LIC Jeevan Saral Policy is an endowment plan that offers a mixture of savings and protection to the policyholders. LIC Jeevan Saral program offers benefits such as tax savings, and loan availability.
The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of terms and a lot of liquidity.
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Premium: Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.
Life Annuity with a complete refund of the cost of a single payment is made under this pension plan. One person will be linked to this policy. The investor, or pensioner, will continue to receive pension payments as long as he or she is still living. The nominee will receive the base premium following the investor’s passing.
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LIC Jeevan Saral Policy: Features and benefits
- Additional riders
- Premium
- Loyalty benefit
- Accidental Death and Disability Benefit Rider
- Maturity benefit
- Special surrender
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A monthly pension of Rs. 12000 is provided under the Life Insurance Corporation of India (LIC)’s Saral Pension plan. You only need to pay the premium once to participate in LIC’s Saral Pension Yojana, after which you would receive a monthly income of Rs. 12000 for the next 60 years. This pension will benefit you for the rest of your life. At the age of 60, investing Rs. 10 lakh in this will yield an annual return of Rs. 58950. Your investment amount will determine the pension you receive.
