LIC Jeevan Saral is a simple term insurance plan that provides financial protection for your family in case of your untimely demise. The plan offers a death benefit that is equal to the sum assured, along with vested simple reversionary bonuses, if any.



Key Features:

  • Death Benefit: In case of the policyholder's death during the policy term, the sum assured, vested simple reversionary bonuses, and final additional bonus, if any, are payable to the nominee.
  • Maturity Benefit: If the policyholder survives the policy term, the maturity benefit is zero.
  • Simple Reversionary Bonuses: Simple Reversionary Bonuses are declared periodically by LIC based on the plan's performance. These bonuses are added to the policy and earn further bonuses.
  • Final Additional Bonus: A final additional bonus may be payable at the time of death, depending on the plan's performance.
  • Tax Benefits: Premiums paid towards the policy are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.

Eligibility:

  • Age: The policyholder's age must be between 18 and 50 years.
  • Policy Term: Policy term options are 10, 15, 20, 25, or 30 years.

Benefits:

  • Death Benefit: The death benefit is equal to the sum assured, which is the amount you pay for the policy. For example, if you buy a policy with a sum assured of ₹10 lakhs, your nominee will receive ₹10 lakhs in case of your death.
  • Simple Reversionary Bonuses: Simple Reversionary Bonuses are declared on a yearly basis, and the amount will vary depending on the performance of the plan. These bonuses are added to the policy and earn further bonuses.
  • Final Additional Bonus: A final additional bonus may be payable at the time of death, depending on the plan's performance.
  • Tax Benefits: Premiums paid towards the policy are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.

Documents Required:

  • Proof of identity and address: PAN card, driving license, voter ID, or other acceptable documents.

How to Apply:

You can apply for LIC Jeevan Saral plan online or through a LIC agent.

Here are the steps on how to apply online:

  1. Visit the LIC website.
  2. Click on the "Buy Online" tab.
  3. Select "LIC Jeevan Saral" from the list of plans.
  4. Enter your details and contact information.
  5. Select your preferred mode of premium payment.
  6. Review and submit the application form.

Here are the steps on how to apply through a LIC agent:

  1. Contact a LIC agent.
  2. Provide the agent with your details and contact information.
  3. The agent will assist you in completing the application form.
  4. Submit the application form and make the premium payment.

If you are looking for a simple and affordable term insurance plan, LIC Jeevan Saral is a good option. The plan provides a death benefit that can help to provide financial security for your family in case of your untimely demise.