Life is unpredictable, and ensuring the financial security of your loved ones in unforeseen circumstances is crucial. The LIC’s Saral Jeevan Bima Plan No. 859 is a term insurance plan designed to provide simple, straightforward coverage. Whether you’re new to life insurance or seeking a plan that is easy to understand and manage, this policy can be the ideal solution.
What is LIC’s Saral Jeevan Bima Plan?
LIC’s Saral Jeevan Bima Plan No. 859 is a non-linked, non-participating, individual pure risk premium life insurance policy. This plan provides financial security by offering a death benefit to the policyholder’s family in case of the policyholder’s unfortunate demise during the policy term. Unlike investment-linked plans, this plan focuses solely on offering life coverage without any maturity benefits, making it a cost-effective choice for individuals seeking basic life insurance.
Key Features of LIC’s Saral Jeevan Bima Plan
- Simple and Standardized: This plan is designed to offer a straightforward, easy-to-understand policy structure, ensuring that policyholders are not overwhelmed by complex terms.
- Affordable Premiums: Provides life coverage at relatively low premium rates, making it accessible to individuals from various financial backgrounds.
- Flexible Policy Term: The policy term can range from 5 to 40 years, allowing you to choose the coverage duration that best suits your needs.
- Minimum Sum Assured: The minimum sum assured under this plan is INR 5 lakhs.
- Maximum Sum Assured: The maximum sum assured is INR 25 lakhs.
- Age Eligibility: The entry age for the policy is between 18 to 65 years, and the maximum maturity age is 70 years.
- No Maturity or Survival Benefits: This is a pure term insurance plan, meaning no benefits are payable if the policyholder survives the policy term.
Benefits of LIC’s Saral Jeevan Bima Plan
- Death Benefit: In case of the policyholder’s demise during the policy term, the nominee will receive the death benefit, which is the sum assured.
- Single Premium Policies: The death benefit will be the higher of 125% of the single premium or the sum assured.
- Regular/Limited Premium Policies: The death benefit is higher of:
- 7 times the annualized premium
- 105% of total premiums paid up to the date of death
- The absolute amount assured to be paid on death
- Flexible Premium Payment Options:
- Single Premium: A one-time payment for the entire policy term.
- Regular Premium: Payable throughout the policy term.
- Limited Premium: Payable for a fixed period (5 or 10 years shorter than the policy term).
- Grace Period: For policies under regular or limited premium payment mode, there is a 30-day grace period for yearly, half-yearly, and quarterly premium payments, and a 15-day grace period for monthly payments.
- Tax Benefits: Premiums paid and benefits received under this policy are eligible for tax deductions under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Eligibility Criteria
- Minimum Entry Age: 18 years
- Maximum Entry Age: 65 years
- Minimum Policy Term: 5 years
- Maximum Policy Term: 40 years
- Minimum Sum Assured: INR 5 lakhs
- Maximum Sum Assured: INR 25 lakhs
- Premium Payment Mode: Yearly, half-yearly, quarterly, or monthly
Premium Payment Details
Premiums under LIC’s Saral Jeevan Bima Plan vary depending on the policy term, age at entry, and chosen sum assured. Below is an illustrative example to give a clearer picture of premium calculations:
| Age | Sum Assured (INR) | Policy Term (Years) | Annual Premium (INR) |
|---|---|---|---|
| 30 | 10,00,000 | 20 | 7,200 |
| 40 | 10,00,000 | 20 | 10,500 |
| 50 | 10,00,000 | 15 | 15,800 |
These premiums are indicative and subject to change based on the policyholder’s health, occupation, and other factors.
Exclusions under the Plan
While LIC’s Saral Jeevan Bima Plan covers most eventualities, there are exclusions that policyholders should be aware of:
- Suicide Clause: If the policyholder commits suicide within 12 months from the commencement date of the policy, the nominee will be entitled to 80% of the premiums paid, provided the policy is active.
- Pre-existing Conditions: Any death resulting from pre-existing health conditions not disclosed at the time of policy inception may lead to claim rejection.
Application Process
Applying for LIC’s Saral Jeevan Bima Plan is straightforward:
- Contact an LIC Agent: Reach out to an LIC-certified agent to guide you through the application process. For expert assistance, contact Agent Phone No.: 09958093447.
- Fill Out the Proposal Form: Complete the proposal form with accurate details.
- Submit Required Documents:
- Proof of Identity (Aadhaar, PAN, etc.)
- Proof of Address (Utility bill, Aadhaar, etc.)
- Income Proof (for higher sum assured)
- Medical Records (as required)
- Undergo Medical Examination: Depending on your age and the sum assured, you may need to complete a medical examination.
- Pay the Premium: Complete your premium payment to activate the policy.
Renewal and Lapse Conditions
Policies with regular or limited premium payments must be renewed within the grace period to maintain continuous coverage. If premiums are not paid within the grace period, the policy lapses, and coverage ceases. However, the policy can be revived within five years from the date of the first unpaid premium by paying all outstanding premiums with interest.
Claim Process
In the unfortunate event of the policyholder’s demise, the nominee should follow these steps to file a claim:
- Notify LIC: Contact the nearest LIC branch or reach out to the agent who facilitated the policy.
- Submit Claim Form: Complete the claim form provided by LIC.
- Provide Required Documents:
- Original policy document
- Death certificate
- Identity proof of the nominee
- Any additional documents requested by LIC
- Claim Settlement: Once all documents are verified, LIC processes the claim and disburses the death benefit to the nominee.
Why Choose LIC’s Saral Jeevan Bima Plan?
- Simplicity: A straightforward plan with no frills, making it easy to understand and manage.
- Affordability: Competitive premiums make it accessible for individuals from various income levels.
- Reliability: Backed by LIC’s unparalleled trust and reputation, ensuring that your loved ones are financially protected.
Contact for More Information
For more details, personalized guidance, or to initiate your application for LIC’s Saral Jeevan Bima Plan No. 859, reach out to our dedicated LIC agent at:
Phone No.: 09958093447
Ensure the security and peace of mind for your family by choosing the LIC’s Saral Jeevan Bima Plan – a simple, affordable, and reliable term insurance solution.
