Lic Jeevan Saral Policy – Plan No 165 Review

By | April 25, 2016
Share this article : Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInEmail this to someone

LIC-jeevan-saralLic Jeevan Saral Policy plan no 165

An introduction to the Lic Jeevan Saral Policy :

Lic Jeevan Saral policy was initiated on the 16th of February, 2004. Jeevan Saral Lic plan has a smooth return, advanced demise cover, liquidity & lot of flexibility. This is an endowment assurance plan where policy holder chooses the amount of premium he wants to pay every year. Once the premium is selected, the SA (sum assured) payable on demise will be determined, irrespective of the age & policy tenure. Under Lic Jeevan Saral 165, demise advantage will be same regardless of age at entry & policy tenure, but the amount payable at maturity will be different for each age at entry & policy tenure.

Ads

Main information about Jeevan saral lic policy details, lic jeevan saral maturity amount chart, jeevan saral advantages, Lic of India jeevan saral returns, etc are given below :

Lic Jeevan Saral Policy Conditions

Age at Entry : ·         Minimum :   12 years completed

·         Maximum :   60 years

Policy Tenure : ·         Minimum :   10 years

·         Maximum :  35 years

Mode of Payments : ·         Annually, Half annually, Quarterly,SSS & ECS – monthly mode is obtainable.
Maximum Maturity Age : ·         70 years

 

Premium :

Age at entry Minimum premium
Up to 49 years Rs. 250 /- per month
50 to 60 years Rs. 400 /- per month

Maximum:   No limit

Sum Assured (demise) : 250 times the monthly premium.

Age at entry Minimum sum assured
Up to 49 years 62, 500
50 years & above 1, 00, 000

Maximum :   No limit

Rebates under the Jeevan Saral Lic Policy

There are 3 kinds of rebates under the Jeevan Saral Lic Policy :

  1. Sum Assured Rebate
  2. Mode Rebate
  3. CEIS Rebate

 

Sum Assured Rebate :

Under Lic Jeevan Saral Plan, Sum assured rebates are not obtainable.

Mode Rebate:

Mode Percentage
Annually mode 2 percent of tabular premium
Half-annually mode 1 percent of tabular premium
Quarterly & SSS Nil

 

CEIS rebate:

Under Lic Jeevan saral plan CEIS rebate is accessible. It is 10 percent of basic premium.

Maturity Claims under the Lic Policy Jeevan Saral

Maturity claim = Maturity sum assured (not demise sum assured) + loyalty addition.

  • Maturity claim for tenure assurance rider is not payable.

Jeevan Saral Lic Policy Demise Claims

Demise claim under auto cover (without term assurance rider)  :

Demise claim = Basic demise sum assured + (return of premiums – 1st year premium & extra / rider premiums / EPDB premiums if any) + loyalty additions – outstanding loan with interest if any.

Accidental advantage & Disability advantage riders are not available during Auto cover period.

Demise claim under auto cover (with term assurance rider) :

Demise claim = Basic demise sum assured + Term rider sum assured + (return of premiums – first year premium & extra / rider premiums / EPDB premiums if any) + loyalty additions – o/s loan with interest if any.

If demise of life insured occurs within auto cover period, then term rider sum assured is not payable.

Extra Advantages Lic of India Jeevan Saral Policy

Loyalty Addition

  • Loyalty addition is based on the tenure of the policy & is payable when policy is surrendered or on maturity or demise.
  • Lic Jeevan Saral policy will be entitled for loyalty addition only after paying premiums for 10 years & after completion of 10 years from beginning date.

Riders obtainable in Lic Jeevan Saral Policy

  1. Term Assurance Riders
  2. Accidental demise & Disability advantage Rider

Term assurance rider (optional) :

Lic Jeevan saral plan offers this optional rider by payment of additional premium.

Age at entry : ·         Minimum :  18 years complete

·         Maximum :  50 years

Maximum age at maturity : ·         60 years
Sum assured : ·         Minimum :  1 lakh with multiple of 10, 000.

Advertisement

·         Maximum :  25 lakh

 

Accidental demise & Disability advantage rider :

  • Accidental demise & disability advantage rider is available up to maximum SA of 50 lakh. PDB (Permanent Disability Advantage) is not obtainable under this plan.
  • Sum assured for this rider is demise sum assured. For auto cover period Accident demise & disability advantage rider is not obtainable.

Extra Information about Lic Plan Jeevan Saral

Guaranteed Surrender Value :

GSV = 30 percent ( total amount of premiums paid – the premiums for the 1st year & all extra premiums & premium for accident advantage / tenure rider).

Paid – Up Value :

Paid up value payable on demise or maturity depends on no. of premiums paid & will be greater of

  • of years premium paid / No. of years premiums payable X Original Maturity sum assured (OR) Surrender value as per SSV

Special Surrender Value :

SSV = Discounted or Accumulated value of maturity sum assured + loyalty addition (if any).

Partial Surrender Value :

After completion of 3 years or more from DOC & if premiums have been paid for at least 3 full years, partial surrender will be allowed.

Age at entry Reduced basic monthly premium after the partial surrender
Up to 49 years > Rs. 250 /- per month
50 years & above Rs. 400 /- per month
Mode of payment minimum basic monthly premium that can be surrendered at a time
Monthly Rs. 100 /-
Half – annually Rs. 600 /-
Annually Rs. 1, 200 /-

Auto Cover :

  • After paying at least 3 full years premiums, if further premiums are not paid, then risk cover will be extended for 12 months from the date of FUP.
  • Auto cover is not extended for term assurance advantage rider & Accidental demise advantage rider.

Loan :

  • Loan facility is obtainable under Jeevan saral policy.

Renewal :

  • Policy can be renewed within a period of 5 years from date of FUP with proper health evidence.

Illustration of the Lic Jeevan saral Policy Advantage

Mr. Sahil is 25 years old & is working in auto industry. He chooses jeevan saral plan for 15 years tenure & chooses monthly basic premium of Rs.500 /-

After adding DAB (Double Accident Advantage) premium of Rs.510 (500  x  250 = 1, 25, 000 x 1/ 1, 000 x 1 / 12 = 10 + 510).

On maturity he will receive Rs.97, 655/- as maturity sum assured (MSA) + Loyalty Addition which will be decided by the corporation.

If he expires 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 – 6, 120 = 1, 43, 360/- + Loyalty Addition, if any.

Leave a Reply

Your email address will not be published. Required fields are marked *