LIC of India – LIC Jeevan Saral Policy
An official agreement between the policy holder and the insurance company fundamentally refer to as life insurance. The life insurance official contract comes under two classes that are, protection policy and investment policy. In case of protection policy, it is typically planned to provide a selected sum in the outcome specified by the policy owner, and the second investment policy is meant to facilitate the policy holder with an increase of capital by regular or single premium.
LIC’s Jeevan Saral is a unique plan by Life Insurance Corporation of India having features of the conventional plans and the flexibility of unit linked plans. This is a Monthly Recurring Life Insurance Plan provided by LIC of India.
Jeevan Saral is an Endowment Assurance plan where the nominee has simply to select the amount and mode of premium payment. The plan offers financial protection against 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.
Jeevan Saral is the first policy which provides 250 times of basic monthly premium with premium return plus additional loyalty, children who are between ages 1 to 12 years are eligible. It is nothing but an endowment self-assurance plan where the policy owner plainly has to choose the sum of money and the style of premium payment.
LIC India provides Jeevan Aastha, which provides many benefits like on the first year of the policy, the benefits provided is the basic sum assured plus with the guaranteed addition. If death occurs after the first policy year excluding the last policy year, the benefits provided is one-third of the basic sum assured with guaranteed additions. Death that occurs during the last policy year, the benefits offered is one third of the basic sum assured with the guaranteed addition along with loyalty addition.
On the maturity of the policy, the maturity sum assured plus with guaranteed addition and loyalty addition, shall be allocated. Under this policy the Loyalty addition will be eligible for loyalty addition on death during the last policy year or on the life assured surviving the stipulated date of maturity at such rate. Guaranteed additions for this policy of ten-year terms, Rs. 100/- per thousand maturity sum assured. And for the policy of five-year terms, Rs. 90/- per thousand maturity sum assured.
LIC India is integrated with many special plans, which are completely designed for complete health protection for you and your family. These plans cover certain specified health risks and provide timely support in case of medical emergencies and help you and your family for becoming financially independent. Jeevan Arogya provides valuable financial protection in case of hospitalization and every year expands health cover. In this plan you can select the amount of Initial Daily Benefit according to your need like 1000 per day, 2000 per day, 3000 per day and 4000 per day.
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