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LIC Jeevan Saral is 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 to 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 terms and a lot of liquidity.
Under this plan, the premium amount will be decided by the insured person and he/she will get almost 250 times the monthly premium as Sum Assured. If the insured person survives the entire tenure then he/she would be liable to receive Maturity Sum Assured + Loyalty Additions. The Maturity Sum Assured depends on different entry ages and policy terms and is specified at the beginning of the policy.
Now, if the case where the insured dies within the policy tenure then his nominee would receive the Sum Assured + Return of premiums excluding extra/rider premium and first-year premium + Loyalty Addition if any.
LIC Saral Jeevan Bima Plan offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 65 years
Maximum Maturity Age - 70 years
Minimum- 10 years Maximum-35 years
10 to 35 years
Annual, half-yearly, quarterly & monthly
Rs 5 lakhs to Rs 25 lakhs
Let's understand how the LIC Saral Jeevan Bima Plan works with a simple premium illustration.
Mr. Verma is looking for a retirement plan that can offer financial security to him when he is no longer earning.
His financial advisor advised him to buy the LIC Saral Jeevan Bima Plan. He visited PolicyX.com
| Age of the policyholder | Policy term | Annual Premium | Mode of Payment | Maturity Benefits |
| 35 years | 25 years | Rs 4,704 | Yearly | Rs 4,26,200 |
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Here is the list of documents required to buy the LIC Jeevan Saral Plan:
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
You can buy the LIC Jeevan Saral official website or one of their nearest branch offices.
Visit the official website of PolicyX.com.
Click on the ‘Investment’ tab.
A new page will appear on the screen.
Fill out the form at the top of the page with the necessary details.
Select your income and city. Click on 'Proceed'.
Update your education and occupation details.
Choose your preferred plan and click on 'Buy this plan'.
Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Visit the official website of Life Insurance Corporation of India.
Hover over the 'Wealth Creation'.
Click on the 'LIC Jeevan Saral Plan'.
Click on ‘Buy Online’ and you will be redirected to a new page.
Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
Once discussed you can make the premium payment and get the policy documents.
You can buy the LIC Jeevan Saral Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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