'JEEVAN SARAL' is a exclusive plan having good features of the conventional policy and the movability of market based plans.
(Note: this is not market based plan at all) Main Features
(Note: this is not market based plan at all) Main Features
- Risk Coverage for Insured: First policy which provide 250 times of basic monthly premium + Return of premiums + Loyalty Addition (if any).
- Children between age 1 to 12 years are eligible.
- Term Assurance Rider Option: An sum equal to the Term Assurance Sum Assured is payable only on loss of the policyholder during the policy term.
- Maturity Profit: Maturity S.
A.
+ Loyalty Additions, if the policy was in force for a lowest of 10 policy years. - Death Benefit: 250 times the monthly basic premium paid+ return of total premium paid (excluding extra/rider premium and 1st year premium) + Loyalty additions, if any paid.
- Surrender worth: Policy can be surrendered after a minimum 3 year premiums have been paid.
Surrender Value will be more than Guaranteed Surrender Value. - Guaranteed Surrender worth: Guaranteed Surrender Value will be like to 30% of the total premiums paid (excluding the 1st year premium + all the extra premiums paid + accident benefit + term rider premiums).
- Paid up worth: The policy will gain paid-up value if at least 3 years premium have been paid by policyholder.
- 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 minimum of basic annual premium that can be surrender at a time is Rs.
1,200/- p.
a.
and should be in multiples of Rs.
600/- p.
a.
after that. - The accident benefit, term rider benefit and additional premium payable will also be reduced proportionately.
- The basic annual premium and all other benefits will be reduced to the extent of partial surrender.
