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  LIC Saral Jeevan Bima Plan

LIC's Saral Jeevan Bima is a Non-Linked, Without Profit, Pure Protection "Term Assurance Policy" which provides financial protection to the insured's family in case of his/her unfortunate demise. This plan will be also available through online application process. In online process no intermediaries will be involved.

This plan is available under different premium payment options such as Single, Regular, Limited premium term 5 years and Limited premium term 10 years and different modes of premium payment such as yearly, half yearly & monthly (NACH) under non-single premium payment options.

Features

  • Pure Term plan.
  • Proposal on own life ONLY will be considered.
  • A waiting period of 45 days for new policies from date of commencement of risk shall be applicable.

Death Benefits

(i)During waiting period of 45 days from the Date of Commencement of Risk:

a)On Death (due to any reason other than accident) during waiting period, an amount equal to 100% of all premiums received excluding taxes, if any, shall be paid.

b)On Death due to accident provided all due premiums have been paid, “Sum Assured on Death” shall be payable to the nominee.

For Regular Premium and Limited Premium Payment policies: “Sum Assured on Death” is defined as the highest of:

  • 10 times of annualised premium; (or)
  • 105% of all the premiums paid as on date of death; (or)
  • Absolute amount assured to be paid on death i.e. 100% of Basic Sum Assured.

For single premium policies: “Sum Assured on Death” is defined as the higher of:

  • 125% of Single Premium.
  • Absolute amount assured to be paid on death i.e. 100% of Basic Sum Assured.

Premiums referred above shall not include any taxes and extra amount chargeable under the policy due to underwriting decision, if any.

(ii)After waiting period of 45 days from the Date of Commencement of Risk:

On Death after waiting period during the policy term including death due to accident provided all due premiums have been paid, “Sum Assured on Death” shall be payable to the nominee, Sum Assured on Death is as mentioned above.

An “Accident” for the purpose of this policy is defined as “An Accident is a sudden, unforeseen and involuntary event caused by external, violent and visible means.”

Maturity Benefit

On survival to the end of the policy term, nothing shall be payable.

  • Minimum Sum Assured Rs. 500,000
  • Maximum Sum Assured Rs. 25,00,000
  • Minimum age at entry 18 years (completed)
  • Maximum age at entry 65 Years (completed)
  • Maximum cover ceasing age 70 years (completed)
  • Minimum policy term 5 years
  • Maximum policy term 40 years
  • Mode of payment

Premiums can be paid either under Regular Premium, Limited premium or Single Premium payment options under this plan.

In case of Regular Premium and Limited Premium, the premium can be paid regularly during the Premium Paying Term with modes of premium payment Yearly, Half Yearly and Monthly (only under ECS/NACH).

Eligible Life

  • The person must have own earned income. One cannot propose for anyone other than self.
  • The Plan is not allowed to Housewives and pregnant female lives.

General rules of Financial eligibility:

  • Standard Income Proof is mandatory irrespective of any sum assured. For self employed and business income Computation of income (COI) is a must. For salaried income either Form 16 or latest 3 months salary sheet can be submitted in lieu of COI.
  • Rental and Pension income is NOT to be considered for arriving at the financial viability under this plan.
  • Being a term plan, proposal will NOT be considered on the basis of declaration of Income and / or PFQ (Personal Financial Questionnaire).

General rules of Allowable Sun Assured:

Age   Maximum allowable total rated up sum assured as multiples of average income for last 3 years
Upto 35 years 12 times
36 To 45 years 10 times
46 To 55 years 8 times
56 years and above 5 times