LIC’s Saral Jeevan Bima Plan is a Non-Linked, Non-Participating, Individual, Pure Risk Life Insurance plan. Its primary purpose is to offer financial protection to the insured’s family in the event of the insured’s unfortunate demise during the policy term. This plan provides a straightforward and essential life insurance coverage to safeguard the financial well-being of loved ones in times of need.

Benefits

Death Benefit:

During the 45-day waiting period, the policy covers accidental death only. Non-accidental deaths result in a refund of all premiums received, excluding taxes, with no Basic Sum Assured. Accidental deaths during this period pay out based on the higher of 10 times the Annualized Premium, 105% of premiums paid, or the Basic Sum Assured (for regular/limited premium policies). For single premium policies, the payout is the higher of 125% of Single Premium or the Basic Sum Assured. After the waiting period, non-accidental deaths pay out based on the same criteria, with the Absolute amount assured being equal to the Basic Sum Assured.

Maturity Benefit:

No Maturity Benefit is provided if the Life Assured survives to the specified Maturity Date.

Eligibility Conditions

Minimum Basic Sum Assured Rs. 5,00,000
Maximum Basic Sum (The Basic Sum Assured shall be in multiples of Rs. 50,000/-) Rs. 25,00,000 per life basis
Minimum Age at entry 18 years (Last Birthday)
Maximum Age at entry 65 years (Last Birthday)
Maximum Maturity Age 70 years (Last Birthday)
Policy Term Single/Regular/Limited Premium No limit [5 to 40] years

Exclusion:

a) For Regular/Limited Premium Policies: If the Life Assured commits suicide within 12 months from the risk commencement date, provided the policy is active or within 12 months from revival, the policy becomes void. In such cases, the Corporation will not entertain any claim, except for a refund of 80% of the premiums paid (excluding any extra charges due to underwriting decisions and taxes).

This clause does not apply to lapsed policies as no payout is made.

b) For Single Premium Policies: If the Life Assured commits suicide within 12 months from the risk commencement date, the policy becomes void. In this case, the Corporation will not entertain any claim, except for a refund of 90% of the Single Premium paid (excluding any extra charges due to underwriting decisions and taxes).

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