LIC Jeevan Saral Bima Yojana

LIC Jeevan Bima Yojana

Contents

  • About LIC Jeevan Bima Yojana
  • Features
  • Eligibility
  • Waiting Period
  • LIC Jeevan Bima Yojana Premium with Example

About LIC Jeevan Bima Yojana

This is a pure risk term life insurance plan, that is designed to provide financial protection to the family of the insured individual.

 

Features

  • A number of sum insured options to choose from, ranging from INR 5 lakhs to INR 25 lakhs
  • Flexibility in premium payment, you can either pay single, regular or limited premiums on an annual, semi-annual, or monthly basis.
  • The policy offers death benefits to the nominee if the assured person loses his life during the policy term.
  • Saral Jeevan Bima Yojna LIC offers a grace period of 30 days to the policyholders making their payments annually/ semi-annually and 15 days to those paying monthly.
  • The plan offers special rebates on High Sum Assured and Online Purchase.
  • An attractive 30-day free look period is available if the policy is bought online.
  • The policyholder can claim tax deductions u/s 80C of the Income Tax Act for the payment of premiums of the policy.

 

Eligibility 

Entry Age  Minimum: 18 years (Last Birthday)

Maximum: 65 years of age (Last Birthday)
Maximum Maturity Age  70 years (Last Birthday)
Basic Sum Assured Minimum: INR 5,00,000

Maximum: INR 25,00,000
Policy Tenure  5 years – 40 years
Premium Paying Term Regular Premium: 5 years to 40 years

Limited Premium: 5 and 10 years

Single Premium: One-time premium payment at the time of purchase

 

Waiting Period

LIC Saral Jeevan Bima 859 comes with a waiting period of 45 days, which means the death of the insured would be covered only after 45 days of the date of purchase

It may be the case where a policy buyer may not feel satisfied by the terms and conditions of the policy and thus wants to cancel it. LIC Saral Jeevan Bima policy offers a 15 day free look period to its clients who will get their paid amount back in a time of the next 15 days.

 

Example:

For a 25-year-old, non-smoker male, with a sum assured of INR 10 lakhs, the Regular Premium would be as follows:

Yearly: INR 4320 + INR 778 (Taxes) = INR 5,098

Half-Yearly: INR 2,204 + INR 397 (Taxes) = INR 2,601

Monthly: INR 371 + 67 (Taxes) = INR 438 

*These premiums are indicative only and subject to change at any point of time.

 

The scheme serves as a boon for all especially for the first-time buyers as they get good life coverage that too at affordable rates. 

You can also use the LIC Saral Jeevan Bima premium calculator to estimate your premiums before you make the purchase.

 

To know more, contact us