LIC Jeevan Saral

LIC Jeevan Saral is actually 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 plan offers 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.
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

Compare this plan with other Investment Plans

LIC Jeevan Saral - Key Features

Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount.
tax-benefit icon

Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition.
tax-benefit icon

Maturity Benefit is Maturity Sum Assured + Loyalty Additions, if any.
tax-benefit icon

Partial surrender of the policy is allowed after the 3rd policy year.
tax-benefit icon

Extended risk cover for one year after 3 years premium payment.
tax-benefit icon

Optional higher cover through Term Rider and Accidental Death and Disability Benefit.
tax-benefit icon

You can choose a maximum term but can surrender at any time without any surrender penalty or loss after 5 years.
tax-benefit icon

Loyalty Additions are provided from 10th policy year onwards
tax-benefit icon

tax-benefit icon

There are 2 additional riders available:
Term Rider- The minimum and maximum age at entry will be 18 and 50 years respectively and the minimum...

LIC Jeevan Saral - Benefits

Death Benefit

In case of death of the Life Insured, the nominee receives

Sum Assured (i.e. 250 times the Monthly Premium) +
Return of premiums exclud...

Maturity Benefit

At the maturity of the policy, the insured will get
Maturity Sum Assured (Depends on age of entry and policy term) +
Loyalty Additions, i...

Income Tax Benefit

Premiums paid are exempted from income tax free for Jeevan Saral policy under Sec 80 C. The maturity proceeds of Jeevan Saral are also exempted from tax under Section 10 (10D).

LIC Jeevan Saral - FAQs

angle right iconWhat happens if you stop paying the premium

If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

angle right iconWhat happens if you want to surrender the policy

There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

Special Surrender Value = 80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid

angle right iconWhat happens if you want a loan against your policy

Loan facility is available under this policy