LIC Saral Jeevan Bima (Plan No. 859)
A simple, affordable pure term insurance plan offering high life cover at low premiums.
Key Features
- Pure Term Insurance: No maturity benefit (only death benefit)
- Fixed Premium: Same premium throughout the policy term
- No Medical Tests: For Sum Assured up to ₹25 lakhs (subject to health declarations)
- Tax Benefits: Premiums eligible under Section 80C & death benefit under 10(10D)
- Loan Available: After 3 years of policy
Eligibility Details
| Parameter | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 65 years |
| Policy Term | 5 to 40 years |
| Maximum Maturity Age | 80 years |
| Minimum Sum Assured | ₹5 lakhs |
| Maximum Sum Assured | No limit (subject to underwriting) |
Death Benefit
Sum Assured on Death (SAOD): Higher of:
- 10 times the annual premium
- 105% of all premiums paid
- Absolute amount assured to be paid on death
Paid as lump sum to nominee upon policyholder's death during policy term.
Premium Payment Options
- Yearly
- Half-yearly
- Quarterly
- Monthly (via NACH)
Example Scenario
| Parameter | Example |
|---|---|
| Age at Entry | 30 years |
| Policy Term | 25 years |
| Sum Assured | ₹1 Crore |
| Annual Premium | Approx. ₹9,230 (male non-smoker) |
| Total Premiums Paid | ₹2,30,750 (over 25 years) |
| Death Benefit | ₹1 Crore (anytime during term) |
Additional Features
- Rider Options: Accidental Death & Disability Benefit Rider available
- Grace Period: 30 days for yearly/half-yearly, 15 days for monthly premiums
- Revival: Policy can be revived within 5 years from first unpaid premium
Tax Benefits
- Section 80C: Premiums qualify for deduction up to ₹1.5 lakhs
- Section 10(10D): Death benefit received by nominee is tax-free
Note: For more Detail and By this plan Contact to Lic Agent. This is a pure protection plan with no survival benefits. Suitable for those seeking high life cover at minimal cost.
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