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  • Kalpesh Agrawal

LIC Saral Jeevan Bima



Product Name: Saral Jeevan Bima


Product UIN: 512N341V01


Product Type: LIC's Saral Jeevan Bima plan is a Non-Linked, Non-Participating, Individual, Pure Risk Life Insurance plan which provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term. (Pure Term Plan)


Benefits:

  1. Death Benefit: (i) During the Waiting Period of 45 days from the date of commencement of Risk: In case of death of the policyholder (Life assured) during the waiting period other than due to an accident, an amount equal to 100% of all premiums received excluding tax will be paid and the Basic Sum Assured shall not be paid. In case of death of the Life Assured due to accident during the Waiting Period and provided the Policy is in force, the Death Benefit amount payable as a lump sum is: (1) For regular premium policy, equal to Sum Assured on Death which is the highest of: (a) 10 times the Annualized Premium, or (b) 105% of all premiums paid as on the date of death, or (c) Absolute amount assured to be paid on death. (2) For Single premium policy, equal to Sum Assured on Death which is the higher of: (a) 125% of Single premium or (b) Absolute amount assured to be paid on death. (ii) After the expiry of Waiting Period of 45 days from the date of commencement of Risk: In case of death of the Life Assured after the expiry of Waiting Period but before the stipulated Date of Maturity and given that policy is in inforce, the Death Benefit amount payable as a lump sum is: (1) For regular premium policy, equal to Sum Assured on Death which is the highest of: (a) 10 times the Annualized Premium, or (b) 105% of all premiums paid as on the date of death, or (c) Absolute amount assured to be paid on death. (2) For Single premium policy, equal to Sum Assured on Death which is the higher of: (a) 125% of Single premium or (b) Absolute amount assured to be paid on death.

  2. Maturity Benefit: No Maturity Benefit shall be payable on the Life Assured surviving the stipulated Date of Maturity.

Eligibility Condition and other restrictions:

a) Minimum Basic Sum Assured : Rs. 5,00,000

b) Maximum Basic Sum : Rs. 25,00,000 per life basis (The Basic Sum Assured shall be in multiples of Rs. 50,000/-) c) Minimum Age at entry : 18 years (Last Birthday) d) Maximum Age at entry : 65 years (Last Birthday)

e) Maximum Maturity Age : 70 years (Last Birthday)

f) Policy Term : No limit Single/Regular/Limited : [5 to 40] years Premium g) Premium Paying Term : No limit Regular Premium : Same as policy term Limited Premium : 5 and 10 years Single Premium : Premium is payable in lumpsum




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