LIC Saral Jeevan Bima

With plans that perfectly complement the needs of dispersed economic backgrounds in India, Life Insurance Corporation of India rolls out the insurance industry as the first choice when buying an insurance plan. From the first decade of its inception, LIC of India ensures that no Indian remains uninsured and can opt for a life insurance plan on an affordable range. LIC’s Saral Jeevan Bima is the new addition to the long list of LIC plans to fund the family's financial needs in your absence.

Let’s learn more about LIC Saral Jeevan Bima plan features to help you make an informed decision.

LIC’s Saral Jeevan Bima Policy is an individual, non-linked, non-participating, pure life insurance plan listed under the term insurance category. This plan offers assured death benefits to the family of life assured after his/her unfortunate demise to build a solid financial cover. Also, to make the plan more accessible, one can buy it online and offline.

Below mentioned are the key highlights of LIC Saral Jeevan Bima

• Policy Type

  Term Assurance Plan

• Entry Age

  18 years - 65 years

• Rebates

  On high sum assured

• Premium Payment

  Regular/ Limited/ Single

• Grace Period

  30 days (Yearly & Half-Yearly Payment modes) and 15 days (Monthly mode)

To purchase Saral Jeevan Bima by LIC of India, the policy buyer needs to meet the following eligibility criteria and restrictions

LIC Saral Jeevan Bima plan is a pure risk plan and provides solid financial protection to the family of the policyholder after the demise. Remember, this plan only offers a death benefit and no maturity benefits are provided.

Death Benefit

If the policyholder dies during an in-force policy, the family members or the nominee can claim the death benefits. The LIC Saral Jeevan Bima policy comes with a period of 45 days after the commencement of risk. The Life Insurance Corporation of India offers death benefits in the following scenarios

If the death occurs during the waiting period

• For death for any reason other than an accident, LIC must pay 100% of the premium amount received.
• For a death resulting from an accident, the death benefit amount is payable in a lump sum as

If the death occurs after the waiting period but before maturity

* Amount assured is an amount equal to Basic Sum Assured.

Saral Jeevan Bima policy by Life Insurance Corporation of India provides assured death benefit to your family so they are financially covered in your absence. Moreover, this affordable plan comes up with some additional features that make it worth purchasing and more attractive. Key LIC Saral Bima Yojana features are mentioned below

1. Payment of Premiums

The LIC Saral Jeevan Bima allows a policyholder to make premium payments in flexible and convenient ways. The following premium payment options are allowed

• Regular Premium,
• Limited Premium,
• Single Premium Payment

The regular premium and limited premium payments can be made during the premium paying term on a yearly, half-yearly, or monthly basis using ECS/NACH only.

2. Grace Period

LIC’s Saral Jeevan Bima policy allows a grace period of 30 days for payments in yearly and half-yearly modes and 15 days for monthly payment modes from the date of the first unpaid premium. During this period, the LIC of India policy will remain in force, and if the policyholder misses paying the premium, the policy lapses.

3. Revival of Lapsed Policies

The revival facility is available only for regular or limited premium payments. The lapsed policy revival process for LIC Saral Jeevan Bima can be done within 5 consecutive years from the first date of unpaid premiums and before the date of maturity. The policyholder must pay all outstanding premiums together with an interest rate applicable as follows

If a policyholder fails to revive the policy within the revival period but before the date of maturity, then

• For Regular Premium policies, nothing shall be payable, and the policy terminates.
• For Limited Premium policies, the policy cancellation value shall be refunded, and the policy terminates.

4. Rebates

LIC Saral Jeevan Bima offers rebates on different premium modes.

Mode loading (For Regular and Limited Premium Payments)

Based on the high sum assured

Rebates under the online purchase

If the LIC Saral Bima Yojana is purchased online without any assistance from an agent or intermediaries, then the rebates are eligible at the following rates

5. Policy Cancellation Value

If the policyholder cancels the policy before maturity, then s/he is entitled to a policy cancellation value. Remember, the policy cancellation value is only payable on opting for limited or single premium payments. The payable amount shall be as follows

Tax Benefits

The premium amount paid and the benefit amount received under LIC Saral Jeevan Bima Yojana are applicable for tax benefits under Section 10 (10D) and Section 80C of the Income Tax Act.

Free Look Period

The policy allows a free look period of 30 days (in case of online purchase) and 15 days (in case of offline purchase) from the policy buying date. Suppose the policyholder is not satisfied with the policy’s terms and conditions. In that case, the policyholder needs to state the reasons for objections to receiving the policy. The corporation shall cancel the LIC Saral Jeevan Bima policy and return the premium amount paid, excluding any expenses, within 15 days of receipt of the request.

After going through the long list of life insurance policies offered by Life Insurance Corporation of India, Deep buys the Saral Jeevan Bima plan at 30 years of age for a basic sum assured of 5 lakhs under offline sales; the premium payable is as follows

You can also use the Saral Jeevan Bima calculator available on the Life Insurance Corporation of India website to view your personalised premium charges.

The policy shall be void if the policyholder commits suicide at any time within 12 months from the commencement of risk or within 12 months of the date of revival. The beneficiaries can claim up to

LIC of India is considered the best choice for those looking for a pocket-friendly life insurance plan due to its expanded range of plan offerings. LIC Saral Jeevan Bima becomes a suitable choice if you want to invest in a life insurance plan and financially safeguard your family's future. With the plan, one can get good life coverage available at an affordable rate.

You can buy LIC Saral Jeevan Bima policy online or visit the nearest LIC branch for better assistance. In case you are stuck at any step, immediately connect with one of our experts at RenewBuy to make the plan purchase effortless.