LIC Jeevan Saral

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 LIC Jeevan Saral is an endowment policy with a lot of flexibilities that is usually available only with unit linked insurance plans. Hence it is categorized under Special Plans. This is a non unit-linked insurance plan with Double Death Benefit of Sum Assured + Return of Premium.

In this plan, the premium amount is decided by the policyholder and he gets 250 times the monthly premium as Sum Assured. If the Life Insured survives the entire term, then he would receive Maturity Sum Assured + Loyalty Additions. The Maturity Sum Assured depends on different entry ages and policy term and is specified at the beginning of the policy.

Now, if the Life Insured dies within the policy tenure then his nominee would receive the Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition, if any.

Thus, the Death Benefit would be the same irrespective of age of entry and policy term since it depends only on chosen premium amount but the Maturity Benefit would differ according to varied age of entry and policy term.


Special features of LIC Jeevan Saral


This plan provides certain flexibilities unlike other endowment plans and hence is a Special Plan
The policyholder can choose his own premium amount and Sum Assured gets determined thereafter
The plan will allow partial surrender from 4th year onwards subject to certain terms and conditions
The policyholder is allowed to choose a flexible term for premium payment







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