You can provide parameters such as age, basic monthly premium, riders etc based on your own needs to get all the details of the plan including, insurance coverage surrender value maturity benefit etc. This online calculator can be used in mobile platforms also and do not need any installations. The latest loyalty addition rates are provided in the chart given below. From the above chart, we can see that the loyalty additions rates for the Jeevan Saral has increased in the current valuation compared to the previous valuation. Extrapolation to predict future loyalty rates LIC has so far declared the loyalty additions rates for Jeevan Saral plan up to 18 year term only.
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It is basically an Endowment Assurance plan under which the proposer has simply to choose the amount and mode of premium payment. The plan comes out with the needful financial protection support death throughout the term of the plan. The death benefit is directly related to the premiums paid.
The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity. The Maturity Sum Assured depends on different entry ages and policy term and is specified at the beginning of the policy. Thus, the Death Benefit would be the same irrespective of the age of entry and policy term since it depends only on the chosen premium amount but the Maturity Benefit would differ according to the varied age of entry and policy term.
LIC Jeevan Saral - Key Features It offers certain flexibilities unlike other endowment plans and hence is a Special Plan The policyholder is allowed to select the premium amount and Sum Assured gets determined thereafter The policy will allow partial surrender from 4th year onwards subject to certain terms and conditions Under the same, the policyholder would be liable to choose a flexible term for premium payment Premium is chosen by the policyholder and Sum Assured is times the Monthly Premium amount.
Partial surrender of the policy is allowed after the 3rd policy year. You will get the extended risk cover for one year after 3 years premium payment. You can select a maximum term but can surrender at any time without any surrender penalty or loss after 5 years. The maturity proceeds of Jeevan Saral are also exempted from tax under Section 10 10D.
An additional premium is required to be paid for these benefits. Premiums Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit.
Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation. This policy can only be surrendered after the completion of 3 years.
Surrender value Buying a life insurance contract is a long-term commitment. Surrender values are available on earlier termination of the contract. The surrender value will be the greater of the guaranteed surrender value and special surrender. Loan benefit: Loan facility is available under this policy. House loan surety: House loan facility is also available under this plan. Extended risk cover is available from 1 year after 3 years of premium payment. Optional high cover through term rider and accidental disability and death benefit is also available.
Minimum policy term is 10 years and the maximum is 35 years. The Basic Sum Assured shall be in multiples of Rs. Minimum entry age for a policyholder is 12 years and the maximum age is 60 years. There is no minimum age at maturity but the maximum age is 70 years. The monthly premium for the age group of 12 years to 49 years is Rs. Maximum monthly premium is Rs. Payment modes available are annual, half-yearly, quarterly and monthly.
LIC Jeevan Saral (165) Surrender Value Calculator
LIC Jeevan Saral (Plan 165) – Details, Calculators, Review and Illustrations