Risk Coverage :
First policy which provides 250 times of basic monthly premium + Return of premiums + Loyality Addition (if any).

Children between age 1 to 12 years are eligible.

Term Assurance Rider Option:
An amount equal to the Term Assurance Sum Assured is payable only on death of the policyholder during the policy term.

Benefits

Maturity Benefits:
Maturity S.A. + Loyality Additions, if the policy was in force for a minimum of 10 policy years.

Death Benefit:
250 times the monthly basic premium + return of premium paid (excluding extra/rider premium and 1st year premium) + Loyality additions, if any.

Surrender Value:
Policy can be surrenered after a minimum 3 years premiums have been paid. Surrender Value will be more than Guaranteed Surrender Value.

Guaranteed Surrender Value:
Guaranteed Surrender Value will be equal to 30% of the total premiums paid (excluding the 1st year premium + all the extra premiums + accident benefit + term rider premiums).

Special Surrender Value:


If less than 4 years premiums paid - 80% of the maturity S.A.

Between 4 & less than 5 years premiums paid - 90% of maturity S.A.

If 5 years and above premiums paid - 100% of maturity S.A.

Interest from the date of first unpaid premium till the date of surrender in above 3 points. Interest to be paid is taken in whole months and fraction of a month will be ignored.


Loyality Additions, if any, valued as at 31st March, preceding the date or surrender will be paid.

Paid up Value:
The policy will acquire paid-up value if atleast 3 years premium have been paid.

Partial Surrender:

A portion of the policy can be surrendered and money can be received from LIC, if premiums, have been paid for a minimum of 3 years, subject to the following conditions:

The basic annual premium and all other benefits will be reduced to the extent of partial surrender.

If a policy loan is outstanding, partial surrender is not allowed.

Any no. of times, partial surrender is allowed.

There should be a gap of minimum of one year between two successive partial surrenders.

The mimum basic annual premium that can be surrender at a time is Rs.1,200/- p.a. and should be in mumtiples of Rs.600/- p.a. thereafter.

The reduced basic annual premium after surrender shouldnot be less than Rs.3,000/- p.a. for age upto 49 years and Rs.4,800/- p.a. for age 50 and above.

The accident benefit, term rider benefit and additional premium payable will also be reduced proportionately.

Restrictions

Minimum Age at Entry : 12 years

Maximum Age at Entry : 60 years

Maximum Maturity Age : 70 years

Minimum Term : 10 years

Maximum Term : 35 years

For Age 12 to 49 years : Minimum Premium is Rs.250/- p.m.

For Age 50 to 60 years : Minimum Premium is Rs.400/- p.m.

Maximum Premium : Rs. 10,000/- p.m.

Premium in multiples of Rs. 50/- p.m. thereafter

Mode of Premium : Yearly, Half-Yearly, Quarterly, Monthly

Accident Benefit & Disability is allowed (with extra premium)

Standard age proof required.



Example:

Mr. Ashok is 25 years old and is working in auto industry. Mr Ashok opts for jeevan saral plan for 15 years term and chooses monthly basic premium of Rs.500/- after adding DAB premium of Rs.510 (500 x 250 = 1,25,000 x 1/1000 x 1/12 = 10 + 510). On maturity he will receive Rs.97655/- as maturity sum assured (MSA) + Loyalty Addition which will be decided by the corporation. If he dies after 4 years, his nominee will get Rs.1,25,000 (250 x 500) + premium paid for 4 years - first year premium = 1,25,000 + 24,480 - 6120 = 1,43,360/- + Loyalty Addition, if any.