LIC Saral Jeevan Bima

Key Features and Benefits of LIC Saral Jeevan Bima

• Death Benefit: Sum assured is paid to the nominee if the insured dies during the policy tenure, subject to a waiting period of 45 days from commencement.
• Waiting Period Benefit: Should the insured die for reasons other than an accident within the first 45 days, 100% of premiums paid minus applicable taxes will be paid; Basic Sum Assured is not payable in this case. If death occurs due to accident during the waiting period, the full death benefit is payable.
• Premium Payment Options: Choose from Single, Regular, or Limited premium payment terms (5 or 10 years for Limited).
• Policy Term: Flexible tenure from 5 to 40 years with sum assured between ₹5 lakh and ₹25 lakh.
• Premium Payment Modes: Monthly, Half-Yearly, or Yearly installments available.
• Rebates on Premiums: Offers premium rebates for higher sum assured (₹10 lakh and above), monthly/half-yearly payments, and online purchase.
• Grace Period: 30 days for annual/semi-annual premiums and 15 days for monthly premiums to make payments without policy lapse.
• Free Look Period: 15 days from policy delivery (30 days if purchased online) to review and cancel the policy with reasons.
• No Maturity or Surrender Value: This pure risk plan does not pay maturity benefits nor does it offer surrender value.
• Policy Revival: Lapsed policies can be revived within 5 years from the first unpaid premium date by paying arrears.

• Death Benefit:

• For Regular/Limited Premium plans: Higher of sum assured or 11 times annualized premium or 105% of premiums paid.
• For Single Premium plans: Higher of sum assured or 125% of single premium paid.
• Death benefit is tax-exempt under Section 10(10D).

Exclusions Under LIC Saral Jeevan Bima

• Suicide Exclusion: If the insured commits suicide within 12 months of policy inception, the nominee will receive only 80% of total premiums paid, minus applicable taxes, and no further claims.
• Non-disclosure or Misstatement: Claims may be denied if there is any concealment or misrepresentation of facts during proposal submission or medical examination.
• Non-Payment of Premium: Policy lapses if premiums are not paid within the grace period and is not revived within 5 years- no benefits are payable under a lapsed policy.
• Death Outside Policy Term: No benefits are payable if the insured dies after the policy term has expired.
• War and Hazardous Activities: Death due to war, terrorism, or participation in hazardous activities may be excluded as per policy terms.

LIC Saral Jeevan Bima: Additional Policy Details

• Free Look Period: You can cancel the policy within 15 days of receipt (30 days if bought online) by submitting your reasons. The premium paid will be refunded after deducting stamp duty and medical examination expenses.
• Policy Revival: If your policy lapses due to non-payment of premium, you can revive it within 5 years from the first unpaid premium date by paying all due premiums with interest and submitting requisite documents.
• Grace Period: A 30-day grace period applies to annual, half-yearly, and quarterly premium payments, while monthly premiums have a 15-day grace period during which the policy remains active without penalties.
• No Surrender Value: This pure risk plan does not offer any surrender or maturity benefits.
• No Policy Loans: Policy loans are not available under this plan.
• Nomination Clause: You must nominate your beneficiary to ensure smooth claim settlement. Updates to the nomination can be made during the policy term.
• Claim Settlement: Claims are settled upon submission of required documents like death certificate, policy bond, and claim forms. The sum assured is paid to nominees post-verification.