LIC Jeevan Saral 165 ATTRACTIONS
- A unique plan – First of its kind Only traditional non-linked insurance plan having provisions for partial surrenders.
- A conventional plan with features of linked products.
- No surrender penalty after 5 years Risk cover same for any entry age and term and depends on the premium only.
- Loyalty additions Option available to keep policy in force, for reduced premium and benefits, even after partial surrender. Provides guarantees and smooth return over the term High liquidity and flexibility of term Higher risk cover at same cost.
LIC Jeevan Saral 165 Features
Who can avail of this policy ?
Those aged between 12 years (completed) and 60 years (nearest birthday) .
What are the periods for which risk cover is available?
Options are available for terms 10 to 35 years.
Are their limits on maturity age?
Maximum age at maturity : 70 years.
Are their limits on premium payable?
- For entry age up to 49 years, minimum premium payable is Rs. 250 per month.
- For entry age 50 years and above, minimum premium payable is Rs. 400 per month
- There is no maximum limit on premium.
- Monthly premium will be in multiples of Rs. 50/-
Following optional riders are available by payment of additional premium:
- Accidental death and disability benefit rider
- Term Assurance benefit rider
- The maximum cover for the above riders will be Rs.25 lakhs under all policies.
- The Term Assurance and Accident Benefit Sums Assured under the riders will be equal to or less than Death Benefit Sum Assured under the basic plan.
For the term rider, the following conditions apply :
Entry Age: Between 18 years (comp.) & 50 years
Maximum age at maturity : 60 years
Sum Assured : Between Rs.1 lakh and Rs. 25 lakhs (including Term Rider taken under all LIC plans)
- Term rider shall be available for the same term as that under the main policy and the Term Rider Sum Assured should be in multiples of Rs.10,000.
- Partial Surrender After completion of 3 years or more from commencement provided premiums are paid for at least 3 full years, partial surrenders are permitted.
Basic premium shall be reduced & surrender value corresponding to amount by which the basic premium is reduced will be paid subject to following conditions:
Once a partial surrender is made, all benefits under the policy will get automatically reduced proportionately.
Sum assured under Accident and term rider benefits & additional premium payable for such benefits will also get correspondingly reduced, provided reduced basic annual premium after partial surrender is not less than Rs.3,000/-, where the entry age is 49 years or below & Rs.4800 where the entry age is 50 years or above.
Minimum basic annual premium that can be surrendered at a time is Rs.1200/- p.a. & in multiples of Rs.600 p.a. thereafter.
Minimum waiting period of one year is required between two successive surrenders.
Partial surrender is allowed if no loan is outstanding. Subject to above conditions, any number of partial surrenders are permitted.
LIC Jeevan Saral Benefits Death Cover :
250 times the monthly basic premium + Return of premiums paid (less FY Premium and extra / rider premiums, if any, plus + Loyalty additions, if any.
Maturity Benefit :
Maturity sum assured, plus + Loyalty Additions, if any.
Loyalty Addition :
Loyalty additions will be declared after the policy has been in full force for at least 10 years. Loyalty additions will also be payable if a death claim occurs in the 10th year of the policy provided that the policy is in full force.
Loyalty additions will be subject to the Corporation’s experience.
| Jeevan Saral ATM Plan table no 165 |
| Jeevan Saral Chart |
