LIC Jeevan Saral Plan – One of the leading life insurance companies, Life Insurance Corporation of India (LIC), offers a wide range of insurance products to meet policyholders’ financial needs. The most secure choice for the family’s financial future is the LIC Jeevan Saral Plan. An endowment plan like LIC Jeevan Saral lets insurance buyers choose how much to pay for premiums and how to pay them.In the event of appalling demise of the policyholder, the family is qualified to get the passing advantages all through the strategy term. The maturity sum assured is paid only if the insured survives to the end of the policy term, and it is determined by the insured’s age of entry.
India’s Licence-In-Command (LIC) Jeevan Saral Plan 2024 is a massive initiative that will help make Delhi a global city by 2025. Under this plan, Delhi is aiming to become the second business capital of the world and the engine of the country’s economic growth. To achieve this, the city will have to undergo a number of massive transformations, including improving infrastructure, developing an efficient and cohesive governance structure, and creating an innovative and dynamic economy. Here are some of the key components of LIC Jeevan Saral Plan 2024.
LIC Jeevan Saral Plan 2024
Calculator for Premium, Maturity, and Benefits for LIC Jeevan Saral Plan 165Jeevan Saral (Plan 165) is a well-liked insurance plan with unique features that make it one of LIC of India’s most adaptable conventional insurance plans. You are no longer able to purchase the plan because it was taken out of the sale. However, all policyholders who purchased it prior to the withdrawal date will continue to receive the policy’s benefits. Policyholders may have difficulty comprehending the benefits because LIC’s Jeevan Saral (Plan 165) has a lot of specialized features that are not available in any other endowment-type plan. The Jeevan Saral – Complete Calculator can assist you in comprehending the maturity, insurance coverage, and surrender values of the LIC Jeevan Saral plan.
LIC Jeevan Saral is an insurance product that offers a wide range of insurance products to its customers. The plan covers a large number of categories, including health, travel, car insurance, pet insurance, and home insurance. The plan is convenient and easy to use, and it has a number of benefits that make it an ideal choice for customers. In this article, we’ll discuss the LIC Jeevan Saral 2024 plan in detail.
LIC Jeevan Saral Plan Details
| Name Of Article | LIC Jeevan Saral Plan |
| LIC Jeevan Saral Plan | Click Here |
| Category | Insurance |
| Official Website | Click Also |
What is LIC’s Jeevan Saral Plan?
LIC’s Jeevan Saral Plan is a life-saving initiative that aims to provide medical assistance to the needy across India. With over 1,000 hospitals and clinics participating, the Jeevan Saral Plan provides free or low-cost medical care to people in need – whether they are victims of natural disasters, accidents, or diseases. Find out more about this life-saving initiative in this article.
A traditional endowment plan with a guaranteed death or maturity benefit is the Jeevan Saral Plan from LIC. You are obligated to contribute a premium to the plan based on how the death and maturity benefits are calculated.
Salient features of LIC’s Jeevan Saral Plan
LIC’s Jeevan Saral Plan is a step in the right direction. It offers a pathway to citizenship for the people who are currently residing in India without documentation. This will not only provide these people with a basic level of security, but it will also open up opportunities for them to join the workforce and contribute to the country’s economy. Additionally, the plan includes measures to improve the infrastructure and education system in India, which will help boost the country’s growth prospects.
- This is a participating endowment plan in which you receive loyalty additions when the plan matures or in the event of death.
- The death benefit is 250 times the monthly premium that you pay in addition to the loyalty additions.
- There are riders included in the plan that you can select based on your coverage requirements.
Benefits of LIC’s Jeevan Saral Plan
The Jeevan Saral Plan from LIC offers the following advantages:
- You can receive a death benefit guarantee throughout the policy’s term.
- As a result, the plan ensures financial stability.
- The corpus is enhanced and you receive additional returns from loyalty additions.
- You have the option of selecting the plan’s investment amount because you can choose the premium.
- The arrangement can be given up assuming you have paid no less than three entire years’ premium.
- The number of premiums you have paid determines the surrender benefit, which is guaranteed.
As India’s largest life insurer, LIC offers a variety of plans that combine the Jeevan Saral Plan’s distinctive advantages with other important aspects of life insurance. These plans can be easily compared for their advantages and disadvantages here.
Eligibility Criteria For LIC Jeevan Saral Policy:
| Entry age | 12 years |
| Maturity Age | 60 years |
| Premium payment term- | Minimum – 10 years Maximum – 35 years |
| Policy Term | Minimum – 10 years Maximum – 35 years |
| Minimum monthly premium | (a) For 12 to 49 years- INR 250, (b) For 50 to 60 years- INR 400 |
| Maximum monthly premium | INR 10,000 |
LIC Jeevan Saral Calculator
The Jeevan Saral plan from LIC is a good plan that gives policyholders a lot of benefits. Let’s learn how the plan’s benefits for death and maturity are calculated.
