Simple Life Insurance Plan LIC
Saral Jeevan Bima Yojana LIC offered by LIC is a type of term insurance plan. This plan is a Non-Linked, Non-Participating, Individual, Pure Risk Life Insurance plan. Under this plan, if the life assured dies during the policy term, then the death benefit is provided to the person nominated by the life assured.
In this plan, you are provided with a minimum death benefit of 5 lakhs and a maximum of 25 lakhs. This plan is available to you from 5 years to a maximum of 40 years. You can choose any policy term from this policy term as per your requirement.
Features Of Saral Jeevan Bima Yojana LIC
The features of Saral Jeevan Bima Yojana LIC Features in are as follows-
- This is a term insurance plan that offers a minimum death benefit of Rs. 5 lakh and a maximum of Rs. 25 lakh in case of death of the life assured during the policy term.
- This plan is available to the customers at a very affordable premium. Thus even low income individuals can avail the benefits of a term policy through this plan.
- In this, you also get a free look period of 15 days. If you are not satisfied with this policy, you can opt out of the policy within 15 days.
- In this you also get a grace period of 30 days. If you do not pay your premium on the due date, you get a grace period of 30 days. If you pay your premium during this period, you can continue with your policy.
- No surrender value is provided to you in this policy.
- In this, you get the option to upgrade the coverage of your plan by adding riders.
- In this, you also get tax benefits on the premiums paid.
Benefits Of Saral Jeevan Bima Yojana LIC
The benefits of Saral Jeevan Bima Yojana LIC Benefits are as follows-
- Death Benefits:
In this plan, in case of death of the insured during the policy term, the person nominated by the insured gets an insurance benefit of a minimum of Rs 5 lakh. In this, the maximum insurance benefit is up to Rs 25 lakh.
- Maturity Benefits:
It is simply a term insurance plan. Therefore, you are not provided any kind of maturity benefit in this.
- Read Also Open an Account in IDFC First Bank
- Riders:
In this you also get the option of adding a rider. Through this you can increase the coverage of your Saral Jeevan Bima Yojana. In this you get the option to add the following riders-
- Accidental Death Benefit Rider
- Tax Benefits:
You also get tax benefits on the premium paid under LIC Saral Jeevan Bima Yojana. In this, you are eligible for tax benefits on the premiums paid under Section 80C of the Income Tax Act, 1961.
Saral Jeevan Bima Yojana LIC Eligibility
Eligibility for Saral Jeevan Bima Yojana LIC is as follows-
| Minimum Basic Sum Assured | Rs. 5,00,000 |
| Maximum Basic Sum (The Basic Sum Assured shall be in multiples of Rs. 50,000/-) | 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 |
| Premium Paying Term Regular Premium- Limited Premium- Single Premium- | Regular Premium- Same as policy terms Limited Premium- 5 and 10 Year Single Premium- Premium is payable in lumpsum |
Documents Required For Saral Jeevan Bima Yojana LIC
The documents required for Saral Jeevan Bima Yojana LIC are as follows-
1. Latest Medical Report
2. Residence Certificate (any one of the following):
- driving license,
- voter id,
- Aadhar card,
- Passport,
- Ration card.
3. Identity proof (any one of the following):
- Aadhar card,
- Passport,
- PAN card,
- driving license.
4. Age proof (any one of the following):
- Aadhar card,
- Birth certificate,
- voter id,
- driver Licence
- High school mark sheet.
5. I Ratio:
- latest pay slip,
- latest bank statement,
- ITR.