Life Corporation of India offers several plans like Bima Ratna, Jeevan Azad, Jeevan Saral and many more. All of them offer several benefits for individuals’ and families’ financial needs.
LIC Jeevan Saral Policy is an endowment plan that offers a mixture of savings and protection to the policyholders. LIC Jeevan Saral program offers benefits such as tax savings, and loan availability.
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In the event of the uncertain death of the policyholder, it offers financial security to their family. The death benefit consists of the sum promised plus any relevant terminal bonuses and reversionary bonuses, if any. By doing this, the policyholder’s family is ensured financial stability even in their absence.
Another advantage is the various premium payment options offered by the plan. Policyholders can choose between annual, half-yearly, quarterly, or monthly premium payments based on what is most convenient for them.
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LIC Jeevan Saral Policy: Features and benefits
- Additional riders
- Premium
- Loyalty benefit
- Accidental Death and Disability Benefit Rider
- Maturity benefit
- Special surrender
LIC Jeevan Saral Policy: Calculator
For instance, a 30-year-old individual applies for the policy with a sum assured of Rs. 10 lakh and a tenure of 15 years for premium payments and chooses a policy term of 20 years. The policyholder will receive a maturity payment of Rs 15.5 lakh after years.
This comprises the Rs 10 lakh assured amount and the Rs 5.5 lakh bonus. A death benefit of Rs 15.5 lakh would be paid to the policyholder’s nominee in the unfortunate event of his passing.
