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.
Minimum Sum Assured: 500000/-
Maximum Entry Level Age: 65 years in last birthday
Maximum Accidental Death and Disability benefit rider applicable from the age of 18 to 70 years
Loan: No Loan facility
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:
|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%|