By: Hement Sharma
Submitted: 2011-05-10 04:49:51 | Word Count: 645
The life insurance also termed as life assurance. In this it is agreement between policy holder as well as the insurance company. The Jeevan Saral is a unique plan having features of conventional as well as flexibility of unit linked plan. In this plan the policy holder gets 250 time's monthly premium plus total premium paid as well as life assurance in case of death. This plan is awarded as a golden peacock award winner policy.
It provides several features to policyholder:
1. Higher life cover exempt
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2. Smooth Return
3. Lot of Flexibility
It has following features:
1. This plan provides high risk cover at low premium.
2. It is facilitated with a smooth returns and posses lot of flexibility.
3. Policyholder has the option to select a maximum term but can be surrendered at any time.
4. It also offers optional higher cover available through Term Riders.
5. This plan provides Periodical Guaranteed cash back offer and you can returns of premium along with Loyalty Additions.
6. Extended risk cover for one year can be payable after three premiums payment.
The maximum cover for the above riders will be Rs.25 lakhs under this policy.
7. The amount deposited in LIC is excused under section 80c of income Tax act.
8. One can surrender the plan if he/she not satisfied with plan of partial withdrawal after 10 years.
9. No penalty for withdrawal after 5 years.
10. It has a monthly recurring type scheme
11. It is like post office saving or recurring deposit scheme. In this you can deposit premium annually, half yearly, quarterly or monthly in LIC.
12. Maturity amount which is received and is Tax free under section 10d of the income tax act.
It provides special benefits for your future. This plan provides many benefits for the policyholder also after his / her death.
This plan has several age parameters:
1. Minimum entry age is 12 years
2. Maximum entry age is 60 years.
3. Maximum term is 35 years and minimum is 10 years.
For Age 12 to 49 years: Minimum Premium is Rs.250/- p.m.
For Age 50 to 60 years: Minimum Premium of Rs.400/- p.m. and Maximum Premium will be of Rs. 10,000/- p.m.
Premiums paid in this plan must be in multiples of Rs. 50/- p.m.
Some other advantages of this plan are:
1. Death Benefit
2. Maturity Benefit
3. Extra Benefit
Maturity benefit: maturity benefits are those benefits in which the amount received by insured at the end of endowment period.
Death benefit: in death benefit plan in this face amount of life insurance payable to its beneficiary on the death of the policy holder. In this 250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first year premiums and extra/rider premium.
Extra benefits: there are the supplementary or extra benefits which can be added for extra protection. In extra benefits it covers different schemes
1. Surrender value: The surrender value will be the greater of the guaranteed surrender value and special surrender and are available on earlier termination of the contract.
2. Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. It is equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
3.Special Surrender Values: 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.
4. Paid up Value: The policy will acquire paid-up value if at least 3 years premium have been paid.
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Jeevan Saral which is very beneficial LIC Policy.
