Is Jeevan Saral a good policy?

Asked by: Casey Schowalter  |  Last update: February 11, 2022
Score: 4.1/5 (55 votes)

As a non-unit linked insurance plan LIC Jeevan Saral is one of the most beneficial endowment plans that provide a lump sum amount of 250 times the premium paid. It provides the dual benefit of protection cum saving.

Should I continue Jeevan Saral?

In future, do not buy endowment plans like Jeevan Saral. Such insurance-cum-investment plans typically offer a very small insurance cover and they also offer very modest returns. These plans are also silent on expenses. Do not mix your insurance and investment needs in future.

What is the benefit of Jeevan Saral LIC policy?

The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term.

Why Jeevan Saral is closed?

The spotlight is back on endowment plans. Life Insurance Corporation of India's (LIC) Jeevan Saral, withdrawn in 2014, was in the news recently after a PIL was filed in the Supreme Court , alleging that LIC had mis-sold the product by misleading policyholders.

What is return on Jeevan Saral?

LIC Jeevan Saral Benefits

The premium return excludes the first-year premium payments and rider premium. Maturity Benefit: The maturity sum assured amount along with the loyalty addition (if any) is payable as a lump sum at the time of maturity.

Jeevan Saral Policy Bumper Return With Proof || Don't Surrender After 10 Jeevan Saral || जीवन सरल

27 related questions found

Can I surrender Jeevan Saral after 5 years?

LIC's Jeevan Saral policy surrender value will be the greater of the guaranteed surrender value (GSV) or special surrender value. ... Special Surrender Value will be 100% of the Maturity Sum Assured, if 5 or more years' premiums have been paid.

Is Jeevan Saral a term plan?

Introduced with the intention of helping customers make an informed choice, Saral Jeevan Bima is a standard term insurance plan that can be purchased at affordable premium rates. *Standard Terms and Conditions Apply. **Tax benefits are subject to changes in Income Tax Act.

How is loyalty bonus calculated in LIC Jeevan Saral?

In the above table, if there is a jeevan saral policy with 16 year policy term and the policy is getting matured in financial year 2016-17, then Loyalty Addition will Rs. 640 for per 1000 of Maturity Sum Assured (MSA). ... So loyalty addition will be 100000 x 640/1000= 64,000.

What is LIC Saral pension plan?

LIC Saral Pension Yojana is a Standard Immediate Annuity plan, launched under the guidelines and procedures of the IRDAI (Insurance Regulatory and Development Authority of India) (IRDAI). The policyholder has an option to choose the annuity type from 2 available options on payment of lump sum.

What happens if you surrender LIC policy after 10 years?

You will get a portion of your money only if you have paid consecutive premiums for two years (if premium paying term is less than 10 years), and three years (if premium paying term is more than 10 years). If you surrender before this, you do not get back any money.

What is loyalty addition in Jeevan Saral?

Loyalty Addition (LA) in Jeevan Saral policy depends on the duration of the policy completed with full sum assured and, the annual premium band of the policy. An annual premium band can be calculated on the basis of monthly premium in Jeevan Saral. Higher the premium, higher is the loyalty addition in Jeevan Saral.

How can I withdraw my Jeevan Saral policy?

For surrender, you can contact your insurance agent or the nearest LIC branch and fill the surrender application form along with a cancelled cheque and a mandate form for direct credit to your bank account.

What is Saral term plan?

The Saral Jeevan Bima Yojana is a non-linked non-participating individual pure risk term life insurance plan, which pays out to the policy holder's dependents the entire sum assured, in case of the demise of the insured person within the policy term.

How is maturity amount calculated in LIC Jeevan Saral?

LIC Jeevan Saral policy maturity amount=sum assured + loyalty additions.

Can we break LIC before maturity?

When you opt-out of a policy before its maturity, then it is called surrendering of the policy and the amount that you receive at the time, is LIC policy surrender value. ... However, surrender of policy is not recommended since the LIC surrender value will always be subsequently low.

How much LIC will I get after maturity?

Maturity Benefit: If the policyholder survives till the period of maturity of the policy, he/she will receive 40% of the basic sum assured coupled with reversionary bonuses and the additional bonus amount.

What happens if I stop paying LIC premium after 3 years?

So if you have already paid 3 years' premium, not paying any future premiums will convert the policy into a paid-up policy. You won't get any money back in the year you turn it into a paid-up policy but will have to wait till the policy's original maturity.

Can I change my LIC policy plan?

After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. LIC allows certain types of alterations during the lifetime of the policy. However, no alteration is permitted within one year of the commencement of the policy with some exceptions.

What happens if I stop paying LIC premium after 1 year?

For single premium policies, the surrender value gets acquired after the first year itself. In case you haven't paid even 2 or 3 years' premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.

How can I know my LIC policy no?

Contact Home Branch

While visiting the LIC branch, make sure to bring your PAN card and other ID cards. LIC officials validate the details of the policyholder. Once the verification has been completed, the LIC staff provides you the policy number.

How do I get a 30000 pension per month?

The target to generate Rs 30,000 a month is achievable by investing in a mix of financial instruments. He should invest up to Rs 15 lakh in the Senior Citizens Saving Scheme (SCSS). It is the safest investment option for retirees and offers 8.6% per annum, payable quarterly.