LIC Jeevan Saral plan - Features, Premium options, benefits and how to buy

LIC always come up with some exceptional plans to provide their customers maximum monetary return as well as maximum risk coverage. If you want to know about Jeevan Saral plan of LIC here you can see detail features, benefits, return and risk coverage.

Life Insurance is kind of agreement which pledges payment of defined fund to the person assured (or policyholder's nominee) on the happening of the event insured against. Life Insurance Corporation (LIC) is the leading life insurance company in India, insuring more than 250 million lives. It has various interesting policies and Jeevan Saral plan is one of them. In this plan, the amount of premium is decided by policyholder and he gets 250 times of his monthly premium in the form of Sum Assured. In case the policyholder survives during entire term, he would get Maturity Sum Assured plus Loyalty bonus. The Maturity Sum Assured mainly depends on entry age of policyholder and policy term which is specified at while enrolling for the policy in beginning.

Income tax and other benefits of LIC Jeevan Saral Plan

Monthly ECS premium payment option is available for LIC Jeevan Saral plan, that is nothing but a LIC monthly recurring kind scheme.

One can surrender policy partially and make any number of withdrawals through partial surrendering after five years.

The amount of premium paid by policyholder to company is exempted under section 80c of income Tax act.

An amount a policyholder going to get at the end of the term after meeting all premiums is tax free according to section of 10-10d covered under income Tax act.

This plan provides advanced life cover option to every policyholder.
Besides this, lucrative earnings on his initial investments with lots of flexibility.

Important features of LIC Jeevan Saral plan

Policy premium can be chosen by policyholder and Sum Assured is as high as 250 times of the monthly premium amount.

Optional higher insurance cover in the form of term rider and accidental death as well as disability benefit.

Death Benefit is total of Sum Assured plus return on premiums excluding additional rider premium and first year premium plus loyalty addition.

You can also select maximum term but policyholder can surrender his policy at any point of time without suffering from any surrender penalty or charges after 5 years.

Maturity Benefit is provided in the form maturity sum assured plus loyalty additions, in case any.

Loyalty Addition is also offered from tenth year onwards of policy.
Partial surrender of the insurance policy is also allowed after third policy year.

Extended risk insurance cover for initial 1 year after premium payment for initial 3 years.

How to buy or apply for LIC Jeevan Saral Plan

One can contact nearest Life Insurance Corporation (LIC) of India Branch/ LIC Agent. Or else one can visit site of LIC and fill the Application form to apply online. The site also offers online calculator which help customer in calculating correct amount of his premium.

Niche of LIC Jeevan Saral Plan

Today's economy is growing at extremely fast paced. It is necessary that each person should be insured to avail personalized security besides those who are dependent on policyholder. Apart from with security as well as insurance cover, LIC's such plans are nothing but an opportunity that knocks on everyone's door once in entire lifetime. This plan is perfect combination of investment as well as insurance.

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