Jeevan Saral is the most popular and profitable insurance plan in market.
Jeevan Saral is a simple endowment insurance plan by Life Insurance Corporation of India. It is Unit Linked Plan but is not actually categorized as unit linked plan and is represented as special life assurance plan in market. Under this plan, proposer has to simply choose the premium amount and mode of payment of premium. With this plan proposer is insurance against the life casualty. The sum assured and death or maturity benefits simply depend on the amount of premium chosen by proposer. Sum assured and additional benefits are driven either to proposer at the end of maturity period or to nominee at the death of proposer.
Key Features –
- It delivers high level of risk cover at very low premium.
- Proposer gets 100% of maturity amount on surrender after 5 years of policy completion.
- Guaranteed surrender value on surrender after 3 years of policy completion.
- Flexible policy with comfortable premium mode.
- Tax benefit on Maturity amount
- Tax free premium
- Loan facility available at rate of 9% pa after 3 years.
- Withdrawal of complete or partial maturity amount after 10 years of policy completion.
- Highest benefit payable on death cover.
Maturity Benefit – Proposer gets maximum benefit on maturity period with maturity sum assured along with loyalty benefits, if any applicable.
Death Benefit – Proposer gets highest death cover payout in market with maturity sum assured (250 folds of monthly premium) along with complete premium refund (excluding raider premium and first premium) in addition with loyalty benefits.
Income Tax Benefit – Premium paid by proposer is exempted from income tax under Section 80 C. Maturity amount received by proposer is also exempted from income tax under Section 10 (10 D).
Eligibility Condition for Jeevan Saral –
- Sum Assured – 250 folds of monthly premium
- Policy Term Period – Minimum 10 years & Maximum 35 years
- Premium Payment Term Period – Minimum 10 years & Maximum 35 years
- Entry Age of Proposer – Minimum 12 Years & Maximum 60 Years
- Age at Maturity – Maximum 70 Years
- Monthly Premium – Minimum Rs. 250/- for age 12-49 years, Minimum Rs. 400/- for age 50-60 years and Maximum Rs. 10,000/- for any age.
- Mode of Payment – Yearly, Half-Yearly, Quarterly, Monthly and SSS.