Features
Risk Coverage : First policy which provides 250 times of basic monthly premium + Return of premiums + Loyality Addition (if any). Children between age 1 to 12 years are eligible. Term Assurance Rider Option: An amount equal to the Term Assurance Sum Assured is payable only on death of the policyholder during the policy term.
Benefits
Maturity Benefits: Maturity S.A. + Loyality Additions, if the policy was in force for a minimum of 10 policy years. Death Benefit: 250 times the monthly basic premium + return of premium paid (excluding extra/rider premium and 1st year premium) + Loyality additions, if any. Surrender Value: Policy can be surrenered after a minimum 3 years premiums have been paid. Surrender Value will be more than Guaranteed Surrender Value. Guaranteed Surrender Value: Guaranteed Surrender Value will be equal to 30% of the total premiums paid (excluding the 1st year premium + all the extra premiums + accident benefit + term rider premiums). Special Surrender Value:
If less than 4 years premiums paid - 80% of the maturity S.A. Between 4 & less than 5 years premiums paid - 90% of maturity S.A. If 5 years and above premiums paid - 100% of maturity S.A. Interest from the date of first unpaid premium till the date of surrender in above 3 points. Interest to be paid is taken in whole months and fraction of a month will be ignored.
Loyality Additions, if any, valued as at 31st March, preceding the date or surrender will be paid. Paid up Value: The policy will acquire paid-up value if atleast 3 years premium have been paid. Partial Surrender:
A portion of the policy can be surrendered and money can be received from LIC, if premiums, have been paid for a minimum of 3 years, subject to the following conditions: The basic annual premium and all other benefits will be reduced to the extent of partial surrender. If a policy loan is outstanding, partial surrender is not allowed. Any no. of times, partial surrender is allowed. There should be a gap of minimum of one year between two successive partial surrenders. The mimum basic annual premium that can be surrender at a time is Rs.1,200/- p.a. and should be in mumtiples of Rs.600/- p.a. thereafter. The reduced basic annual premium after surrender shouldnot be less than Rs.3,000/- p.a. for age upto 49 years and Rs.4,800/- p.a. for age 50 and above. The accident benefit, term rider benefit and additional premium payable will also be reduced proportionately.
Restrictions
Restrictions
- Minimum Age at Entry : 12 years Maximum Age at Entry : 60 years Maximum Maturity Age : 70 years Minimum Term : 10 years Maximum Term : 35 years For Age 12 to 49 years : Minimum Premium is Rs.250/- p.m. For Age 50 to 60 years : Minimum Premium is Rs.400/- p.m. Maximum Premium : Rs. 10,000/- p.m. Premium in multiples of Rs. 50/- p.m. thereafter Mode of Premium : Yearly, Half-Yearly, Quarterly, Monthly Accident Benefit & Disability is allowed (with extra premium) Standard age proof required.
- Example: Mr. Rajesh is 25 years old and is working in auto industry. Mr Rajesh opts for jeevan saral plan for 15 years term and chooses monthly basic premium of Rs.500/- after adding DAB premium of Rs.510 (500 x 250 = 1,25,000 x 1/1000 x 1/12 = 10 + 510). On maturity he will receive Rs.97655/- as maturity sum assured (MSA) + Loyalty Addition which will be decided by the corporation. If he dies after 4 years, his nominee will get Rs.1,25,000 (250 x 500) + premium paid for 4 years - first year premium = 1,25,000 + 24,480 - 6120 = 1,43,360/- + Loyalty Addition, if any