What is the benefit of Jeevan Saral plan 165?
LIC Jeevan Saral Plan Details – Table No. 165 This plan offers Double Death Benefit of Sum Assured + Return of Premium. In this plan, the premium amount is decided by the policyholder and he gets 250 times the monthly premium as Sum Assured.
How is maturity amount calculated in LIC Jeevan Saral?
LIC Jeevan Saral policy maturity amount=sum assured + loyalty additions.
Is it good to continue Jeevan Saral policy?
Jeevan Saral is supposed to give better surrender and/or paid-up value. It was considered a good plan with a lot of flexibility for young people. The main issue with the product is for those in the higher age group. Moneylife has received several complaints from Jeevan Saral policyholders.
What is the bonus rate of LIC Jeevan Saral?
Jeevan Saral (Plan 165) has been a very popular plan from the LIC of India. This Year LIC has declared the loyalty addition rates for the 19-year term also and the rate ranges from 670 to 930 as per the monthly premium band.
Why Jeevan Saral is closed?
The spotlight is back on endowment plans. Life Insurance Corporation of India’s (LIC) Jeevan Saral, withdrawn in 2014, was in the news recently after a PIL was filed in the Supreme Court , alleging that LIC had mis-sold the product by misleading policyholders.
Can I surrender Jeevan Saral after 5 years?
Special Surrender: 80 percent of Sum Assured after the completion of 3 years but not 4 years with all premiums paid. 90 percent of Sum Assured after the completion of 4 or more years but less than 5 years with all premiums paid, and 100 percent of the Sum Assured if the premium is paid for 5 years or more.
Can I withdraw money from LIC Jeevan Saral?
You can either continue the coverage by paying the premium or you can surrender the plan and apply for a new endowment policy offered by LIC as well as other leading life insurance companies. When you surrender the Jeevan Saral plan, you get a surrender value if you have paid at least the first three years’ premiums.
What is the surrender value of LIC policy after 7 years?
Guaranteed Surrender Value Factors for the premiums paid
| Surrender Year | Policy Term (years) | |
|---|---|---|
| 7 | 50.00% | 50.00% |
| 8 | 57.50% | 52.31% |
| 9 | 65.00% | 54.62% |
| 10 | 72.50% | 56.92% |
What happens if I surrender my LIC policy after 10 years?
You will get a portion of your money only if you have paid consecutive premiums for two years (if premium paying term is less than 10 years), and three years (if premium paying term is more than 10 years). If you surrender before this, you do not get back any money.
How is maturity benefit calculated?
Maturity benefit is calculated as the [Sum Assured + Bonus Amounts] which have been accumulated throughout the policy term + any [Final Addition Bonus] if declared. However if the policy holder does not survive the policy tenure, the nominee will additionally get the Sum Assured amount as the Death Benefit.
Can I surrender Jeevan Saral after 10 years?
LIC Jeevan Saral – Benefits Premiums paid are exempted from income tax-free for Jeevan Saral policy under Sec 80 C. The maturity proceeds of Jeevan Saral are also exempted from tax under Section 10 (10D). This policy can only be surrendered after the completion of 3 years.
What are the benefits of LIC Jeevan Saral plan?
LIC Jeevan Saral is actually an endowment policy with a lot of flexibilities that is usually available only with unit linked insurance plans. Hence it is categorized under Special Plans. This plan offers Double Death Benefit of Sum Assured + Return of Premium.
Can you apply for a fresh Jeevan Saral policy?
Since the policy has been withdrawn, you cannot apply for a fresh plan. However, if you have already invested in the plan when it was sold, you can check your maturity value and death benefit using the Jeevan Saral Calculator. Moreover, you have two options for managing your policy.
How does death benefit work with Jeevan Saral?
Jeevan Saral Benefits Death Benefit: A lump sum amount is paid to the family of the policyholder as long as the policy term continues, which includes 250 times the premium paid on a monthly basis along with loyalty additions, whereas the premium return excludes the first year payments and rider premium.
How are Jeevan Saral premiums exempt from tax?
Premiums paid are exempted from income tax-free for Jeevan Saral policy under Sec 80 C. The maturity proceeds of Jeevan Saral are also exempted from tax under Section 10 (10D).