LIC Jeevan Madhur Plan is a simple savings related life insurance plan where you may pay premiums regularly at weekly, fortnightly, monthly, quarterly, half-yearly or yearly intervals over the term of the policy.
Minimum instalment premium for different modes of premium payment shall be:
Further, the premium chosen by you shall be subject to the minimum and maximum sum assured of Rs. 5,000/- and Rs. 30,000/- respectively payable on death and maturity under this plan.
Key Features of LIC Jeevan Saral
- Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount.
- Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition.
- Maturity Benefit is Maturity Sum Assured + Loyalty Additions, if any.
- Partial surrender of the policy is allowed after the 3rd policy year
- Extended risk cover for one year after 3 years premium payment.
- Optional higher cover through Term Rider and Accidental Death and Disability Benefit
- The policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss after 5 years
- Loyalty Additions are provided from 10th policy year on wards.
Also read LIC JEEVAN LAKSHYA
Benefits Of LIC Jeevan Saral:
Death Benefit: In case of death of the Life Insured, the nominee receives
- Sum Assured (i.e. 250 times the Monthly Premium) +
- Return of premiums excluding extra/rider premium and first year premium +
- Loyalty Addition, if any
Maturity Benefit: At the maturity of the policy, the insured will get
- Maturity Sum Assured (Depends on age of entry and policy term) +
- Loyalty Additions, if any.
If You stop paying the premium: – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
Surrender Value: There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
Special Surrender Value =
- 80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid;
- 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and
- 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid
Guaranteed Surrender Value: The time period for surrendering the policy depends on that the policy must be in power for 3 years or more. Apart from the premiums paid during the first year and extra premium paid, the Guaranteed Surrender value before the commencement of risk is 90% of premium paid. After the commencement of risk the Guaranteed Surrender value is 90% of premium paid plus 30% of extra premium paid.
Also read LIC Jeevan Shagun Policy