Jeevan Saral calculator – death benefit The formula for determining the plan’s death benefit is as follows:
Death benefit = (250 * monthly premium paid) + Loyalty Additions paid on death
Jeevan Saral calculator –maturity benefit Your entry age and the premium you paid are used to calculate the maturity sum assured. It also depends on the duration of the policy. The benefit paid at maturity would be calculated as follows:
Illustration Let’s say a 35-year-old man purchases the plan for 25 years. The annual premium, which is paid in the amount of INR 4704, is paid. Given these particulars, let’s examine the plan’s promised maturity and death benefit.
LIC Jeevan Saral Calculator
| Policy year | Annual premium | Cumulative premium | Loyalty Additions* | Guaranteed Death Benefit | ||
|---|---|---|---|---|---|---|
| Case 1 | Case 2 | Case 1 | Case 2 | |||
| Year 1 | INR 4704 | INR 4704 | NA | NA | INR 100,000 | INR 100,000 |
| Year 5 | INR 4704 | INR 23,520 | NA | NA | INR 119,200 | INR 119,200 |
| Year 10 | INR 4704 | INR 47,040 | INR 7000 | INR 18,000 | INR 150,200 | INR 161,200 |
| Year 15 | INR 4704 | INR 70,560 | INR 13,000 | INR 41,000 | INR 180,200 | INR 208,200 |
| Year 20 | INR 4704 | INR 94,080 | INR 30,000 | INR 100,000 | INR 221,200 | INR 291,200 |
| Year 25 | INR 4704 | INR 117,600 | INR 65,000 | INR 211,000 | INR 280,200 | INR 426,200 |
(*Additions to loyalty are not guaranteed. For the purposes of calculation, they have been calculated at an assumed rate.)Depending on the loyalty addition included in the policy, you will receive a guaranteed benefit of INR 280,200 or INR 426,200 when the policy comes to an end after 25 years.
You are unable to apply for a new plan because the policy has been discontinued
However, you can use the Jeevan Saral Calculator to determine your maturity value and death benefit if you were already invested in the plan when it was sold. In addition, you have two management options for your policy. You can keep your coverage by continuing to pay the premium, or you can cancel the plan and apply for a new endowment policy from LIC or one of the other major life insurance companies. If you have paid at least the premiums for the first three years, you will receive a surrender value when you surrender the Jeevan Saral plan. How do you determine the surrender value?
Jeevan Saral calculator – surrender benefit
You can give up the plan after paying the premiums for three full years. On give up, the arrangement pays the acquiescence benefit. This advantage is determined to be higher of the Dependable Acquiescence Worth (GSV) or the Unique Acquiescence Worth (SSV).When premiums have been paid for more than three years, the Special Surrender Value applies. The following is how the values are calculated:
- 80 percent of the maturity sum assured if premiums have been paid for more than three years but less than four years;
- 90 percent of the maturity sum assured if premiums have been paid for more than four years but less than five years;
- 100 percent of the maturity sum assured if premiums have been paid for more than five years.
Calculator for the LIC Jeevan Saral calculates the surrender benefit
| Policy year | Annual premium | Cumulative premium | Loyalty Additions* | Guaranteed Surrender Value | ||
|---|---|---|---|---|---|---|
| Case 1 | Case 2 | Case 1 | Case 2 | |||
| Year 3 | INR 4704 | INR 14,112 | NA | NA | INR 8099 | INR 8099 |
| Year 5 | INR 4704 | INR 23,520 | NA | NA | INR 18,660 | INR 18,660 |
| Year 10 | INR 4704 | INR 47,040 | INR 7000 | INR 18,000 | INR 50,360 | INR 61,360 |
| Year 15 | INR 4704 | INR 70,560 | INR 13,000 | INR 41,000 | INR 88,200 | INR 116,200 |
| Year 20 | INR 4704 | INR 94,080 | INR 30,000 | INR 100,000 | INR 136,124 | INR 206,124 |
| Year 25 | INR 4704 | INR 117,600 | INR 65,000 | INR 211,000 | INR 200,296 | INR 346,296 |
Claiming the LIC Jeevan Saral Plan’s maturity benefits
When the term ends, you receive the maturity benefit if you do not surrender but continue with the plan. A maturity discharge form must be completed and submitted to LIC in order to receive the maturity benefit. The original policy document must also be submitted for the claim process to be completed properly. If you have lost the original policy bond, you will need to fill out an indemnity bond and file a police FIR. The FIR and indemnity bond would be used to process your claim, and the maturity amount would be credited to your bank account.
LIC Jeevan Saral Plan
- It is a participating endowment plan that offers straightforward reversionary bonuses throughout the duration of the policy.
- If you want to expand the plan’s coverage, you can add two optional riders.
- Premium discounts are available if you pay premiums annually or semiannually and if the selected sum assured is greater than INR 5 lakhs.
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