JEEVAN SARAL

JEEVAN SARAL is awarded by GOLDEN PEACOCK best innovative product from all the products among all the Insurance Companies in the World
Features of Plan:
This plan contains good features of the conventional plans & provides Higher cover, Smooth return, Liquidity and Considerable flexibility. In this plan one has to choose the premium he wants to pay whereas in normal plans one chooses the Sum Assured. Under this plan death cover will be same irrespective of age at entry and term. The sum payable at maturity however differs for different entry ages & terms. This plan is very appropriate for employees seeking life cover, tax saving with good returns through Salary Saving Schemes (ECS).
Due to existence of the flexible term and partial surrenders the Policyholders will enjoy a lot of liquidity under this plan. The plan also provides for 15 days free look period.
Why more Returns in Jeevan Saral ?
In Jeevan Saral plan, LIC distributes all surplus (profit) of this plan between the policyholders & government. It means the Policyholder will get 95% of surplus and remaining 5% will be taken by government as its share but this 5% distributable surplus to Central Government will be decided after 9th year of the policy. That means LIC is not pay the 5% surplus to government up to 9 years. Hence LIC can earn more money with this 5% share of government & give more returns to its policyholders.
Plan Parameters:
Age at Entry:  Minimum 12 Yrs, Maximum 60 Yrs
Maximum Maturity Age:  70 Years
Policy Term:  Min 10 yrs & Max 35 Yrs
Minimum Premium:  Rs. 250 per month [Rs.3000 per year]
Maximum Premium: No limit
Mode of Payment: Yearly/Half Yrly/Quaterly/ECS/SSS
Policy Loan: Yes
Housing Loan: Yes
Surrender of Policy: Yes
Term Riders: Yes
Benefits of this Scheme:

1. Jeevan Saral is one and only Policy which gives you all the benefits and any time maturity.
2. This is like a Post office or Recurring Deposit scheme. You can deposit Yearly, Hly, Qly and Monthly (ECS) in this scheme.
3. Maturity received in LIC scheme is Tax free under section 10-10d of Income Tax act.
4. Partial surrenders will allow from 4th year onwards subject to certain conditions.
5. You can withdraw full amount if necessary after 10 years.
6. The amount deposited in LIC is exempted under section 80C of income Tax Act.
7. You can continue LIC scheme after 10 years.

Death Benefit
250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.
Maturity Benefit
The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum..