Lic Saral Jeevan Bima Plan
Life Insurance Corporation of India
Our Verdict
LIC's Saral Jeevan Bima is ideal for individuals seeking basic, affordable life insurance. It offers flexible payments and accidental death coverage but lacks maturity benefits and has a 45-day waiting period for non-accidental deaths.
About the Plan
LIC's Saral Jeevan Bima is a non-linked, pure risk life insurance plan providing financial protection to the insured’s family in case of untimely death. It offers flexible premium payment options—single, regular, and limited. Available online and offline, it excludes maturity benefits, surrender value, or loans. A 45-day waiting period covers only accidental death. Ideal for individuals seeking affordable, straightforward coverage, it ensures financial security for loved ones.
About the Plan
Eligibility
• Age at Entry :
18 to 65 years
• Maximum Maturity Age :
70 years
• Policy Term :
5 to 40 years
• Sum Assured :
₹5,00,000 to ₹25,00,000
• Premium Payment Options :
Single, Regular, or Limited (5/10 years)
Eligibility
Features of the Product
Premium Payment Customizations
The plan allows three premium payment options:
Single Premium – One-time lump sum payment.
Regular Premium – Paid throughout the policy term.
Limited Premium – Payable for 5 or 10 years, while coverage continues.
Payment modes: Yearly, Half-Yearly, and Monthly
Revival of Lapsed Policies
If premiums are not paid within the grace period, the policy will lapse.
A lapsed policy can be revived within 5 years from the first unpaid premium date by paying all arrears with interest.
Policy Cancellation Value (Limited & Single Pay Options)
If at least two full years’ premiums are paid, the policyholder can apply for cancellation.
The amount refunded is 70% of total premiums paid, adjusted for the unexpired policy term.
Exclusions
45-day waiting period: Only accidental death is covered; death due to natural causes or illness is excluded.
If death occurs by suicide within 12 months, only a percentage of the premiums paid is refunded.
Death due to pre-existing illnesses within the waiting period is not covered.
Death due to intentional self-harm (excluding suicide clause) is not covered.
Death occurring while committing unlawful acts is excluded.
Death due to drug overdose, alcohol abuse, or intoxication is not covered.
Death caused by war, terrorism, or nuclear hazards is excluded.
Death from extreme sports, aviation (except as a passenger), or military operations is not covered.
Exclusions
Accidental Death - Policyholders can opt for the LIC Accidental Death & Disability Rider, which provides an additional payout in case of accidental death or disability.
Critical Illness - The LIC Non-Linked Comprehensive Health Rider offers financial protection for critical illnesses, covering a range of medical conditions.
Add-ons
Note :
Suicide Clause: If the policyholder dies by suicide within 12 months from the date of policy commencement or revival, the nominee will receive:
For Regular/Limited Premium: 80% of total premiums paid (excluding taxes and rider premiums).
For Single Premium: 90% of the single premium paid (excluding taxes and rider premiums).
Free Look Period: 15 days (if purchased offline) and 30 days (if purchased online).
The policyholder can cancel the policy within this period if unsatisfied, and the premium paid will be refunded after deducting expenses like medical examination and stamp duty charges.
Grace Period: 30 days for yearly, half-yearly, and quarterly premium payments.
15 days for monthly premium payments.
During this period, the policy remains active, and benefits are intact.
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About the Company
Life Insurance Corporation of India (LIC) is a state-owned life insurance company established in 1956. Life Insurance Corporation of India (LIC) was founded by the Government of India,through the integration of several private insurance companies.
LIC offers a wide range of insurance products, including plans for life protection, pension, and investment. LIC is recognized for its trustworthiness and strong customer base, providing financial security to millions. It plays a pivotal role in the country’s insurance sector and aims to deliver value to its customers through reliable services and customer-centric policies.