Jeevan Saral

MAIN FEATURES 

This plan with features of conventional plans & flexibility of Unit-Linked plans provided.

• Higher Cover 
• Smooth Return
• Liquidity & Flexibility. Under the normal plan one once the premium is chosen, Sum Assured (SA)  payable on death gets determined. The SA payable on maturity can then be obtained on the basis of age &policy term. Death Cover will be same irrespective of age at entry & term. however Maturity SA (MSA) will differ. 
• This plan is suitable for :
• Salaried persons 
• To those who need money for future contingencies like education / marriage of children
• For those with uncertain income as there is a facility of auto cover in case premium due remain unpaid for 1 year
• High Networth Individuals, due to is flexibility in term & anytime partial withdrawal facility

Maturity Benefits : Maturity  Sum Assured (MSA) + Loyalty Additions, if any.

Death Benefits : 250 times the monthly basic premium (call Death Benefit SA) + Return of premium paid  (excluding 1st year premium & extra/rider premium) + Loyalty Addition, if any.

Loyalty Addition : Will be declared after the policy has been in full force for atleast 10 years.

Optional Riders : For an additional premium + Accidental Death & Disability benefit Rider, Term Assurance Rider will be available & their SA will not exceed the Death Benefit SA.

Auto Cover : If a policy is in force for full benefits for 3 or more years, the risk cover under the main plan will continue for 12 months from the date of first unpaid premium if subsequent premiums are not paid. The cover under such cases will not continue under rider benefits.

Other Details :

• Max cover for Accident Benefit / Term Assurance will be Rs. 25 lakhs under all LIC Plans.
• Maturity SA for ages 12 to 17 years will be the same as that for 18 years.
• Maturity SA is to be calculated based on basic premium before allowing any mode rebate. the rebates will apply to the basic premium (excluding any extra premium under this plan for sub-standard life) thereafter.
• All underwriting rules for Endowment Plan will apply . for the purpose of SUC & Underwriting, the Death Benefit SA should be considered. Standard extra premium rates (e.g. Occupational extra or in case of Physically handicapped lives) would be as per Endowment Plan.

Surrender Value : Policy can be surrendered after it has been in force for atleast 3 years.

Gtd. Surrender Value = 30% of total premium paid excluding : 1st year premium, all extra premium & Accident Benefit/Term Rider premiums.

Special Surrender Value : Will be sum of a+b given below 

(a) 80% of MSA will be paid, if less than 4 years premium paid, 90% MSA, if between 4 to less than 5 years premium paid, 100% of MSA, if premiums are paid for 5 years & above.

(b) The Loyalty Additions, if any, for the term for which the policy has been in force, as announced as at 31st March immediately preceding the date of surrender.

Partial Surrenders : Can be made any time after completion of 3 years or more than the DOC provided full premiums have been paid subject to conditions.