LIC Jeevan Saral is a popular insurance plan offered by the Life Insurance Corporation of India (LIC). This plan is designed to provide a combination of protection and savings to policyholders. It offers a range of benefits that cater to the financial needs of individuals and families.
One of the key benefits of the LIC Jeevan Saral plan is that it provides financial protection to the policyholder's family in case of their untimely death. The death benefit is equal to the sum assured plus reversionary bonuses and terminal bonuses, if any. This ensures that the policyholder's family is financially secure even in their absence.
Another advantage of the LIC Jeevan Saral plan is its flexibility in premium payment options. Policyholders have the option to choose the frequency of premium payment, either annually, half-yearly, quarterly or monthly, based on their convenience. Moreover, the plan also offers the option of premium payment through electronic modes, making it easier and convenient for policyholders to make their premium payments.
The LIC Jeevan Saral plan is suitable for individuals who are looking for a combination of protection and savings. It is ideal for individuals who are looking for a long-term investment option with the added benefit of life insurance. The plan is also suitable for individuals who are looking for a convenient and flexible premium payment option.
One can visit the nearest LIC branch and speak to an insurance agent in order to apply for the scheme. They can also apply online by visiting the LIC website. The process of applying for the plan is simple and straightforward, and policyholders need to provide basic personal and financial information to complete the application process.
Example for LIC Jeevan Saral: Suppose a 30-year-old individual named Ravi applies for LIC Jeevan Saral with a sum assured of Rs. 10 lakh and a premium payment term of 15 years. He chooses a policy term of 20 years. After 15 years, Ravi will receive a maturity amount of Rs. 15.5 lakh. This includes the sum assured of Rs. 10 lakh and a bonus of Rs. 5.5 lakh. In case of Ravi's unfortunate death, his nominee will receive a death benefit of Rs. 15.5 lakh.
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