Monday, May 30, 2011

Jeevan Saral: LIC’s Special Plan

Jeevan Saral is a detailed plan having high-quality properties of the customary plans and the flexibility of coupled ideas. Jeevan Saral supplies upgraded cover, fast return, fluidity and appreciable flexibility. If you see under normal plan one select the SA, but under this jeevan saral plan one has to choose the premium that wants to pay. Jeevan Saral provides a maturity benefits that includes loyalty additions plus the maturity sum assured. This plan also offers partial surrenders (after completion of three years from the DOC provided full premiums have been paid subject to conditions can be made any time), Auto cover (if subsequent insurance premiums are not cashed, the risk cover under the plan will continue for 12 months from the date to first unpaid premiums), the death benefit (it includes loyalty additions along with 250 times the monthly basic premiums). Some of the salient features of jeevan saral are as follows:

Term assurance rider option: the amount that is equal to the term assurance, sum assured is payable only on death of the policyholder during the policy term.

Risk coverage: Jeevan Saral is the first policy which offers 250 times of basic monthly premium with premium return plus additional loyalty, children who are between ages 1 to 12 years are eligible.

This plan is nothing but an endowment self-assurance plan where the policy holder plainly has to choose the sum of money and the style of premium payment. It is an extremely liquid tool to the policy owner when compared with other insurance policies. On closing of five years the policy holder is liable to receive 100% of the Maturity Sum. Various benefits of jeevan saral are as follows:

Surrender value: policy can be surrendered after a minimum three years premium has been paid. Surrender value is seen to be more than guaranteed surrender value.

Guaranteed surrender value: it will be equal to 30% of the total premiums paid (excluding the first year premium with an accident benefit + term rider premiums).

Special surrender value: interest from the date of first unpaid premium till the date of surrender. Interest that is to be paid is taken in whole months.

Paid up value: the policy will get paid-up value if the at-least three year premiums has been paid.

Partial surrender: a portion of the policy can be surrendered and money can be received from LIC, if premiums have been paid for a minimum of three years.

Some of the rules in relation to the jeevan saral policy express that, minimum at entry should be 12 years, maximum age should be 60 years. Maximum maturity age should be 70 years. The mode of the premium is yearly, half yearly, monthly, standard age proof is required. Accident benefit and disability are also allowed. Jeevan Saral can be worded as a simple assurance plan where the policy holder chooses the amount and also the mode of the premium payment. It also gives the policy holder protection from death, which is of 250 times of the monthly premium that he pays. With the age of the policy holder, the terms also changes.

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