LIC Saral Jeevan Bima

1. Death Benefit: In the event of the insured’s unfortunate demise, LIC will pay the death benefit to the designated beneficiaries. This sum will be paid only if the policyholder passes away while the policy is still in effect. The waiting period for LIC's Saral Jeevan Bima is 45 days from the start of the risk.

1. Death Benefit during Waiting Period: If the insured passes away during the waiting period for any reason other than an accident, 100% of all premiums paid, minus any applicable taxes will be paid to the beneficiaries. However, the Basic Sum Assured will not be payable.
2. Grace Period: Payment of annual or semi-annual premiums will have a grace period of 30 days, while monthly premiums will have a grace period of 15 days, which begins with the date of the first unpaid premium.
3. Premium Payment Term: Three different premium payment options are available to policyholders – single, regular, and limited.
4. Paying Mode for Premiums: Premium payments can be made on a monthly, half-yearly, and yearly basis.
5. Free Look Period: If the insured is dissatisfied with the policy's terms and conditions, they can return the policy within 15 days (30 days if purchased online) of receiving the policy, detailing the reasons for the concerns.
6. Surrender Value: Surrender Value does not apply to this plan.
7. Revival of Lapsed Policy: The policy will lapse if the policyholder fails to pay premiums within the grace period. A lapsed policy may be reinstated within five years starting on the first unpaid premium date and before it matures.
8. Policy Loan: The Saral Jeevan Bima policy does not include a policy loan facility.

Eligibility Criteria for LIC Saral Jeevan Bima

The eligibility conditions for the LIC Saral Jeevan Bima policy are listed in the table below: