LIC Best Saving Plan – LIC Jeevan Madhur Plan
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
1) Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount
2) Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition
3) Maturity Benefit is Maturity Sum Assured + Loyalty Additions, if any
4) Partial surrender of the policy is allowed after the 3rd policy year
5) Extended risk cover for one year after 3 years premium payment.
6) Optional higher cover through Term Rider and Accidental Death and Disability Benefit
7) The policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss after 5 years
8) Loyalty Additions are provided from 10th policy year onwards.
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.