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.

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