Is LIC Jeevan Saral a good policy?
As a non-unit linked insurance plan LIC Jeevan Saral is one of the most beneficial endowment plans that provide a lump sum amount of 250 times the premium paid. It provides the dual benefit of protection cum saving.
What is the benefit of Jeevan Saral plan 165?
The plan provides 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.
How is maturity amount calculated for Jeevan Saral?
LIC Jeevan Saral policy maturity amount=sum assured + loyalty additions.
Is it worth to continue Jeevan Saral?
Jeevan Saral is supposed to give better surrender and/or paid-up value. It was considered a good plan with a lot of flexibility for young people. The main issue with the product is for those in the higher age group. Moneylife has received several complaints from Jeevan Saral policyholders.
What happens if I stop paying LIC premium after 10 years?
If the PPT is less than 10 years (even if the actual policy term is 25, 30 years), the policy will acquire a surrender value if the premium has been paid for at least two years. For single premium policies, the surrender value gets acquired after the first year itself.
Can I surrender my LIC policy after 10 years?
No surrender is usually allowed in the first policy year. Under limited premium and regular premium plans – under limited and regular premium plans, usually, the policy term is taken into consideration. If the policy term is 10 years or below, the duration is two years. Surrender can be done from the third policy year.
When did LIC introduce Jeevan Saral plan 165?
LIC Plan No. 165 provides the financial protection against death throughout the term of the plan. LIC’s Jeevan Saral Policy was introduced on 16th February 2004 by the Life Insurance Corporation. Under this plan, once the premium is chosen, the Sum Assured payable on death will be determined, irrespective of the age and policy term.
What are the benefits of LIC endowment plan 165?
Maturity benefits under this LIC Endowment Plan 165 are the Maturity Sum Assured + Loyalty Additions if any is payable in a lump sum. These are the optional benefits for extra protection which can be added to the basic plan. However, you have to pay an additional premium for these benefits.
Which is the maximum sum assured under LIC Jeevan Saral?
Under Lic Jeevan saral policy, accidental death and disability benefit rider is available up to maximum sum assured of 50 lakh. PDB (Permanent Disability Benefit) is not available under this plan. Sum assured for this rider is death sum assured (not maturity sum assured).
What happens if LIC Jeevan Saral policy lapses?
If the policyholder commits suicide within one year of taking policy then the LIC Jeevan Saral Policy will become void and the insurer will be not liable to pay any claim to the nominee of the policyholder. Can I revive my policy if it has lapsed? Yes, the policy can be revived within 2 years of the first unpaid premium.