LIC Jeevan Saral Life Insurance Policy in Detail


A company offering life insurance policy assures your family a guaranteed easygoing life when one is no more around them. Besides, a protection plan is referred to as offering complete protection when it offers protection against each adversity for the duration of the life. At the same time, an insurance policy must be quick and well explained to the customer who is interested in paying for it. LIC Life Insurance of India offers a range of such comprehensive policies, including Jeevan Saral plan.

This endowment plan comes with an assured choice of a premium amount as well as a payment mode. In the case of demise of the policyholder, the family is eligible to get the death benefits that go on throughout the period of the policy while such benefits are subject to the premium paid. Also, the Sum Assured on maturity is subject to one’s age when the life is insured, which is payable only on one’s survival at the end of the policy term.

Policy Premium

LIC Jeevan Saral plan gives various premium installment, such as yearly, half-yearly, quarterly, or monthly) to the clients, which is subject to auto-debit from the one’s salary account all through the term of the policy.

Policy Loyalty Benefits

This life plan has a few advantages that increase the benefit of the particular insurance company, thereby enhancing the business of the particular insurance firm. It acquires the policyholder benefits, thereby providing them reward points for maintaining a long-term relationship all through the term of the policy, which is payable once the policy completes the tenth year. Following are the major benefits:

Death Benefit of the Plan

The family of the insured is entitled to receive a lump-sum amount as long as the policy term goes on. This amount is equal to 250 times the premiums paid on a monthly basis with loyalty bonus added. However, the return for the premium does not include the premium paid during the first year.

Maturity Benefit

The amount of return on policy maturity comprises both the sum assured and reward points of loyalty and is payable as a lump-sum amount.

Additional Benefits of the plan

You can get your protection enhanced by adding certain advantages to a protection policy, keeping in mind the end goal to upgrade life cover or assurance. This needs the policyholder to pay an extra premium.

Policy Surrender Value

Life insurance policies require long-term commitment and can, however, be terminated with certain surrender value. Generally, surrender value is higher than the actual as well as special surrender value. LIC Jeevan Saral allows partial surrender as well.

Guaranteed Surrender

You can surrender the plan strictly, when it has crossed no less than 3 years. In the event that you surrendered this plan, the insured surrender value computed to be 30% of the premium that you paid altogether. This does not include the premiums paid for the primary year and riders advantages.

What if you surrendered?

You get the special surrender value paid, which for the most part more than the guaranteed surrender value. However, this is liable to a specific period for which you paid the premium installments.

Save Money When You Pick the Right Car Insurance

Some California drivers think they can save money on car insurance by cutting corners. Their reasoning generally goes something like this: “Why should I pay more money to cover unlikely situations? I can probably just cover the basics and save big.” However, this is only true if you have the good fortune to avoid any unexpected and unforeseen emergencies.

Now, maybe you walk around with a pocket full of four leaf clovers and have the best luck in the world. Or maybe you’re just an incredibly safe driver who has never had occasion to worry about getting in a freak accident. The trouble with both of those scenarios is that luck has a bad habit of running out just when you need it most. Furthermore, even if you’re a brilliant driver, that won’t necessarily protect you from the mistakes and poor judgment of other drivers. An article from the Sun Sentinel points out that other vehicles cause over 60 percent of motorcycle accidents, and that only 19 percent of car crashes involve a single vehicle. This statistic means that no matter how good you are behind the wheel or handlebars, you need an insurance policy that protects your vehicle…and you.

There’s one thing we should talk about before you decide on a policy, though. As stated above, many people assume they have to choose between having either complete or affordable coverage. That is simply not the case, however, because you can get both – complete coverage at an affordable price.  You just have to choose the right company.

What to Look For

There are lots of great ways you can save money while driving, but getting cheap and unreliable auto insurance shouldn’t be one of them. When you’re looking for auto insurance, you’ll want to make sure that it covers everything you’re going to need. That includes liability, collision, comprehensive, medical, personal injury protection and uninsured or underinsured motorist coverage. You should also pick a company that works with you to determine the right amount of coverage that you’re likely to need. After all, there’s no point in getting too much coverage, either. It’s all about coming up with an efficient strategy to cover all your bases. The right insurance company can make that happen by communicating effectively with you and working to understand your specific individual needs. Insurance can be complicated, however, and sometimes it’s hard to know what to buy, so it might make sense to work with an agent. These professionals know the ins and outs of insurance and they can help choose the coverage plan that’s right for you.

What to Avoid

Avoid insurance companies that claim to save you money by offering less coverage. There’s no point in getting a cheap policy if it isn’t going to protect you when something goes wrong on the road. Getting into a scrape on the highway is bad enough. The last thing you want is to deal with financial problems on top of that. Many discount insurance companies don’t offer you enough coverage to protect you from anything but the most basic and predictable situations. You want to arm yourself with the best coverage you can find, as long as it’s affordable and appropriate. And here’s a good tip: Check out the company’s financial ratings, because you want to make sure they have the resources to pay your claim.

To Sum Up

Picking an auto insurance provider can be a challenging and intimidating task, but it doesn’t have to be. When you choose the right provider, it can make your entire insurance process painless and even helpful. You should feel good about the company you choose, because the reality is that your car insurance company is there to help you when you need it. When you choose a provider, just make sure to keep in mind the most important criteria: affordable rates with coverage suited to the way you drive. Keep away from shady providers who offer incomplete policies, or overly expensive options that try to sell you more than you need. If you can do this, you should be able to insure your vehicle in a way that keeps you safe and your wallet happy.