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Jeevan Saral Plan Detail
Example: Mr. Gupta is 25 years old and is working in BPO. He opts for jeevan saral plan for 15 years term and chooses monthly basic premium of Rs.500/-. On maturity he will receive approx Rs.2,22,198/- (Maturity Sum Assured + Loyalty Addition, Loyalty Addition which will be decided by the corporation). If he dies after 4 years due to any accident, his nominee will get Rs.2,50,000 (500 x 500) + premium paid for 4 years – first year premium.
Benefit of LIC Scheme
- Premiums are not based on Age so you can avail Insurance Coverage At Higher Age also in Low Price
- Best Option for those who are looking for FD, Monthly Saving
- LIC Monthly Recurring type Scheme
- This is like a Post office or Recurring Deposit Scheme. You can deposit Yearly, Hly, Quarterly or Monthly (ECS) in LIC scheme
- Maturity received in LIC scheme is Tax Free under section 10-10d of income Tax act.
- You can withdraw partial of full amount if necessary after 10 years.
- The amount deposited in LIC is exempted under section 80c of income Tax act.
- You can continue LIC scheme after 10 years.
- In case of death 250 times monthly premium + Total Premium paid – (1st years premium & Extra premium paid ) + LA if any payable.
- If you forget to take maturity at the end of 10 years, You can get return beyond 10 years in LIC scheme. This is not available in Post office scheme.