This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment.

Premiums are payable yearly, half-yearly, quarterly, or monthly.

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.

Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation. 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.

Benefits of Jeevan Saral:

Death Benefit: Loyalty Additions plus 250 times the monthly premium and return of premiums excluding first year premiums and extra/rider premium, if any, is allocated in lump sum on death of the life assured during the term of the policy.

Maturity Benefit: Loyalty Additions along with Maturity Sum Assured is payable in a lump sum.

Supplementary or Extra Benefit: These optional benefits are added to your basic plan and an additional premium is needed to be paid for these benefits.

Surrender Value: On early termination of the LIC contract surrender values are allocated. These values will be greater of the guaranteed surrender value and special surrender. The plan also allows for partial surrenders.

Guaranteed Surrender Value: if policy has been in force for at least three full years then the policy can be surrendered. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

Special Surrender Value: 80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. The Maturity Sum Assured for this Para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy.

Corporation’s policy on surrenders
: A unique surrender value will be paid by company which is either equal to or more than Guaranteed Surrender value. In case of death or maturity the profit allocated on surrender reflects the discounted value at the time of claim amount. The surrender value payable may be fewer than the overall premium paid, if the policy will be terminated at an early stage.

Statutory warning: In case of life insurance business, some benefits are assured and some are changeable with returns based on the future performance. If your policy offers guaranteed returns then these will be noticeable as “guaranteed” in the illustration table. If your policy offers variable returns then it will show two different rates future investments returns and these rates are not guaranteed.

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