saral plan has also been categorized under the special plans as it is a non-linked insurance plan with Double Death Benefit of Sum Assured plus Return of Premium.
In this policy, the premium sum is chosen by the proposer and he gets 250 times the monthly premium as Sum Assured. This policy provides financial protection against death throughout the term of the plan. If the policy holder survives the entire policy term, then he/she would receive Maturity Sum Assured plus the Loyalty Additions. The policy Maturity Sum Assured depends on different ages and policy term and is determined at the beginning of the policy. In this policy, if the policy holder dies within the policy period then his lic jeevan saral nominee would receive the Sum Assured plus Return of premiums excluding extra premium and first year premium + Loyalty Addition, if any. Hence, in lic jeevan saral the Death Benefit would be the same independent of age and policy term since it depends only on chosen premium amount but the Maturity Benefit would vary as per the age and policy term. This plan also provides income tax benefits as Premiums paid under life insurance policy are exempted from tax under Section 80 C. You can also avail lic jeevan saral loan facility with this plan
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