LIC’s Saral Jeevan Bima Plan (859)

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LIC’s Saral Jeevan Bima Plan is a pure risk protection plan. This plan is similar to a term plan without any maturity benefits. Plan covers the risk of life of policyholder until policy term ends or up-to the time period for which there is no outstanding premiums. To know more about this policy let us start with its features:

 Premium paying term: Three options available to choose- Regular, Limited and Single Premium

 - Regular Premium: Same as Policy term

- Limited Premium: 5 and 10 years, two options are there

- Single Premium: one time only for whatever policy term selected.

 Policy term (time until your policy matures): 5 - 40 years

 Minimum Sum Assured: 500000/-

 Maximum Sum Assured: 2500000/-

 Minimum Entry Level Age: 18 years ( Completed )

 Maximum Entry Level Age: 65 years in last birthday

 Maximum Maturity Age: 70 years in last birthday

 Maximum Accidental Death and Disability benefit rider applicable from the age of 18 to 70 years

 Maturity Benefit: No Maturity Benefit

 Loan: No Loan facility

Surrender Value: No surrender Vale

 Benefit illustration:

Death Benefit:

A) Within first 45 days of commencement of risk

If any casualty (death) due to illness (diseases) happens to policyholder before expiry of 45 days waiting period, there shall be no claim equivalent to sum assured only premium after deducting taxes will be refunded.

However, in case of accidental death even within 45 days waiting period there shall be claim equivalent to sum assured.

B) after expiry of 45 days waiting period both accidental and non accidental death claim shall be paid subject to policy should be in force and no unpaid premium is due.

Premium Structure Illustration:

Deepa Bharti (30 Years age) has selected single premium LIC's Saral Jeevan Bima Plan for 20 years term of sum assured 1000000 after considering following premium structure:

Premuim Illustration LIC's Saral Jeevan Bima Plan for 20 years
Premium Payment Option

Age 30 years, Policy term 20 years

(all Inclusive GST)

Regular Monthly: 414, Half Yly: 2461, Yearly: 4826
Limited (10 Years) Monthly: 599, Half Yly: 3562, Yearly: 6986
Limited (5 Years) Monthly: 994, Half Yly: 5904, Yearly: 11576
Single 47814 (40520+ GST 7294) GST @ 18%