LIC’s Saral Jeevan Bima (Table No. 859)

INTRODUCTION :- LIC’s Saral Jeevan Bima (Table no. 859) is a Non-Linked, Non-Participating, Individual Pure Risk Premium Life Assurance plan, which provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term. There is no need to provide education check, occupation proof etc. LIC’s Saral Jeevan Bima is designed specially for the lower income group. The benefits and other basic features of the plan are given below.

Basic Eligibility Conditions and Features of LIC’s Saral Jeevan Bima (Table no. 859): –

(a) Minimum Age at entry:- 18 Years (Last Birthday)

(b) Maximum Age at entry:- 65 years (Last Birthday)

(c) Minimum Basic Sum Assured:- Rs. 5, 00,000/- (The basic Sum Assured shall be in multiples of Rs. 50000/)

(d) Maximum Basic Sum Assured:– Rs. 25, 00,000/-

(e) Policy Term:- 5 to 40 Years

(f) Premium Paying Term:-

Regular: – Same as Base Plan,

Limited Premium:- 5 and 10 years

Single Premium:- Single Premium

Death Benefit:-

Death Benefit:- During Waiting Period of 45 days :-

A) On Death any reason other than Accident, 100% of premium paid excluding taxes will be paid.

B) On Death due to accident, Sum Assured on Death will be payable.

For Regular and Limited Premium Payment policies:- Sum Assured on Death is defined as highest.

a) 10 times of Annualized premium

b) 105% of all the premiums paid on date of death OR

c) 100% of Basic Sum Assured.

1) For Single Premium policies:- Sum Assured on Death is defined as highest of:

125% of Single premium. OR

100% of Basic Sum Assured

Death Benefit after Waiting period of 45 days is over:- Sum Assured on Death shall be payable to nominee.