LIC’s Jeevan Saral (Table 165) is the simplest LIC plan, where you just need to decide how much monthly premium you want to pay and you will get 250 times risk cover for example if you want to pay Rs.1000/mo then your risk cover will be 10000×250=2.5 lakh
Jeevan saral is good for all tax groups as it gives you tax benefit too. LIC Saral plan is suitable for all who want to keep invested or want to invest regularly for 10-25 years. This plan also won Golden Peacock award.
Special features of Jeevan Saral:
If the policy holder dies within policy term his/her nominee will receive 250 times the monthly premium, plus return of premium payments excluding extra/rider premium and first year premium plus The loyalty addition, if any.
Maturity sum assured, plus Loyalty additions, if any.
If the policy holder dies due to accident her/his nominee will receive double the sum assured.
Eligibility for Jeevan Saral:
Auto Cover Option:
If you are unable to pay your premium for some reason your risk cover will continue for 12 months if your policy is in force for a period of 3 years and more.
You may choose any term between 10 to 35 years but you will be able to surrender the policy anytime after 3 years however if you surrender the policy after 10 years you will get all the benefits without any fine print.