Life Insurance Corporation has offered a wide range of policies to the customers and LIC Jeevan Saral policy is one among them. Millions of customers rely upon the LIC when it comes to making sure of the financial security for their loved ones or oneself. LIC Jeevan Saral policy is an endowment plan which provides numerous choice to its customers including premium amount, payment mode etc. It also allows the family members of the policyholders to enjoy the benefits in case there occurs the death of the policyholder. The sum assured on maturity is related to the age of the person when the life was insured and is paid at the end of the maturity end if the person survives till then.
Features of LIC Jeevan Saral policy
This policy promises a trouble-free life to the family of the customer if the person is no more with them. This policy becomes much more crucial and beneficial when it provides insurance against every man-made or natural misfortune throughout life.
- Premium: this policy provides several options to make multiple premium amounts such as monthly, quarterly, half-yearly or yearly to the customers. This premium is deducted from their salary automatically throughout the policy term
- Loyalty benefits: there are many other benefits also that add to the profit of the insurance business of the corporation. It brings out some loyalty points to the policyholder in addition to other lifelong benefits.
- Term rider: this benefit has a minimum age of 18 years while the maximum can be 50 years. It includes the provision of sum assured ranging from Rs 1 lac to 25 lac to the policyholder.
Accidental death and disability benefit
- Death benefit: a lump sum amount is paid to the family of the policyholder in case the person dies. It includes 250 times the premium paid every month along with loyalty additions whereas the premium return excludes the first year payments and rider premium also.
- Maturity benefit: on the maturity of the policy a lump sum is payable to the person which includes the sum assured and loyalty additions if any
LIC Jeevan Saral calculator
When the policy of the person matures he gets a lump sum amount from the LIC which includes assured sum plus loyalty addition declared in the maturity period. But it becomes difficult for the customers to calculate the total amount they are going to be paid. Hence LIC has provided LIC Jeevan Saral calculator to make their calculations easy and effective.
LIC Jeevan Saral calculator is an online calculator that is being provided by the life insurance corporation of India to its customers to calculate several benefits such as maturity benefits, loyalty benefits, death benefits and many other. It is a dynamic calculator that displays much crucial information to its customers. This LIC Jeevan Saral calculator helps them to calculate their monthly premium as well. Hence, LIC Jeevan Saral calculator evaluates the sum assured of maturity based on the age that the person will enter into the calculator, premium and term and adds the loyalty benefit to give them an approximate value.
LIC Jeevan Saral calculator helps the customers to understand all the benefits of the Jeevan Saral policy being provided by LIC. It can help them to calculate maturity amount, insurance coverage, surrender value as well. The person has to just enter some details which include the age of the person, or of the policy, double accident benefit if any etc. The person can calculate the benefit based on the sum assured or even by basic monthly premium as per convenience. Then the person has to enter the death sum assured and based on the tax rate applicable the person will be able to calculate the amount required. So, LIC Jeevan Saral calculator makes it all easy for the customers to get an approximation of the amount that he is going to get at the maturity of the policy.
This calculator also gives a fair estimate of the bonus, surrender value, paid-up capital, projected maturity value which can be calculated based on the total premium paid. The person just requires entering correct details which include the sum assured, premium amount, premium paying term, policy term, last premium paid date and other personal details also. The data is used by the calculator to provide an approximation of the amount calculated. It can be thus considered as all in one solution of the customers related to the LIC Jeevan Saral Policy.
Hence it can be said that this policy is one of the most beneficial endowment plans that provides a lump sum amount of 250 times of the monthly premium to the person or the nominee. This policy not only helps the person to secure their future but also provides an opportunity to collect enough amounts to attain their life goals.